State of Connecticut Department of Banking

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The Department of Banking News Bulletin 

Bulletin # 2984 - Week Ending April 30, 2021

 

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.

 

CONSUMER CREDIT DIVISION ACTIVITY

 

Order to Cease and Desist and Order Imposing Civil Penalty

On April 23, 2021, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of: Jonathan Michael Kelley d/b/a Advocate Processing Services (“Kelley”). The basis of the Order was that Kelley’s engaging or offering to engage in debt negotiation in this state without obtaining the required license constitutes a violation of Section 36a 671(b) of the Connecticut General Statutes, in effect prior to October 1, 2017. The Commissioner ordered Kelley to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes, and imposed a civil penalty in the amount of $100,000 upon Kelley. In addition, the Order to Make Restitution issued against Respondents on January 8, 2021, remains in effect and became permanent on March 12, 2021.

Consent Order
 
On April 21, 2021, the Commissioner entered into a Consent Order with BitGo Trust Company, Inc. d/b/a BitGo (NMLS # 1817802) (“Bitgo”), Sioux Falls, South Dakota. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Bitgo engaged in the business of money transmission in this state without the required license since at least May 2019, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, BitGo paid $2,250 for back licensing fees.
 
 
 
      Dated:  Tuesday, May 4, 2021

      Jorge L. Perez
      Banking Commissioner