The Department of Banking News Bulletin
Bulletin # 3035 - Week Ending April 22, 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
DATE: April 22, 2022
CREDIT UNION: Mutual Security Credit Union, Shelton, CT
LOCATION: FROM: 12 Progress Drive, Shelton, CT 06484
TO: 1000 Bridgeport Avenue, Shelton, CT 06484
ACTIVITY-BRANCH TYPE: Approved to Relocate Branch
Main Office Relocation
On April 22, 2022, the Commissioner approved the application by Mutual Security Credit Union to relocate its main office from 12 Progress Drive, Shelton, CT 06484 to 1000 Bridgeport Avenue, Shelton, CT 06484 pursuant to Section 36a-463b of the Connecticut General Statutes.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Ruben Anibal Macedo
On April 22, 2022, the Banking Commissioner entered an Order Imposing Fine (Matter No. CF-22-8250b-S) against Ruben Anibal Macedo of Oakland Park, Florida 33334. Respondent Macedo, a former Connecticut resident, was the control person of Douro Capital Inc. (“DCI”) and Guadiana Holdings Inc. (“GHI”).
Respondent Macedo had been the subject of a January 27, 2022 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing alleging that, between February 2014 and October 2016, Respondent Macedo orchestrated a scheme to defraud market participants, including retail investors in Connecticut, using shares of Latteno Food Corp. (“Latteno”), a low priced OTC pink sheet penny stock. Using various brokerage accounts, including those established under the names of DCI and GHI, Respondent Macedo made multiple purchases and sales of Latteno securities. Between April 24, 2015 and June 1, 2015, Respondent Macedo also issued at least three separate news releases to attract potential investors to Latteno and to increase the sales price of the Latteno shares. At the time, Latteno had no significant operating history, limited assets, and no significant source of revenue. After the press releases, Latteno’s stock trading volume increased, and Respondent Macedo proceeded to sell off his Latteno holdings. The January 27, 2022 action also alleged that, from at least February 2014 to October 2016, while Respondent Macedo resided in Connecticut, Macedo used the brokerage accounts he established to facilitate the sale of 2.86 billion shares of Latteno stock into the public market, and that, during this period, he generated approximately $1 million in profits from the sales. Respondent Macedo then transferred the proceeds to his personal and business bank accounts. The action claimed that Respondent Macedo 1) violated the antifraud provisions in Section 36b-4(a) of the Connecticut Uniform Securities Act; 2) engaged in dishonest or unethical practices in violation of 36b-4(b) of the Act; and 3) violated Section 36b-23 of the Act by making materially false or misleading statements to the Commissioner in connection with an agency investigation.
Since the January 27, 2022 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing was returned to the department as undeliverable, constructive service was made on the Commissioner pursuant to Section 36b-33(h) of the Act, and the Order Imposing Fine was entered by default.
Finding that Respondent Macedo violated Sections 36b-4(a), 36b-4(b) and 36b-23 of the Act, the April 22, 2022 Order imposed a $100,000 fine against Respondent. The Order to Cease and Desist, being uncontested, became permanent by operation of law on April 6, 2022.
Jorge L. Perez