Regulatory Alerts2022-09-09
Added · Updated
Bulletin 3055 - September 9, 2022
The Connecticut Department of Banking entered into a Consent Order with Payward Ventures, Inc. d/b/a Kraken, requiring the payment of a $10,000 civil penalty and $3,375 in back licensing fees for unlicensed money transmission. Additionally, a Consent Order was issued against James Albert Pettit, permanently denying his registrations as a broker-dealer and investment adviser agent, and barring him from transacting business in Connecticut for ten years. The order against Pettit also temporarily stayed a $25,000 administrative fine for three years, with the fine waived if he remains unable to pay after that period.
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