Regulatory Alerts2022-09-23
Added · Updated
Bulletin 3057 - September 23, 2022
The Connecticut Department of Banking imposed penalties and enforcement orders on multiple entities for unlicensed money transmission, lending, and securities violations. PrimePay LLC paid a $10,000 civil penalty and $3,375 in back licensing fees for unlicensed money transmission, while LoanHero, Inc. received a cease and desist order, a $100,000 civil penalty, and a permanent restitution order for unlicensed small loans. Legal Funding, LLC d/b/a Crash Advance was subject to a temporary cease and desist order and restitution requirements for unlicensed lending and collection activities. Additionally, Olive Tree Ridge Investment Advisors LLC paid a $5,000 fine for unregistered investment advisory activities, and Endeavor Global Partners Corp., its Hong Kong affiliate, and David Manning Fresne were ordered to pay $500,000 in restitution and fined $500,000 total for unregistered securities sales and fraud.