Bulletin 3023 - January 28, 2022

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 3023 - Week Ending January 28, 2022

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications.  Any observations you may have are solicited.  Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.

BANK ACTIVITY

Interstate Branch Activity

On January 28, 2022, PeoplesBank , a Massachusetts-chartered savings bank, filed notice pursuant to Connecticut General Statutes Section 36a-412 of the closing of its branch at 1380 Mountain Road, in West Suffield, Connecticut as of April 23, 2022. Any comments received by the Commissioner will be forwarded to their State Regulator.

CREDIT UNION ACTIVITY

Branch Activity

DATE: January 26, 2022

CREDIT UNION: Connecticut State Employees Credit Union, Inc., Hartford

LOCATION: FROM: Connecticut Valley Hospital, Silver & Holmes Street, Middletown, CT 06457 TO: 15 Ward Street, Middletown, CT 06457

ACTIVITY-BRANCH TYPE: Approved to Relocate Branch

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On January 18, 2022, the Commissioner entered into a Consent Order with Asure Software, Inc. d/b/a Asure (NMLS # 1945502) (“Asure”), Austin, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged Asure engaged in the business of money transmission in this state without the required license since at least 2019, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, Asure paid $10,000 as a civil penalty and $3,375 for back licensing fees.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Ruben Anibal Macedo

On January 27, 2022, the Banking Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Matter No. CF-22-8250b-S) against Ruben Anibal Macedo of 155 Northeast 56th Court, Oakland Park, Florida 33334.  Respondent Macedo, a former Connecticut resident, was the control person of Douro Capital Inc. (“DCI”) and Guadiana Holdings Inc. (“GHI”).

The action alleged that, between February 2014 and October 2016, Respondent Macedo orchestrated a scheme to defraud market participants, including retail investors in Connecticut, using shares of Latteno Food Corp. (“Latteno”), a low priced OTC pink sheet penny stock. Using various brokerage accounts, including those established under the names of DCI and GHI, Respondent Macedo made multiple purchases and sales of Latteno securities. Between April 24, 2015 and June 1, 2015, Respondent Macedo also issued at least three separate news releases to attract potential investors to Latteno and to increase the sales price of the Latteno shares. At the time, Latteno had no significant operating history, limited assets, and no significant source of revenue. After the press releases, Latteno’s stock trading volume increased, and Respondent Macedo proceeded to sell off his Latteno holdings. The action alleged that, from at least February 2014 to October 2016, while Respondent Macedo resided in Connecticut, Macedo used the brokerage accounts he established to facilitate the sale of 2.86 billion shares of Latteno stock into the public market, and that, during this period, he generated approximately $1 million in profits from the sales. Respondent Macedo then transferred the proceeds to his personal and business bank accounts.

The action alleged that Respondent Macedo 1) violated the antifraud provisions in Section 36b-4(a) of the Connecticut Uniform Securities Act; 2) engaged in dishonest or unethical practices in violation of 36b-4(b) of the Act; and 3) violated Section 36b-23 of the Act by making materially false or misleading statements to the Commissioner in connection with an agency investigation.

Respondent Macedo was afforded an opportunity to request a hearing on the Order to Cease and Desist and Notice of Intent to Fine.

Dated:  Tuesday, February 1, 2022

Jorge L. Perez Banking Commissioner