To protect the health and safety of the public and our employees, the Department of Banking has limited the number of employees at our office at 260 Constitution Plaza in Hartford. When contacting the Department, please use electronic communication whenever possible. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to and it will be routed appropriately. Thank you for your patience during this time.

The Department of Banking News Bulletin 

Bulletin # 2937 - Week Ending June 5, 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.



Joseph Gatano D'Arrigo (CRD No. 2001666) Fined $100,000

On June 4, 2020, the Banking Commissioner entered an Order Imposing Fine (Docket No. CRF-20-8480-S) against Joseph Gatano D'Arrigo, Co-Founder and Chief Executive Officer of Native American Energy Group, Inc., a purported development stage company specializing in oil, natural gas and alternative energy systems. Native American Energy Group, Inc. was located at 61-43 186th Street, Suite 507, Fresh Meadows, New York 11365.

D'Arrigo, together with Native American Energy Group, Inc., Raj S. Nanvaan and J.R. Bautista, Jr., had been the subject of a January 28, 2020 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). The January 28, 2020 action alleged that the respondents violated the antifraud provisions in Section 36b-4(a) of the Connecticut Uniform Securities Act by failing to disclose to investors that the proceeds from their investment in Native American Energy Group, Inc. were actually being wired out to D’Arrigo, Nanvaan and Bautista rather than being used to invest in oil or gas investments.

Since respondent D'Arrigo failed to request a hearing on the allegations, the Order to Cease and Desist and Order to Make Restitution became permanent as to him on May 21, 2020.

Similarly, respondent D'Arrigo did not request a hearing on the Notice of Intent to Fine, and the June 4, 2020 Order Imposing Fine was therefore entered by default. Finding that D'Arrigo violated Section 36b-4(a) of the Connecticut Uniform Securities Act, the Commissioner fined D'Arrigo $100,000.



      Dated: Tuesday, June 9, 2020

      Jorge L. Perez
      Banking Commissioner