The Department of Banking News Bulletin
Bulletin # 3045 - Week Ending July 1, 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.
Notification of Hearing
A special meeting of the Banking Panel, consisting of the Banking Commissioner, State Comptroller, and State Treasurer, or their designees, will be held to vote on the application of Frederick R. Afragola, Louis A. Garcia, Paul J. Kuehner, Joseph J. Rucci, Jr., Thomas V. Ayoub, M.D., and Anthony J. Domino, Jr. to organize The New Canaan Bank, New Canaan, Connecticut, as a Connecticut bank pursuant to Section 36a-70 of the Connecticut General Statutes. The hearing will take place on July 7, 2022 at 10:00 a.m. via videoconference, and via teleconference (860) 840-2075, Conference ID: 936 586 462#.
OTHER FINANCIAL INSTITUTION ACTIVITY
Annual License Renewals, Effective July 1, 2022 to June 30, 2023
CONSUMER CREDIT DIVISION ACTIVITY
On June 24, 2022, the Commissioner entered into a Consent Order with LOCKHART, MORRIS & MONTGOMERY, INC. d/b/a Lockhart, Morris & Montgomery (NMLS # 1191130) (“LM&M”), Richardson, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that since 2019, LM&M acted as a consumer collection agency in Connecticut without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes in effect at such time. As part of the Consent Order, LM&M paid $10,000 as a civil penalty, and $800 for back licensing fees.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Fortis Group Advisors, LLC (CRD No. 290427)
On June 30, 2022, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-22-202142-S) with Fortis Group Advisors, LLC of 345 Kinderkamack Road, Westwood, New Jersey 07675. The firm is registered as an investment adviser with the Securities and Exchange Commission.
The Stipulation and Agreement alleged that from approximately February 2018 through November 2021, the firm engaged an unregistered investment adviser agent in violation of Section 36b-6(c)(3) of the Connecticut Uniform Securities Act. The investment adviser agent has since applied for Connecticut registration.
In resolution of the matter, the firm agreed to refrain from regulatory violations and to pay $5,500 to the department. Of that amount, $5,000 constituted an administrative fine and $500 represented reimbursement for past due investment adviser agent registration fees.
Jorge L. Perez