Bulletin # 2983 - Week Ending April 23, 2021

OUT-OF-STATE TRUST COMPANY ACTIVITY

Notice of Branch Closing

On April 23, 2021, Amelia Family Trust Company, a New Jersey-chartered limited purpose trust company, filed notice pursuant to Connecticut General Statutes Section 36a-434d of the closing of its trust office at 8 Wright Street, Suite 107, in Westport, Connecticut as of May 31, 2021. 

INTERSTATE BANK ACTIVITY

Notice of Branch Closing

On April 15, 2021, PeoplesBank, a Massachusetts-chartered savings bank, filed notice pursuant to Connecticut General Statutes Section 36a-412 of the closing of its branch at 6 National Drive in Windsor Locks, Connecticut as of July 16, 2021. Any comments received by the Commissioner will be forwarded to their State Regulator.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Order Imposing Fine

On April 22, 2021, the Banking Commissioner entered an Order Imposing Fine (Docket No. CRF-21-8433-S) against Travis Smith of Hamden, Connecticut. Smith, a former broker-dealer agent and investment adviser agent, was also the managing member and control person of Executive Consulting Group LLC, an inactive Connecticut entity. The Order Imposing Fine had been preceded by a March 26, 2021 Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CRF-21-8433-S). The March 26, 2021 action had alleged that, while Smith was registered as a broker-dealer agent and an investment adviser agent under the Connecticut Uniform Securities Act, he made arrangements with three Connecticut residents to manage their money without notifying his employing firm. Smith allegedly persuaded the affected investors to invest their monies in securities issued by Woodbridge Group of Companies, LLC and its affiliates (collectively, "Woodbridge"). Woodbridge compensated Smith for the sales. The action further alleged that Smith misappropriated a portion of investor monies and channeled them to Executive Consulting Group LLC's bank account for his personal use. The affected investors were not advised of, nor did they consent to, the transfer.

Since Travis Smith had not requested a hearing on the Order to Cease and Desist and the Order to Make Restitution, each of those orders had become permanent as to him on April 14, 2021.

Travis Smith also did not request a hearing on the Notice of Intent to Fine. Accordingly, the Order Imposing Fine was entered by default.

Adopting as finding the allegations in the March 26, 2021 action, the Commissioner fined Travis Smith $300,000. Among other things, the Commissioner found that Travis Smith committed at least one violation of Section 36b-16 of the Act by selling unregistered securities, at least one violation of the antifraud provisions in Section 36b-4(a) of the Act, at least one violation of Section 36b-4(b) of the Act by engaging in dishonest or unethical conduct, at least one violation of Section 36b-6(a) of the Act by transacting business as an unregistered agent of issuer and at least one violation of Section 36b-23 of the Act by failing to disclose his involvement with Woodbridge in regulatory filings.