State of Connecticut Department of Banking

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The Department of Banking News Bulletin 

Bulletin # 2944 - Week Ending July 24, 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.

 

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY


Monitor Capital, LLC (CRD No. 146087)

On July 20, 2020, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-20-202013-S) with Monitor Capital, LLC, a Connecticut-registered broker-dealer located at 8 Soundshore Drive, Greenwich, Connecticut. The firm's business focuses on acting as placement agent for funds managed by investment advisers registered with the Securities and Exchange Commission.

The Stipulation and Agreement alleged that, in 2016, the firm referred an entity to an SEC-registered investment adviser and received compensation based on a percentage of the management and performance fees that the adviser charged the entity. In so doing, the firm allegedly violated Section 36b-6(c) of the Connecticut Uniform Securities Act by transacting business as an unregistered investment adviser. The firm has since become registered as an investment adviser in Connecticut.

In resolution of the matter, the firm agreed to refrain from regulatory violations and to pay $6,720 to the department. Of that amount, $5,000 constituted an administrative fine and $1,720 represented reimbursement for past due investment adviser and investment adviser agent registration fees.
 

      Dated: Tuesday, July 28, 2020

      Jorge L. Perez
      Banking Commissioner