The Department of Banking News Bulletin
Bulletin # 2802 - Week Ending November 3, 2017
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 days from the date of this bulletin.
STATE BANK ACTIVITY
Branch Activity
Section 361-145 of the Connecticut General Statutes requires certain applications for a branch, of for a limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
DATE: February 2, 2018
BANK: Savings Bank of Danbury, Danbury
LOCATION: 650 Wolcott Street, Waterbury, CT 06705
ACTIVITY-BRANCH TYPE: Notification of Closing Date of Full Service Wolcott Street Branch
CREDIT UNION ACTIVITY
Branch Activity
DATE: October 30, 2017
CREDIT UNION: Sikorsky Financial Credit Union, Inc., Stratford
LOCATION: 3 Federal Road, Brookfield, CT 06804
ACTIVITY-BRANCH TYPE: Approved - Full Service Branch
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Connecticut Companies Fined $100,000, Order to Cease and Desist and Order to Make Restitution Made Permanent
On November 3, 2017, following a hearing, the Banking Commissioner entered Findings of Fact, Conclusions of Law and an Order against Tyrol Group, LLC of 130 Captains Drive, Westbrook, Connecticut 06498, Native American Tyrol Energy, LLC of 45 Foxboro Road, Essex, Connecticut 06426 and Lee Tyrol, control person of each entity.
None of the respondents appeared at the hearing.
The action had been preceded by an August 29, 2016 Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CRF-16-8171-S) alleging that from approximately January 2009 to September 2013, Tyrol, individually and/or on behalf of the Tyrol entities sold approximately $587,000 of securities consisting of ownership interests in the Tyrol entities, and that the securities were not registered under the Connecticut Uniform Securities Act. The August 29, 2016 action had also alleged that, to induce investors to invest, Tyrol represented that investor monies would be used to finance projects earning upwards of $100 to $300 million dollars per year. Tyrol allegedly did not provide investors with information relating to the operating history and finances of the Tyrol entities; the risks associated with the investment; the fact that Tyrol ultimately used investor funds for his personal expenses; or the unregistered status of the securities. Such conduct allegedly violated the antifraud provisions in Section 36b-4(a) of the Connecticut Uniform Securities Act. In addition, the action had alleged that Tyrol transacted business as an unregistered agent of issuer in violation of Section 36b-6(a) of the Act and that the Tyrol entities employed him in an unregistered capacity in contravention of Section 36b-6(b) of the Act.
Under Section 36a-1-31(b) of the Regulations, in light of Respondents’ default, the allegations against them made in the August 29, 2016 action were deemed admitted. Accordingly, the Commissioner found that 1) all respondents violated Sections 36b-16 and 36b-4(a) of the Act; 2) respondents Tyrol Group, LLC and Native American Tyrol Energy, LLC violated Section 36b-6(b) of the Act; and 3) respondent Lee Tyrol violated Section 36b-6(a) of the Act.
The Commissioner rendered permanent the Order to Cease and Desist and the Order to Make Restitution issued against each respondent. In addition, the Commissioner fined the respondents $100,000, jointly and severally.
Dated: Tuesday, November 7, 2017
Jorge L. Perez
Banking Commissioner