Spring 2026 Securities Bulletin — CTDOB — US-CT

State of Connecticut
Department of Banking

Securities and Business Investments Division Securities Bulletin

Vol. XXXX No. 1 - Spring 2026

Features

Quarterly Statistical Summaries

Enforcement and Other Highlights

Administrative Actions

Consent Orders

Conditional Registrations

Administrative Actions

Jason A. Goodhue (CRD No. 5121680)

On February 20, 2026, following an administrative hearing on October 1, 2025 and October 2, 2025, the Banking Commissioner issued Findings of Fact, Conclusions of Law and Order (Matter No. CF-24-8398-S) against Jason A. Goodhue, a Connecticut registered broker-dealer agent located at 129 Stonepost Road, Glastonbury, Connecticut 06033.

The action had been preceded by a December 18, 2024 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (No. CF-24-8398-S) alleging that, while employed by his previous broker-dealer, Buell Securities Inc., Goodhue effected securities transactions electronically with a purported client of the firm without speaking with the client directly. The action also alleged that Goodhue exercised discretionary trading authority in the client's account without the client's authorization. Ultimately, following the client’s discovery of the $73,000 in missing funds, it was ascertained that the electronic communications were fraudulent though seemingly sent from the client’s e-mail account. The original action also stated that some of the client's transferred funds were recovered, and Buell Securities Inc. replaced the balance of the transferred funds.

Respondent was represented by counsel at the hearing.

The Findings of Fact, Conclusions of Law and Order upheld the Commissioner’s position that Goodhue violated Section 36b-4(b) of the Connecticut Uniform Securities Act by engaging in dishonest or unethical practices and that he violated Section 36b-31-15b(a)(8) of the Regulations under the Act by exercising discretionary power in effecting transactions for a customer's account without obtaining written discretionary authority.

Respondent was directed to cease and desist from regulatory violations and fined $15,000.

Consent Orders

J. Davenport Advisors, LLC (CRD No. 327796) and John F. Davenport (CRD No. 1448999)

On March 18, 2026, the Banking Commissioner issued a Consent Order (Matter No. CDFR-25-202500-S) resolving issues raised in a January 14, 2026 Order to Cease and Desist, Notice of Intent to Fine, Notice of Intent to Revoke Registration as Investment Adviser and Notice of Intent to Revoke Registration as Investment Adviser Agent (Matter No. CDFR-25-202500-S) against J. Davenport Advisors, LLC, a previously registered investment adviser located at 800 Connecticut Avenue, Suite E401, Norwalk, Connecticut 06854 and John F. Davenport, the firm's Chief Executive Officer and control person. John F. Davenport had been previously registered as an investment adviser agent of the firm in Connecticut and is licensed as an attorney in Connecticut and as a provider of insurance services.

Section 36b-15(e)(2) of the Connecticut Uniform Securities authorizes the Commissioner to initiate revocation proceedings within one year against former registrants whose registrations have expired.

The prior action had alleged that the Respondents violated Section 36b-31-14b(a) of the Regulations under the Connecticut Uniform Securities Act by failing to keep and maintain true, accurate and current business records. The prior action also alleged that John F. Davenport made inaccurate disclosures on his Form U-4 concerning the status of various tax liens to which he was subject. Similarly, the prior action alleged that John F. Davenport violated Section 36b-14(c) of the Act and Section 36b-31-14e(a) of the Regulations by failing to disclose on his Form U-4 that his Connecticut license as an attorney had been suspended six times based on his failure to register as an attorney. The prior action also alleged that the firm violated Section 36b-31-6(f) of the Regulations by failing to establish, enforce and maintain adequate supervisory procedures, such as those governing firm reporting and financial obligations, the need to have fully executed investment advisory agreements, and firm hiring practices. In addition, the prior action alleged that the firm engaged in dishonest or unethical business practices within the meaning of Section 36b-31-15c(8) of the Regulations by misrepresenting the fee the firm paid to its sub-advisor.

In executing the Consent Order, the Respondents acknowledged the Commissioner's allegations that 1) the firm violated Section 36b-3 l-l 4b of the Regulations by failing to maintain true, accurate and current books and records; 2) the firm violated Section 36b-3 l-6f of the Regulations by failing to establish, enforce and maintain adequate supervisory procedures; 3) the firm engaged in dishonest or unethical business practices within the meaning of Section 36b-31-15c(8) of the Regulations by misrepresenting to clients the fee JD Advisors paid to its subadvisor for its services; 4) the firm violated Section 36b-5(b)(l) of the Act and engaged in dishonest or unethical business practices within the meaning of 36b-3 l-l 5c(l5) of the Regulations by failing to maintain a written investment advisory agreement/contract with a client; and 5) the firm violated Section 36b-14(d) of the Act and Section 36b-3 l-14f of the Regulations by failing to provide copies of and make required books and records available to the Division during an agency examination. The Respondents also acknowledged the Commissioner's allegations that John F. Davenport 1) violated Section 36b-14(c) of the Act and 36b-31-14e of the Regulations by failing to file correcting amendments to his Form U4; and 2) violated Section 36b-23 of the Act by making a false or misleading statement to the Commissioner.

The Consent Order revoked the investment adviser registration of J. Davenport Advisors, LLC and the investment adviser agent registration of John F. Davenport effective March 18, 2026. The Consent Order also barred John F. Davenport for seven years from transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent, and from acting in any other capacity which would require a license or registration from the Commissioner. The Consent Order also directed the Respondents to cease and desist from regulatory violations.

Conditional Registrations

Summer Family Advisors, LLC (IARD 338026) and Maximilian Montagnino (CRD No. 8143568)

On February 5, 2026, the Banking Commissioner entered an Order Conditioning Registration as an Investment Adviser and as an Investment Adviser Agent (Matter No. COND-25-202534-S) with respect to Summer Family Advisors, LLC, an applicant for investment adviser registration located at 48 Union Street, 1C, Stamford, Connecticut 06906, and Maximilian Montagnino, control person of the firm. The firm's business would be limited to financial planning.

The Order alleged that the firm and its principal failed to meet the experience requirement set forth in Section 36b-31-7b of the Regulations under the Connecticut Uniform Securities Act. As a result, various conditions were imposed on the registrations.

Among other things, the Order precluded the respondents from having custody of client funds or securities for three years, required that the firm consult with a regulatory consultant to ensure its compliance with regulatory requirements and limited the securities products on which it could render advice.

On February 5, 2026, Summer Family Advisors, LLC became registered as an investment adviser in Connecticut and Maximilian Montagnino became registered as an investment adviser agent of the firm.

Layered Financial, LLC (IARD No. 326418)

On February 2, 2026, the Banking Commissioner entered an Order Conditioning Registration as an Investment Adviser (Matter No. COND-2026-1-S) with respect to Layered Financial, LLC, a sole member investment adviser currently located at 520 12th Street S, #533, Arlington, Virginia 2202. Before relocating to Virginia in 2024, Layered Financial was located at 160 Dockerel Road, Tolland, Connecticut 06069.

The firm was last registered as an investment adviser in Connecticut from January 3, 2024 to November 11, 2024. The firm's earlier registration had been conditioned based on its failure to meet the experience requirement in Section 36b-31-7b of the Regulations under the Connecticut Uniform Securities Act.

On January 6, 2026, the firm applied anew for Connecticut investment adviser registration. The firm’s structure and business activities were similar to those described in its earlier application and the firm continued to have no reported disciplinary history. The firm expressed an interest in serving Connecticut clients and possibly moving back to Connecticut. Since the earlier application, the firm had become registered with two additional states – Virginia and Texas – which provided it with a bit more experience but not enough to fulfill Connecticut requirements.

The 2026 Conditional Registration Order essentially resuscitated the terms and conditions in the prior 2024 conditional order. The only exception was that the time period for the conditions was reduced from three years to two years in light of the experience the firm achieved in the intervening time frame.

Layered Financial, LLC became registered as an investment adviser in Connecticut on February 2, 2026.

Statistical Summary

Licensing At A Glance

at the end of the quarter

1st
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter

Broker-dealers Registered

1,908

Broker-dealer Agents Registered

221,484

Broker-dealer Branch Offices Registered

2,367

Investment Advisers Registered

399

SEC Registered Advisers Filing Notice

2,648

Investment Adviser Agents Registered

15,244

Exempt Reporting Advisers

243

Agents of Issuer Registered

Conditional Registrations

Securities and Business
Opportunity Filings

1st
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter

Year to Date

Offerings Reviewed

Investment Company Notice Filings

399

Exemptions and Exemptive Notices

1,621

Examinations

Broker-dealers

Investment Advisers

Securities Investigations

Opened

Closed

Ongoing as of End of Quarter

102

Subpoenas issued

Matters referred from Attorney General

Matters referred from Other Agencies

Business Opportunity Investigations

Investigations Opened

Investigations Closed

Ongoing as of End of Quarter

Enforcement: Remedies and Sanctions

Notices of Intent to Deny (Licensing)

Notices of Intent to Suspend (Licensing)

Notices of Intent to Revoke (Licensing)

Denial Orders (Licensing)

Suspension Orders (Licensing)

Revocation Orders (Licensing)

Notices of Intent to Fine

Orders Imposing Fine

Cease and Desist Orders

Notices of Intent to Issue Stop Order

Activity Restrictions/Bars

Stop Orders

Vacating/Withdrawal/ Modification Orders

Restitutionary Orders and Disgorgement Orders

Injunctive Relief Obtained

Proceedings and Settlements

1st
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter

Year to Date

Administrative Actions

Consent Orders

Stipulation and Agreements

Monetary Relief*

1st
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter

Year to Date

Monetary Sanctions Imposed

$15,000

Portion attributable to settlements

Attributable to Court-Ordered Penalties

Financial Literacy Contribution

Restitution or Other Monetary Relief ( includes rescission offer amounts )

Independent SEC Fair Fund Remediation Remittance

Independent SEC Fair Fund Penalty Remittance

*
Cents eliminated

Securities Referrals

1st
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter

Year to Date

Criminal Matters

Civil (Attorney General)

Other Agency Referrals