Regulatory Alerts2024-12-20
Added · Updated
Bulletin 3174 - December 20, 2024
The Connecticut Department of Banking approved the reorganization of Eastern Connecticut Savings Bank into a mutual holding company structure and its merger with a newly formed capital stock savings bank, as well as the merger of NVE Bank into Ion Bank. The Commissioner issued a Temporary Order to Cease and Desist and an Order to Make Restitution against Accelerated Debt Settlement Inc., Financial Solutions Group LLC, and Jeffrey A. Lakes for unlicensed debt negotiation services, deceptive practices, and fee violations, requiring full repayment to affected Connecticut consumers. Additionally, an Order to Cease and Desist and Notice of Intent to Fine were issued against broker-dealer agent Jason A. Goodhue for fraudulent electronic communications and unauthorized discretionary trading involving approximately $73,000 in client funds.