Bulletin 3199 - June 13, 2025

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 3199 - Week Ending June 13, 2025

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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

BANK ACTIVITY

Name Change

On June 11, 2025, the Commissioner approved an application submitted pursuant to Section 36a-82 of the Connecticut General Statutes by Essex Savings Bank (Essex, CT) to change its name to Essex Bank .

CONSUMER CREDIT DIVISION ACTIVITY

UNITED CAPITAL SERVICES CORPORATION

On June 10, 2025, the Commissioner entered into a Consent Order (“Consent Order”) with UNITED CAPITAL SERVICES CORPORATION (NMLS # 1419676), (“United Capital”), Prospect, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that since January 2022, United Capital engaged in the business of a sales finance company in Connecticut without a license, in violation of Section 36a-536 of the Connecticut General Statutes, by receiving payments of principal and interest from Connecticut retail buyers under retail installment contracts or installment loan contracts as a servicer on behalf of holders of those contracts. As part of the Consent Order, United Capital agreed to pay $2,500 as a civil penalty and $1,200 as back licensing fees.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

The Cheetah Fund LP, C.M. Allen Capital Management, Inc. and Craig Murfee Allen (CRD No. 2625516)

On June 10, 2025, the Banking Commissioner entered a Consent Order (No. CO-25-202310-S) with respect to The Cheetah Fund L.P.
, an investment fund located at 3090 East Paces Ferry Road, Suite 77, Atlanta, Georgia 30305, C.M. Allen Capital Management, Inc. and Craig Murfee Allen . C.M. Allen Capital Management, Inc., a Georgia corporation, was administratively dissolved on October 22, 2020. Respondent Allen of 3185 Nancy Creek Road NW Atlanta, Georgia 30327, was the control person of the two entities.

The Consent Order had been preceded by a May 20, 2024 Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (No. CRF-24-202310-S). That action alleged that the Respondents violated Section 36b-16 of the Connecticut Uniform Securities by offering and selling unregistered interests in The Cheetah Fund L.P. to Connecticut investors. The action also alleged that the Respondents violated the antifraud provisions in Section 36b-4(a) of the Act by, among other things, making inflated unsubstantiated earnings claims to investors, falsely representing that The Cheetah Fund had been audited, falsely representing that a famous investor had invested in The Cheetah Fund and, in the case of Respondent Allen, using investor funds to pay his personal expenses. Connecticut investors were unsuccessful in attempting to recoup their invested funds from Respondents.

On January 21, 2025, Respondent Allen was sentenced, in a related matter, to: 1) 87 months of imprisonment in the custody of the Federal Bureau of Prisons, and three years of supervised release thereafter; 2) restitution in the amount of $9,240,521; and 3) special assessment of $100 (United States v. Allen, 1 :24-cr-00323-TWT (N.D.Ga).). The Court found that Allen did not have the ability to pay a fine and the cost of incarceration and therefore the fine and incarceration costs would be waived.

The Consent Order directed the Respondents to cease and desist from regulatory violations. In addition, the Consent Order barred Respondent Allen from transacting securities-related business and from engaging in any other capacity that required a license or registration from the Commissioner. In light of the criminal proceeding, the $100,000 fine that otherwise would have been imposed against the Respondents was temporarily stayed for three years following which it would be waived if Respondents remained financially unable to pay.

Dated: Wednesday, June 18, 2025

Jorge L. Perez
Banking Commissioner