Regulatory Alerts2007-05-11
Added · Updated
News Bulletin 2255 - May 11, 2007
The Connecticut Department of Banking approved Farmington Savings Bank to open a new branch in New Britain and authorized Bankers’ Bank Northeast to exercise limited fiduciary powers. The Commissioner entered into settlement agreements with loan originators Yvette Allen and Raymond L. Patrice, imposing three-month and one-year bans on acting as originators in Connecticut respectively, contingent upon registration and completion of approved mortgage origination classes. Enforcement actions included issuing a notice of intent to cease and desist and impose a civil penalty of up to $100,000 against loan originator Joseph E. Ventura for providing false statements and defrauding a lender. Additionally, a notice of intent to issue a stop order was issued against Blue Coast Financial Group, Inc. for materially false business opportunity registration statements, while KMH Management, Inc. resolved unregistered investment adviser issues by paying $1,500 and registering with the department.