The Department of Banking News Bulletin
Bulletin # 2919 - Week Ending January 31, 2020
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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
STATE BANK ACTIVITY
Interstate Loan Production Office
On January 31, 2020, Evolve Bank & Trust, an Arkansas state-chartered bank, filed an application pursuant to Section 36a-412(d) of the Connecticut General Statutes, seeking approval to establish a loan production office at 970 Farmington Avenue, 3rd Floor, West Hartford, Connecticut.
CREDIT UNION ACTIVITY
On February 3, 2020, the Nutmeg State Financial Credit Union (“Nutmeg”) branch at 1 American Row in Hartford, Connecticut will close. Notice was received by this department on November 27, 2019 and Nutmeg provided customers with notice of the closing pursuant to Connecticut General Statutes § 36a-462a. A Nutmeg ATM will remain at the location.
CONSUMER CREDIT DIVISION ACTIVITY
On January 23, 2020, the Commissioner entered into a Consent Order with LeadPoint, Inc. d/b/a Secure Rights (NMLS # 3175) (“LeadPoint”), Los Angeles, California. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that on or after January 1, 2018, LeadPoint acted as a lead generator without first obtaining a license, in violation of Section 36a-486(b)(5) of the Connecticut General Statutes. As part of the Consent Order, LeadPoint paid $10,000 as a civil penalty.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Native American Energy Group, Inc., Joseph Gatano D’Arrigo (CRD No. 2001666), Raj S. Nanvaan f/k/a Tejbir Singh (CRD No. 2801400) and J.R. Bautista, Jr. (CRD No. 1859027) – Order to Cease and Desist, Order to Make Restitution and Notice of Intent to Fine Issued
On January 28, 2020, the Banking Commissioner issued an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CRF-20-8480-S)) against Native American Energy Group, Inc. of 61-43 186th Street, Suite 507, Fresh Meadows, New York 11365. The corporation is a purported development stage company specializing in oil, natural gas and alternative energy systems. Also named in the action were Joseph Gatano D’Arrigo, Co-Founder and Chief Executive Officer of the company, Raj S. Nanvaan, the company’s Chief Financial Officer, and J.R. Bautista, Jr., a company consultant. Bautista had been the subject of a January 17, 1990 agency Consent Order based on allegations of unregistered agent activity. That Consent Order resulted in an eighteen month bar being imposed against Bautista.
The current action alleged that respondents Native American Energy Group, Inc. and Bautista violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered common shares of the company to at least one Connecticut investor. The action also alleged that the all respondents violated the antifraud provisions in Section 36b-4(a) of the Act by failing to disclose to the affected investor that the investment proceeds were actually being wired out to respondents D’Arrigo, Nanvaan and Bautista rather than being used to invest in oil or gas investments.
Each of the respondents 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.