Bulletin 3222 - November 21, 2025

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 3222 - Week Ending November 21, 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

Field of Membership Amendment

On November 13, 2025,
Mutual Security Credit Union
, a Connecticut credit union headquartered in Shelton, filed requests for approval pursuant to Section 36a-438a of the Connecticut General Statutes, to expand its field of membership to include AAA Club Alliance members and employees, and Underserved Communities Foundation members and employees.

CONSUMER CREDIT DIVISION ACTIVITY

ATG Credit, LLC

On November 17, 2025, the Commissioner issued an Order of Summary Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, “Order and Notice”) in the matter of ATG Credit, LLC (NMLS # 934305) (“Respondent”), Chicago, Illinois. The Order and Notice was the result of the investigation by the Consumer Credit Division stemming from a review of renewal application filed by Respondent.

The Commissioner alleges in the Order and Notice that: (1) Respondent failed to submit the required financial statements for the retention of its license to act as a consumer collection agency pursuant to Section 36a-801(b) of the Connecticut General Statutes, rendering the Commissioner unable to determine that the financial responsibility of Respondent is such to warrant the belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-800 to 36a 814; (2) Respondent failed to file on NMLS or otherwise notify the Commissioner, in writing, of the decrease in its tangible net worth from the minimum amount required within fifteen days after Respondent had reason to know, constituting a violation of Section 36a-801(f)(3)(F) of the Connecticut General Statutes; and (3) Respondent failed to file on NMLS or otherwise notify the Commissioner, in writing, within fifteen days after Respondent received notification or had reason to know, of the Findings of Fact and Temporary Order to Cease and Desist against Respondent issued on June 12, 2025, by the Commonwealth of Massachusetts’ Commissioner of Banks, constituting a violation of Section 36a 801(f)(3)(C) of the Connecticut General Statutes.

The Commissioner found that the public safety and welfare imperatively required emergency action to summarily suspend Respondent’s license to act as a consumer collection agency in Connecticut and to issue a temporary order to cease and desist against Respondent. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Order and Notice.

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 November 17, 2025, the Banking Commissioner issued an Amended and Restated Order to Cease and Desist, an Amended and Restated Order to Make Restitution, an Amended and Restated 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. Tieqiang 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.

As amended, the action added an additional investor, whose losses totaled $230,000, to the alleged misconduct perpetrated by the Respondents. That brought the amount of securities sold to approximately $5.7 million, with four identified investors now impacted.

The amended action had been preceded by a September 17, 2025 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) alleging that Respondents engaged in an affinity fraud by focusing on Chinese nationals and Chinese Americans living in the United States and abroad. Through communications such as WeChat, a social media app, e-mails and/or oral solicitations, Ding and/or Fang sold securities to finance the Putnam Science Academy and allegedly channeled investor funds for their personal use. The conduct occurred from approximately January 2017 to August 2020.

The actions 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 actions 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 in the original action and the amended action.

Anderson Accounting & Finance LLC
Carl Benjamin Levi Anderson a/k/a Ben Anderson

On November 18, 2025, the Banking Commissioner entered a Consent Order (No. CO-25-202517-S) with respect to Anderson Accounting & Finance LLC of 1 Executive Center, New Milford, Connecticut 06776 and its managing member Carl Benjamin Levi Anderson . The firm's services include accounting and tax preparation.

The Consent Order alleged that Carl Anderson represented that he was a financial adviser and indicated to a Connecticut investor that he would set up an investment Roth account for her. Carl Anderson allegedly failed to open the account or provide the investor with account statements evidencing her $25,000 investment. The Consent Order noted that on March 28,2025, Carl Anderson pled guilty in Litchfield, Connecticut Superior Court to two counts of larceny in the first degree and one count of larceny in the third degree. On July 29 ,2025, Anderson was sentenced to eight years in jail, suspended after three years, and three years of probation. Carl Anderson subsequently repaid the investor her $25,000.

The Consent Order alleged that Respondents violated Section 36b-5(a) of the Connecticut Uniform Securities Act by engaging in prohibited activities in connection with their investment advisory activities. In addition, the Consent Order alleged that Respondents transacted business as an unregistered investment adviser and investment adviser agent, respectfully, while unregistered in violation of Section 36b-6(c)(1) of the Connecticut Uniform Securities Act.

The Respondents provided the Commissioner with a sworn affidavit attesting that they were unable to pay the $100,000 fine that would have otherwise been imposed against them. In light of that fact, imposition of the $100,000 fine was stayed for three year subject to respondents remaining unable to pay. Following expiration of the three year period, the fine would be waived if the agency determined that Respondents remained unable to pay.

The Consent Order barred Respondents for seven years from offering or selling securities in or for Connecticut, transacting business as a broker-dealer, agent, investment adviser or investment adviser agent in or from Connecticut and acting in any other capacity requiring a license or registration with the Commissioner. The Consent Order also directed the respondents to cease and desist from regulatory violations.

Stifel, Nicolaus & Company, Inc. (CRD No. 793)

On November 18, 2025 the Banking Commissioner entered a Consent Order (No. CO-25-202524-S) with respect to Stifel, Nicolaus & Company, Inc.
, a Connecticut registered broker-dealer located at 501 North Broadway, St. Louis, Missouri 63102. The Consent Order was an outgrowth of a multistate investigation into the firm's charging unreasonable commissions on certain equity transactions. Between May 1, 2020 and April 30, 2025, the firm executed 547 equity transactions in Connecticut, which included an unreasonable commission for services performed (i.e. in excess of 5% of the principal trade amount) totaling $10,832.43. The amount of commissions charged purportedly exceeded FINRA guidelines.

The Consent Order alleged that the firm violated Section 36-31-6f(b) of the Regulations under the Connecticut Uniform Securities Act by failing to implement adequate supervisory procedures to ensure that commissions were not inappropriately assessed.

The Consent Order directed the firm to cease and desist from regulatory violations and fined it $20,000. In addition, the Consent Order required that the firm provide affected Connecticut customers with $10,832.43 in restitution, plus interest, and report back to the Commissioner on the progress of its restitutionary undertaking.

Dated: Tuesday, November 25, 2025

Jorge L. Perez
Banking Commissioner