Regulatory Alerts2021-09-30
Added · Updated
Summer and Fall 2021 Securities Bulletin
The Connecticut Department of Banking resumes on-site and hybrid examinations for regulated entities, including broker-dealers and investment advisers, starting in the fourth quarter of 2021, subject to strict health precautions and potential remote components. The Division requires direct filers to use Automated Clearing House (ACH) transfers for electronic payments to reduce costs and processing delays, mandating specific documentation details to ensure proper credit. Enforcement actions include a $100,000 fine against Jax Acquisitions II LLC for selling unregistered securities, the revocation of CV Brokerage, Inc.'s broker-dealer registration, and a $300,000 fine against Travis Smith for misappropriating investor funds. Additional settlements involve fines of $5,000 for Fernando Manuel Paiva, $20,000 for Commonwealth Equity Services, LLC, and $2,500 each for Mountain Vista Wealth Management, LLC and Abbington Investment Group, LLC for registration and supervisory violations.