Bulletin # 3096 - Week Ending June 23, 2023

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.

  
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Black Diamond Lifeplan Fund, Limited Partnership, Evergreen II Lifeplan Fund, Limited Partnership, Evergreen III Fund Management, LLC, Blue Diamond Fund, LLC and Michael Gissas

On June 20, 2023, the Banking Commissioner entered a Consent Order (No. CO-23-20216-S) with respect to investment funds Black Diamond Lifeplan Fund, Limited Partnership, Evergreen II Lifeplan Fund, Limited Partnership and Evergreen III Fund Management LLC, all of 3990 E SR 44, Suite 202, Wildwood, Florida 34785. Also named were Florida-based Blue Diamond Fund, LLC, general partner of the funds, and Michael Gissas of Bristol, Connecticut who was the manager of Blue Diamond Fund, LLC as well as a control person of the three investment funds.

The Consent Order alleged that, from June 2012 to January 2016, Michael Gissas sold interests in the three funds to multiple investors at a time when such interests were not registered under Section 36b-16 of the Connecticut Uniform Securities Act. The Consent Order further alleged that Michael Gissas violated Section 36b-23 of the Act by making materially false or misleading statements to the Commissioner during an investigation. Such statements concerned Michael Gissas' involvement in the activities of nonparty Retirement Evolution Group, LLC and its efforts to raise investment funds for Complete Business Solutions Group, Inc. d/b/a Par Funding, also a nonparty.

The Consent Order directed the respondents to cease and desist from regulatory violations. In addition, the Consent Order fined Michael Gissas $15,000 and barred him for seven years from offering or selling securities in or from Connecticut, transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent and acting in any other capacity requiring a license or registration from the Commissioner.