The Department of Banking News Bulletin
Bulletin # 3020 - Week Ending January 7, 2022
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.
CREDIT UNION ACTIVITY
Interstate Branch Activity
On January 5, 2022, Arrha Credit Union, a Massachusetts-chartered credit union, filed an application pursuant to Section 36a-462b(a) of the Connecticut General Statutes, seeking approval to establish a branch at 231 Hazard Avenue in Enfield, Connecticut.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
The Financial Wellness Center LLC (IARD No. 315876)
On January 3, 2022, the Banking Commissioner issued a Conditional Registration as an Investment Adviser (No. COND-21-202133-S) with respect to The Financial Wellness Center LLC of 79 Stony Hill Road, Cheshire, Connecticut 06410. Christopher Thomas Zemaitis is the sole managing member and control person of the firm. The firm had applied for registration as an investment adviser under the Connecticut Uniform Securities Act.
The Conditional Registration noted that the firm did not fulfill the three year experience requirement set forth in Section 36b-31-7b of the Regulations under the Connecticut Uniform Securities Act. However, the Conditional Registration also acknowledged that Zemaitis held a Masters degree in Business Administration, that he passed the Series 65 examination, that he had no reported disciplinary history and that he was actively pursuing the Certified Financial Planner designation.
The Conditional Registration limited the firm's activities for a three year period. Specifically, for three years, 1) the firm and Zemaitis would not have custody of client funds or securities; 2) the firm and Zemaitis would not exercise discretionary trading authority over client accounts or charge performance fees; 3) the firm would limit its advice to exchange listed securities, investment company securities, commercial paper, certificates of deposit, corporate debt, governmental securities and insurance products regulated by the Connecticut Insurance Commissioner; and 4) the firm would retain and confer periodically with a compliance consultant to ensure that it adhered to state securities law requirements.
On January 3, 2022, The Financial Wellness Center LLC became registered as an investment adviser in Connecticut and Christopher Thomas Zemaitis became registered as an investment adviser agent of the firm.
Pusser’s Holdings Investment LLC, Harbor Cap Partners LLC and Stuart Jamieson
On January 5, 2022, the Banking Commissioner issued an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (No. CRF-21-20194440-S) against Pusser’s Holdings Investment LLC (“PHI”) of 649 Fairfield Beach Road, Fairfield, Connecticut; Harbor Cap Partners LLC, manager of PHI; and Stuart Jamieson, managing member of Harbor Cap Partners LLC and the Chief Executive Officer of PHI.
The action alleged that, at various times between 2015 and 2017, the Respondents violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered PHI Class A Units and unregistered PHI securities consisting of warrants and promissory notes to the investing public. Approximately $3.2 million was raised from investors in the two offerings.
The Respondents were afforded an opportunity to request a hearing on the allegations in the action.
Jorge L. Perez