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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.

On April 13, 2012, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:  Avalon Financial Services, LLC (“Respondent”), Seattle, Washington.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleges that Respondent failed to maintain a surety bond that runs concurrent with its license for 2101 Fourth Avenue, Suite 900, Seattle, Washington, in violation of Section 36a-802(a) of the Connecticut General Statutes.  The Commissioner also found that public welfare required the issuance of Temporary Order to Cease and Desist.  Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

On April 4, 2012, the Commissioner entered into a Consent Order with Fidelity Mortgage Services, Inc. (NMLS # 2799) (“Fidelity Mortgage”), Branford, Connecticut.  The Consent Order was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Fidelity Mortgage employed or retained, during the period of October 1 through October 14, 2009, one (1) individual as a mortgage loan originator who was not licensed, in violation of Section 36a-486(b) of the then applicable Connecticut General Statutes.  As part of the Consent Order, Fidelity Mortgage was ordered to pay $2,000 as a civil penalty.

On April 20, 2012, the Commissioner entered into a Consent Order with John Mazza (“Mazza”).  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged in a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing issued on July 30, 2010, that during the period of June 27 through September 17, 2009, Mazza, in connection with three (3) residential mortgage loan applications, knowingly made false statements with intent to defraud and for the purpose of influencing the action of a licensed mortgage correspondent lender, in violation of Section 36a-56 of the Connecticut General Statutes, and that Mazza’s making false statements constitutes acts of fraud or misrepresenting, concealing, suppressing, intentionally omitting or otherwise intentionally failing to disclose material particulars of residential mortgage loan transactions to someone entitled to such information, as provided in Section 36a-494(b) of the 2010 Supplement to the General Statutes.  As part of the Consent Order, Mazza shall be barred for three (3) years commencing from July 30, 2010, from acting as a director, officer, partner, member, sole proprietor, shareholder, trustee, qualified individual, branch manager, employee, agent of or otherwise acting in any other capacity with any entity required to be chartered, licensed or registered, or otherwise comes within the jurisdiction of the Commissioner, and from individually acting in any capacity that would require licensure or registration by the Commissioner.

On May 3, 2012, the Banking Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Eric Olojugba a/k/a Olufemi Olojugba a/k/a Eric Oluwarotimi Olojugba, a previously registered broker-dealer agent and investment adviser agent in Connecticut.  The respondent’s last known address is 295 Greenwich Street, #139, New York, New York.   The action alleged that, in contravention of Section 36b-31-14e(a) of the Regulations under the Connecticut Uniform Securities Act, the Respondent failed to update his Form U-4 (Uniform Application for Securities Industry Registration or Transfer) filings to reflect his current residential address and his outside business activities with CRG Partners and Discoverpoint Holdings (Group) LLC.  The Respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist and Notice of Intent to Fine.

       Dated:  Tuesday, May 8, 2012