Regulatory Alerts2022-03-25
Added · Updated
Bulletin 3031 - March 25, 2022
The Connecticut Department of Banking entered into consent orders with Prime Trust, LLC, Mortgage Network, Inc., and BlockFi Lending LLC regarding regulatory violations. Prime Trust paid a $10,000 civil penalty and $3,375 in back licensing fees for unlicensed money transmission, while Mortgage Network paid a $500 penalty for failing to update branch address filings and surety bonds. BlockFi Lending LLC agreed to pay a $943,396.22 fine for selling unregistered securities and making misleading statements about collateralization practices related to its BlockFi Interest Accounts.
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