The Department of Banking News Bulletin
Bulletin # 2939 - Week Ending June 19, 2020
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.
STATE BANK ACTIVITY
Interstate Loan Production Office
On June 15, 2020, the Commissioner approved the application of Evolve Bank & Trust, an Arkansas state-chartered bank, to establish a loan production office in Connecticut pursuant to Section 36a-412(d) of the Connecticut General Statutes. The office will be located at 222 Old Boston Post Road in Old Saybrook, Connecticut.
FINANCIAL INSTITUTIONS DIVISION ACTIVITY
Annual License Renewals, Effective July 1, 2020 to June 30, 2021
| Company | Type of License |
Licensee Brief Description |
|
Business Lenders, LLC |
License to operate a business and industrial development corporation (a "BIDCO") pursuant to Sec. 36a-633 |
A BIDCO is a participating lender under the federal SBA loan guarantee programs |
| WorldBusiness Capital, Inc. One State Street, Suite 2110 Hartford, CT 06103 |
License as an international |
An ITIC is a participating lender under financing guarantee programs of the Export-Import Bank, OPIC, and/or the USDA |
| Access Financial Group, Inc. 118 N. Clinton Street, Suite 450 Chicago, Illinois 60661 |
License to act as fiduciary pursuant to Sec. 36a-380 and as authorized by Sec. 42-202 |
Access is licensed as a fiduciary to act as an escrow agent to hold money under pre-need funeral service contracts |
| Forethought Life Insurance Company One Forethought Center Batesville, Indiana 47006 |
License to act as fiduciary pursuant to Sec. 36a-380 and as authorized by Sec. 42-202 |
Forethought is licensed as a fiduciary |
| Planned Lifetime Assistance Network of Connecticut, Inc. ("PLAN") 912 Silas Deane Highway Wethersfield, Connecticut 06109 |
License to act as fiduciary pursuant to Sec. 36a-380 and as authorized by Sec. 36a-386 |
PLAN manages special needs trusts established by families for the benefit of disabled family members |
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
James Thomas Booth (CRD No. 1906145) Fined $100,000; Broker-dealer Agent and Investment Adviser Agent Registrations Revoked
On June 18, 2020, the Banking Commissioner entered an Order Revoking Registration as a Broker-dealer Agent and Investment Adviser Agent and Order Imposing Fine (Docket No. CDFR-20-8535-S) against James Thomas Booth of Norwalk, Connecticut. Booth had been the subject of a February 14, 2020 Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine, Notice of Intent to Revoke Registration as a Broker-dealer Agent and Investment Adviser Agent and Notice of Right to Hearing (Docket No. CDFR-20-8535-S). Also named in that action was Insurance Trends, Inc., an entity controlled by Booth. The February 14, 2020 action had alleged that, from 2013 to 2019, Booth violated the antifraud provisions in Section 36b-4(a) of the Connecticut Uniform Securities Act and engaged in dishonest or unethical practices while associated with his past two employing firms. More specifically, respondent Booth allegedly solicited firm clients to invest in outside opportunities and send their funds to Insurance Trends, Inc. The action had also alleged that respondent Booth then used investor funds for his personal expenses and that he fabricated client account statements to reflect investments that were, in fact, never made. Booth allegedly misappropriated approximately $5 million in investor funds.
Since respondent Booth did not request a hearing on the Order to Cease and Desist and the Order to Make Restitution, those orders became permanent on March 12, 2020.
Respondent Booth did not request a hearing on the Notice of Intent to Fine or the Notice of Intent to Revoke Registration as a Broker-dealer Agent and as an Investment Adviser Agent. Consequently, the Commissioner’s June 18, 2020 order was entered by default. Adopting as findings the allegations in the February 14, 2020 action, the Commissioner fined Booth $100,000 and revoked Booth’s broker-dealer agent and investment adviser agent registrations.
Insurance Trends, Inc. Fined $100,000
On June 18, 2020, the Banking Commissioner entered an Order Imposing Fine (Docket No. CDFR-20-8535-S) against Insurance Trends, Inc. of Norwalk, Connecticut, an unregistered entity controlled by James Thomas Booth (CRD No. 1906145). Insurance Trends, Inc. had been the subject of a February 14, 2020 Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CDFR-20-8535-S). James Thomas Booth was also named in that action. The February 14, 2020 action had alleged that, from 2013 to 2019, Booth violated the antifraud provisions in Section 36b-4(a) of the Connecticut Uniform Securities Act by allegedly soliciting firm clients to invest in outside opportunities and send their funds to Insurance Trends, Inc. which operated as a conduit Booth then purportedly used investor funds for his personal expenses and fabricated client account statements to reflect investments that were, in fact, never made.
Since respondent Insurance Trends, Inc. did not request a hearing on the Order to Cease and Desist and the Order to Make Restitution, those orders became permanent on March 12, 2020.
Respondent Insurance Trends, Inc. did not request a hearing on the Notice of Intent to Fine. Consequently, the Commissioner’s June 18, 2020 order was entered by default. Adopting as findings the allegations in the February 14, 2020 action, the Commissioner fined Insurance Trends, Inc. $100,000.
Dated: Tuesday, June 23, 2020
Banking Commissioner