Bulletin 3213 - September 19, 2025

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 3213 (Revised) - Week Ending September 19, 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.

CONSUMER CREDIT DIVISION ACTIVITY

Order Establishing Requirements for Use of Electronic Surety Bonds by Debt Negotiator Licensees and Applicants

On September 18, 2025, the Commissioner issued an Order Establishing Requirements for Use of Electronic Surety Bonds by Debt Negotiator Licensees and Applicants (“Order”) pursuant to the authority set forth in Section 36a-24b(b) of the Connecticut General Statutes. This Order requires that Connecticut debt negotiator licensees and applicants use electronic bonds effective October 1, 2025 or such later date when the Nationwide Multistate Licensing System and Registry makes the electronic surety bond functionality available in Connecticut. Existing debt negotiator licensees shall transition to the electronic bond format no later than February 1, 2026.

Woodbridge Mortgage LLC, Lionel Young Kim and George Guorong Wang

On September 15, 2025, the Commissioner entered into a Consent Order (“Consent Order”) with Woodbridge Mortgage LLC (NMLS # 72664), (“Woodbridge”), Glastonbury, Connecticut, Lionel Young Kim (NMLS # 229307) (“Kim”) and George Guorong Wang (NMLS # 111145) (“Wang”) (collectively, “Respondents”). The Consent Order was the result of an examination and investigation by the Consumer Credit Division. The Consent Order resolved allegations made by the Commissioner in a Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Revoke Mortgage Loan Originator Licenses, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against Respondent issued on April 9, 2025 as well as additional allegations that (1) Woodbridge failed to maintain the minimum tangible net worth of $50,000 required of mortgage broker licensees, in violation of Section 36a-488(a)(2) of the Connecticut General Statutes; (2) Kim made statements which were, at the time and in the light of the circumstances under which they were made, false or misleading in a material respect, in violation of Section 36a-53a of the Connecticut General Statutes, by failing to disclose outstanding liens on his renewal applications for mortgage loan originator licensure; and (3) Wang made statements which were, at the time and in the light of the circumstances under which they were made, false or misleading in a material respect, in violation of Section 36a 53a of the Connecticut General Statutes, by failing to disclose other business activity on his renewal applications for mortgage loan originator licensure. As part of the Consent Order, Woodbridge’s license to act as a mortgage broker in Connecticut was revoked, Kim’s license to act as a mortgage loan originator in Connecticut was revoked, Wang’s license to act as a mortgage loan originator in Connecticut was revoked and Wang agreed to pay $25,000 as a civil penalty.

Woodfield Receivable Management Corp.

On September 19, 2025, the Commissioner entered into a Consent Order (“Consent Order”) with Woodfield Receivable Management Corp.
(NMLS # 2561883), (“Woodfield”), Boca Raton, Florida. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Woodfield acted as a consumer collection agency in this state without the required license from January 1, 2025 to present, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Woodfield paid $5,000 as a civil penalty.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

D & M Group, LLC, PSA Education, Inc. and Tieqiang Ding (All Doing Business as Putnam Science Academy and Putnam Science Education, Inc.) and Hong Fang a/k/a Julia Fang

On September 17, 2025, the Banking Commissioner entered an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (No. CRF-25-20258-S) against D & M Group, LLC, PSA Education, Inc., Tieqiang Ding and Julia Fang . Tiequang Ding is the control person of D & M Group, LLC and PSA Education, Inc. All respondents are located at 18 Maple Street, Putnam, Connecticut.

D & M Group, LLC was formed for the purpose of purchasing a private high school, Putnam Science Academy, located on the same premises as D & M Group, LLC. PSA Education, Inc. was formed to own, operate and solicit investors for the Putnam Science Academy school.

The action alleged that Respondents engaged in an affinity fraud by targeting Chinese nationals and Chinese Americans living in the United States and abroad. Through WeChat, a social media app, respondents Ding and/or Fang sold approximately $5.4 million in securities to finance the Putnam Science Academy to at least three investors, one of whom was from Connecticut. In addition, Respondents allegedly channeled investor funds for their personal use. The conduct occurred from approximately January 2017 to August 2020.

The action alleged that the security sales were fraudulent in that Respondents made material misrepresentations and omissions to prospective investors regarding the scope and risks of the investment and that such conduct violated Section 36b-4(a) of the Connecticut Uniform Securities Act. The action also alleged that Respondents offered and sold unregistered securities in violation of Section 36b-16 of the Act.

Respondents were afforded an opportunity to request a hearing on the allegations in the action.

Concentric Capital Strategies L.P. (CRD No. 313057)

On September 18, 2025, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-25-202529-S) with Concentric Capital Strategies, L.P.
, an SEC-registered investment adviser located at 2 Stamford Plaza, Suite 1101, Stamford, Connecticut 06901.

The Stipulation and Agreement alleged that the firm violated Section 36b-6(e) of the Connecticut Uniform Securities Act by failing to make the notice filing required of Securities and Exchange Commission registered investment advisers.

The firm has since cured the notice filing deficiency.

In resolution of the matter, the firm agreed to refrain from regulatory violations and to pay $3,025 to the agency. Of that amount, $2,500 constituted an administrative fine and $525 constituted payment for past due notice filing fees.

Dated: Tuesday, September 23, 2025

Jorge L. Perez
Banking Commissioner