The Department of Banking News Bulletin 

Bulletin # 3132 (Revised) - Week Ending March 1, 2024

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.



True Bullion, LLC and Anthony Allen Anderson

On February 23, 2024, the Banking Commissioner entered a Consent Order (No. CO-24-202323-S) with respect to True Bullion, LLC d/b/a GSI Exchange and Gold Silver International Exchange. The firm has maintained business addresses at 26635 West Agoura Road, Suite 220, Calabasas, California 91302, 3838 Oak Lawn Avenue, Suite 1000, Dallas, Texas 75219 and 4440 PGA Boulevard, Suite 600, Palm Beach Gardens, Florida 33410.  The firm was in the business of selling precious metals. Also named in the Consent Order was Anthony Allen Anderson, managing member of the firm.

The firm had been the subject of a multistate investigation conducted by the North American Securities Administrators Association, Inc. (“NASAA”).

The Consent Order alleged that the Respondents sold precious metals to at least nine known Connecticut residents; rendered advisory services while unregistered in violation of Section 36b-6(c) of the Connecticut Uniform Securities Act and violated Section 36b-5(a) of the Act by making false or misleading statements and omissions to prospective customers. The Consent Order directed the respondents to refrain from violative conduct and to extend a refund offer to eligible Connecticut customers who bought precious metals prior to July 22, 2021. A fine was not imposed since the settlement was originally intended to be a multi-state settlement that did not call for a fine, and since the goal was to expeditiously achieve the maximum percent refund for eligible Connecticut Investors.

Morse Investment Management Company, Inc. (CRD No. 128355)

On February 28, 2024, the Banking Commissioner issued a Notice of Intent to Revoke Registration as an Investment Adviser and Notice of Right to Hearing (No. NRC-24-20245-S) with respect to Morse Investment Management Company, Inc. of 321 Main Street, Farmington, Connecticut 06032. The firm, an inactive corporation, was registered as an investment adviser in Connecticut since June 3, 1991.

The action alleged that, since at least 2022, the firm violated Section 36b-31-14d(a) of the Regulations under the Connecticut Uniform Securities Act by failing to file a report of its financial condition with the Commissioner. The Respondent was provided with an opportunity to request a hearing on the allegations in the Notice of Intent to Revoke Registration as an Investment Adviser.


      Dated:  Wednesday, March 6, 2024

      Jorge L. Perez
      Banking Commissioner