Bulletin # 3153 - Week Ending July 26, 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.

CREDIT UNION ACTIVITY

Field of Membership Expansion

On July 24, 2024, Holyoke Credit Union, a Massachusetts-chartered credit union, filed an application pursuant to Section 36a-462b(d) of the Connecticut General Statutes, seeking approval to expand its field of membership to include members located in Hartford County, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY 

Russell D. Davis and IRWT, LLC d/b/a In Russ We Trust

On July 22, 2024, the Banking Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (No. CF-24-202412-S) against IRWT, LLC d/b/a In Russ We Trust, a Connecticut limited liability company located at 24 Anderson Avenue, Milford, Connecticut 06460. Also named in the action was Russell D. Davis, control person of the firm. IRWT, LLC held itself out as a crypto-consultancy company focused on profit projections. More specifically, Respondents sold subscriptions to a monthly online newsletter advising subscribers when to buy and sell certain cryptocurrencies.

The action alleged that, in connection with a Securities and Business Investments Division investigation of the Respondents, Respondent Davis wilfully violated Section 36b-23 of the Connecticut Uniform Securities Act by making a materially misleading statement to the Commissioner regarding the Respondents’ financial holdings.

The Respondents were afforded an opportunity to request a hearing on the allegations in the Order to Cease and Desist and Notice of Intent to Fine.

      Dated:  Tuesday, July 30, 2024

      Jorge L. Perez
      Banking Commissioner