The Department of Banking News Bulletin
Bulletin # 3026 - Week Ending February 18, 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.
Interstate Loan Production Offices
On February 14, 2022, the Commissioner approved the application of New York Community Bank, a New York state-chartered bank, to establish loan production offices in Connecticut pursuant to Section 36a-412(d) of the Connecticut General Statutes. The offices will be located at 100 Mill Plain Road, Suite 2G in Danbury, Connecticut and 1090 Elm Street, Suite 106 in Rocky Hill, Connecticut.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
J.A.G. Capital, LLC and Joseph Richard Bozzi (CRD No. 6140946)
On February 18, 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 (Matter No. CRF-22-8398-S) against J.A.G. Capital, LLC and its founding member and manager, Joseph Richard Bozzi. J.A.G. Capital, LLC, a Connecticut limited liability company, maintains its principal offices at 33 South Cherry Street, Wallingford, Connecticut and 43 Bayberry Drive, Wallingford, Connecticut.
The action alleged that, beginning in April 2016, Bozzi, individually and on behalf of J.A.G. Capital, LLC, sold interests in an investment vehicle to at least seven Connecticut residents, promising that investor funds would be pooled and that Bozzi would make all investment decisions. Rather than benefiting investors, Bozzi purportedly commingled investor funds with his own money, diverted investor funds for his personal use and provided at least one Connecticut investor with a falsified brokerage statement.
The action alleged that the Respondents violated the Connecticut Uniform Securities Act by 1) selling unregistered securities in contravention of Section 36b-16 of the Act; 2) engaging in conduct prohibited by the antifraud provisions in Section 36b-4(a) of the Act; 3) engaging in dishonest or unethical practices in violation of Sections 36b-4(b) and 36b-5(f) of the Act; 4) engaging in fraudulent investment advisory activity in contravention of Section 36b-5(a) of the Act; and 5) violating Section 36b-23 of the Act by filing materially false or misleading documents with the Commissioner. The action also alleged that Bozzi, individually and under the auspices of J.A.G. Capital, LLC, transacted business as an investment adviser while unregistered in violation of Section 36b-6(c)(1) of the Act.
The Respondents were afforded an opportunity to request a hearing on the allegations in the action.
Jorge L. Perez