The Department of Banking News Bulletin
Bulletin # 2833 - Week Ending June 8, 2018
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
Branch Activity
DATE: June 5, 2018
CREDIT UNION: Mutual Security Credit Union, Shelton
LOCATION: 74 Cheshire Road, Wallingford, CT 06492
ACTIVITY: Approved to Open Branch
CONSUMER CREDIT DIVISION ACTIVITY
Consent Order
On May 30, 2018, the Commissioner entered into a Consent Order with Trident Asset Management L.L.C. d/b/a Trident AM. L.L.C. (“Trident”) (NMLS # 1421440), Orion Portfolio Services, L.L.C. (“OPS”) (NMLS # 1683008), and OPS 9, L.L.C (“OPS 9”), (collectively, “Respondents”), Atlanta, Georgia. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Trident, OPS and OPS 9 acted as consumer collection agencies in Connecticut without the requisite license, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Respondents paid $20,000 as a civil penalty, Trident paid back licensing fees of $400 and Respondents agreed to not act as consumer collection agencies in Connecticut without a license.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
John A. Pinheiro - Order to Cease and Desist and Notice of Intent to Fine Issued
On June 5, 2018, the Banking Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CF-18-8250a-S) against John A. Pinheiro of Bridgeport, Connecticut. Pinheiro, an attorney, was formerly an appointed receiver and CEO for Latteno Food Corp. The action alleged that Pinheiro violated Section 36b-23 of the Connecticut Uniform Securities Act by providing false testimony under oath with respect to his role in the issuance of press releases by Latteno Food Corp. Respondent Pinheiro was afforded an opportunity to request a hearing on the allegations in the Order to Cease and Desist and Notice of Intent to Fine.
Leland Energy, Inc., Leland Tennessee Holdings, Inc., Opportunity Drilling & Acquisition Fund, LLP and Stephen M. Thompson - Order to Cease and Desist and Notice of Intent to Fine Issued
On June 7, 2018, the Banking Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CF-18-8308-S) against Leland Energy, Inc. of 8950 West Olympic Boulevard, #415, Beverly Hills, California 90211; Opportunity Drilling & Acquisition Fund, LLP of 2360 Corporate Circle, Suite 400, Henderson, Nevada 89074-7722; and Leland Tennessee Holdings, Inc., managing partner of Opportunity Drilling & Acquisition Fund, LLP. Also named in the action was Stephen M. Thompson, president of Leland Energy, Inc. and Leland Tennessee Holdings, Inc. and a control person of Opportunity Drilling & Acquisition Fund, LLP. The respondents were involved in investing in the oil and gas industry.
The action alleged that the respondents violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered interests in Opportunity Drilling & Acquisition Fund, LLP to a Connecticut resident. The action also alleged that the respondents violated the antifraud provisions in Section 36b-4(a) of the Act by representing to the Connecticut investor that he would not incur any losses on his investment and by failing to disclose several prior regulatory actions taken against Thompson and/or Leland Energy, Inc. by the Federal Trade Commission and the states of Wisconsin, Pennsylvania, California and Rhode Island.
The respondents were afforded an opportunity to request a hearing on the allegations in the Order to Cease and Desist and Notice of Intent to Fine.
On June 7, 2018, the Banking Commissioner issued a Notice of Intent to Revoke and Cancel the broker-dealer registration of Wilbanks Securities, Inc. under the Connecticut Uniform Securities Act. The firm is located at 4334 Northwest Expressway, Suite 222, Oklahoma City, Oklahoma 73116. The action was based on the firm's apparent cessation of business as a broker-dealer as well as an October 6, 2017 Financial Industry Regulatory Authority action cancelling the firm's FINRA membership.
Wilbanks Securities, Inc. was afforded an opportunity to request a hearing on the Notice of Intent to Revoke and Cancel Registration as a Broker-dealer.
Dated: Tuesday, June 12, 2018
Jorge L. Perez
Banking Commissioner