The Department of Banking News Bulletin
Bulletin # 3018 - Week Ending December 24, 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
Acquisition
On December 21, 2021, Felix Scherzer, Scherzer Capital, LLC, a Delaware limited liability corporation, and the Scherzer Family Trust, an irrevocable inter vivos trust created under the laws of the State of New York, filed an acquisition statement pursuant to Section 36a-184 of the Connecticut General Statutes for the acquisition of more than 10% of the voting securities of Patriot Bank, N.A., a national bank headquartered in Stamford, Connecticut.
New Bank Activity
On December 21, 2021, Frederick R. Afragola, Louis A. Garcia, Paul J. Kuehner, Joseph J. Rucci, Jr., Thomas V. Ayoub, M.D., and Anthony J. Domino, Jr. filed an application to organize The New Canaan Bank, with a main office at 208 Elm Street in New Canaan, Connecticut, as a Connecticut bank pursuant to Section 36a-70 of the Connecticut General Statutes. The New Canaan Bank’s spokesperson is Louis A. Garcia, who can be reached by email to info@thenewcanaanbank.com or by phone at (475) 273-9632. The public portion of the application is available for inspection at the Department of Banking.
CREDIT UNION ACTIVITY
DATE: December 23, 2021
CREDIT UNION: Connecticut State Employees Credit Union, Inc., Hartford
LOCATION: FROM: Connecticut Valley Hospital, Silver & Holmes Street,
Middletown, CT 06457
TO: 15 Ward Street, Middletown, CT 06457
ACTIVITY: Filed to Relocate Branch
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Lifestyle Freedom Advisory Group, LLC (CRD No. 283512)
On December 22, 2021, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-21-202044-S) with Lifestyle Freedom Advisory Group, LLC, a Connecticut registered investment adviser located at 9040 Town Center Parkway, Bradenton, Florida 34202. The Stipulation and Agreement alleged that the firm violated Section 36b-6(d) of the Connecticut Uniform Securities Act by transacting business from an unregistered location, since closed, in Milford, Connecticut. The Stipulation and Agreement also alleged that the firm violated Section 36b-6(c)(3) of the Act by engaging an unregistered investment adviser agent. The firm registered the investment adviser agent on November 23, 2020.
In resolution of the matter, the firm agreed to refrain from regulatory violations and to remit $7,650 to the department. Of that amount, $7,500 constituted an administrative fine and $150 represented reimbursement for past due registration fees.
KJM Securities, Inc. (CRD No. 20277)
On December 23, 2021, the Banking Commissioner issued a Notice of Intent to Revoke and Cancel Registration as a Broker-dealer and Notice of Right to Hearing (Matter No. NRC-21-202027-S) with respect to KJM Securities, Inc., now or formerly of 48 Sagamore Road, Suite 29, Bronxville, New York 10708-1534. The firm was expelled from FINRA membership on January 2, 2020. The expulsion is currently on appeal to the Securities and Exchange Commission. KJM Securities, Inc. no longer has any broker-dealer agents registered in Connecticut.
The action alleged that the firm violated Section 36b-31-14c of the Regulations under the Connecticut Uniform Securities Act by failing to file an annual audited financial report. In addition, the action alleged that the firm’s apparent cessation of business formed a basis for canceling the firm's registration under Section 36b-15(d) of the Act.
KJM Securities, Inc. was afforded an opportunity to request a hearing on the allegations in the action.
Jorge L. Perez
Banking Commissioner