The Department of Banking News Bulletin
Bulletin # 3013 - Week Ending November 19, 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.
STATE BANK ACTIVITY
Section 36a-145 of the Connecticut General Statutes requires that certain applications for a branch or limited branch at which loans will be made address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. Plans may be submitted when such applications are filed and any plans that are filed will be made available for public inspection and comment at the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division at (860) 240-8180.
DATE: November 8, 2021
BANK: Fieldpoint Private Bank & Trust, Greenwich
LOCATION: FROM: 400 Park Avenue, Suite 1800, New York, NY 10022
TO: 300 Park Avenue, Suite 2502, New York, NY 10022
ACTIVITY-BRANCH TYPE: Filed to Relocate - Full Service Branch
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Endeavor Global Partners Corp., Endeavor Global Partners (HK) Ltd. and David Manning Fresne (CRD No. 1091992)
On November 17, 2021, the Commissioner entered an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CRF-21-201910905-S) against Endeavor Global Partners Corp. of 151 Rowayton Avenue, Rowayton, Connecticut and 30/F Shanghai Square, 138 Middle Huai Hai Road, Shanghai, China; Endeavor Global Partners (HK) Ltd. of Unit 1010, Miramar Tower, 132 Nathan Road, TsimShaTsui, Hong Kong; and David Manning Fresne, the control person of both entities. Respondent Fresne, formerly a Connecticut resident, currently resides in Palm Beach, Florida.
The action alleged that the Respondent entities entered into an Investment Agreement with an investor who was seeking working capital for business purposes. In return for an ultimate investment of $510,000, the Respondent entities represented that the investor would receive a $5 million promissory note paying 7% annual interest with a guaranteed return of principal. In addition, the Respondents represented that they would maintain a sufficient balance on hand pending final distribution to the investor. The action further alleged that, notwithstanding the Respondents' representations to the investor, Fresne proceeded to deplete the balance on hand and use the monies in the account to pay his personal expenses. The investor never received the promised investment return or the return of his principal.
The action alleged that the Respondents sold unregistered securities in violation of Section 36b-16 of the Connecticut Uniform Securities Act and violated the antifraud provisions in Section 36b-4(a) of the Act. The action further alleged that Respondent Fresne transacted business as an unregistered agent of issuer in violation of Section 36b-6(a) of the Act.
The Respondents were afforded an opportunity to request a hearing on the allegations in the action.
Jorge L. Perez