The Department of Banking News Bulletin
Bulletin # 2629
Week Ending July 11, 2014
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 in writing to Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.
STATE BANK ACTIVITY
Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
Savings Bank of Danbury
314 Danbury Road
New Milford, CT 06776
Jewett City Savings Bank
48 Norwich Road
Plainfield, CT 06374
Pursuant to Section 1-225 of the Connecticut General Statutes, on Friday, July 25, 2014, a special meeting will be held for the purpose of voting on the application of the organizers of Voya Institutional Trust Company, Windsor, Connecticut, to organize a trust company. The meeting is scheduled to be held at 1:00 pm at the Department of Banking, Room 50, 260 Constitution Plaza, Hartford, Connecticut.
CONSUMER CREDIT DIVISION ACTIVITY
On July 1, 2014, the Commissioner entered into a Consent Order with Approved Credit Solutions LLC (“Approved Credit Solutions”), Greenwood, Indiana. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, on March 31, 2014, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against Approved Credit Solutions (“Notice”). The Commissioner alleged that Approved Credit Solutions acted as a consumer collection agency in Connecticut without the required license, in violation of Section 36a-801(a) of the Connecticut General Statutes in effect prior to October 1, 2013. As part of the Consent Order, Approved Credit Solutions paid $3,000 as a civil penalty.
On July 1, 2014, the Commissioner entered into a Consent Order with Great Western Financial Services, Inc. (NMLS # 82156) (“Great Western Financial Services”), Plano, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, on March 14, 2014, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against Great Western Financial Services. The Commissioner alleged that Great Western Financial Services failed to timely file certain quarterly information required by mortgage call reports and failed to file certain annual information required by mortgage call reports, all in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner. As part of the Consent Order, Great Western Financial Services paid $4,500 as a civil penalty.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order to Cease and Desist, Order to Make Restitution and Notice of Intent to Fine Issued
On July 9, 2014, 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 (Docket No. CRF-8065-S) against Nicholas John Moniodes, now or formerly of Woodbury, Connecticut and Groton, Connecticut. Respondent Moniodes, who previously worked in the information technology department of broker-dealer Millenco LLC (CRD No. 33726), did business under the name Moniodes Investments. The action alleged that, from approximately 2004 to 2011, respondent Moniodes entered into Investment Agreements with various investors, and represented that investor monies would be invested in the stock market, with interest payments being made based upon stock market gains. In reality, respondent Moniodes used investor monies for his personal expenses. The action stated that, although respondent Moniodes had repaid some of the investors, one of the investors was still owed approximately $35,000. The action alleged that, in addition to violating the antifraud provisions in Section 36b-4(a) of the Connecticut Uniform Securities Act, respondent Moniodes violated Section 36b-16 of the Act by offering and selling unregistered securities. Respondent Moniodes was afforded an opportunity to request a hearing on the Order to Cease and Desist, Order to Make Restitution and Notice of Intent to Fine.
Dated: Tuesday, July 15, 2014
Howard F. Pitkin