The Department of Banking News Bulletin
Bulletin # 3006 - Week Ending October 1, 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 directed to Jorge L. Perez, Banking Commissioner. 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 Revoking Mortgage Loan Originator License
On September 22, 2021, the Commissioner issued an Order Revoking Mortgage Loan Originator License (“Order”) in the Matter of: Cristobal Lara Garcia NMLS # 1049418 (“Respondent”). The basis of the Order was that: (1) the revocation of Respondent’s mortgage loan originator license in other states constitutes sufficient grounds to deny Respondent’s application for a mortgage loan originator license pursuant to Section 36a-489(b)(1)(A) of the Connecticut General Statutes, which is sufficient grounds to revoke Respondent’s mortgage loan originator license in Connecticut pursuant to Section 36a-494(a)(2) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes; (2) Respondent’s false statements concerning prior actions by self-regulatory organizations on his application for mortgage loan originator licensure renders the Commissioner unable to find that Respondent did not make a material misstatement in his application; and (3) Respondent’s conduct renders the Commissioner unable to find that Respondent demonstrates character and general fitness so as to command the confidence of the community and to warrant a determination that Respondent will operate honestly, fairly and efficiently within the purposes of Sections 36a-485 to 36a-498e, inclusive, 36a-498h, 36a-534a and 36a-534b of the Connecticut General Statutes. The Order revokes Respondent’s license to act as a mortgage loan originator in Connecticut.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Fernando Manuel Paiva (CRD No. 2821278)
On September 27, 2021, the Banking Commissioner entered a Consent Order (No. CO-21-201914443-S) with respect to Fernando Manuel Paiva, a former registered broker-dealer agent of Davinci Capital Management, Inc. The Consent Order alleged that Paiva violated Section 36b-31-14e(a) of the Regulations under the Connecticut Uniform Securities Act by failing to amend his registration filings to disclose (1) that he also worked out of an unregistered branch office of the firm in Hartford, Connecticut; and (2) that had had an unsatisfied judgment or lien against him. The judgment was later satisfied.
The Consent Order fined Paiva $5,000 and directed that he cease and desist from regulatory violations.
Dated: Tuesday, October 5, 2021
Jorge L. Perez