The Department of Banking News Bulletin
Bulletin # 2952 - Week Ending September 18, 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.
CONSUMER CREDIT DIVISION ACTIVITY
Notice of Intent to Impose Civil Penalty
On September 10, 2020, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of: Samantha S. Flores d/b/a Premier Legal and Financial Services a/k/a Premier Legal & Financial Group (“Respondent”), Apple Valley, California. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent acted within this state as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes, and used false, deceptive or misleading representations or means in connection with the collection of debt from a Connecticut resident, including representing that the debt was valid and a lawsuit would be filed imminently, in violation of Section 36a-809-11 of the Regulations of Connecticut State Agencies. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.
Notice of Intent to Issue Order to Cease and Desist and
Notice of Intent to Impose Civil Penalty
On September 10, 2020, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of: Edward T. Weber d/b/a Law Offices of Edward T. Weber (“Respondent”), Fountain Valley, California. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent acted within this state as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes, and used false, deceptive or misleading representations or means in connection with the collection of debt from a Connecticut resident, including representing that the debt was valid and a lawsuit would be filed imminently, in violation of Section 36a-809-11 of the Regulations of Connecticut State Agencies. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Boomerang Capital, LLC (CRD No. 120313)
On September 17, 2020, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-20-2021007-S) with Boomerang Capital, LLC, a Connecticut-registered broker-dealer located at 12 Runkenhage Road, Darien, Connecticut 06820. The firm does not conduct retail brokerage business but acts as a placement agent for funds managed by SEC-registered investment advisers.
The Stipulation and Agreement alleged that the firm received a percentage of management and performance fees from two funds and, in so doing, transacted business an unregistered investment adviser in violation of Section 36b-6(c)(1) of the Connecticut Uniform Securities Act.
The firm has since applied for Connecticut investment adviser registration.
In resolution of the matter, the firm agreed to refrain from regulatory violations and to pay $5,020 to the department. Of that amount, $4,000 constituted an administrative fine and $1,020 represented reimbursement for past due registration fees.
Dated: Wednesday, September 23, 2020
Banking Commissioner