The Department of Banking News Bulletin

Bulletin # 3219 - Week Ending October 31, 2025

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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY 

BIG STEVE’S VICTORY ADVANCE, LLC

On October 29, 2025, the Commissioner entered into a Consent Order with BIG STEVE’S VICTORY ADVANCE, LLC, (“BIG STEVE’S”), East Haven, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division stemming from an attorney referral on behalf of a Connecticut consumer. As result of such investigation, the Commissioner alleged that: (1) from October 2022 to October 2023, BIG STEVE’S made at least 30 small loans to Connecticut borrowers without the required small loan company license, in violation of Section 36a-556(a)(1) of the Connecticut General Statutes in effect at such time, and (2) from October 2022 to March 17, 2025, BIG STEVE’S received payments of principal and interest in connection with at least 21 small loans made to Connecticut borrowers without the required small loan company license, in violation of Section 36a-556(a)(4) of the Connecticut General Statutes in effect at such time. As part of the Consent Order, BIG STEVE’S agreed to reimburse Connecticut borrowers amounts paid by such Connecticut borrowers in excess of an annual percentage rate of 12% while BIG STEVE’S was not licensed as a small loan company in Connecticut. 

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY 

Ceros Financial Services, Inc. (CRD No. 307869)

On October 28, 2025, the Banking Commissioner entered a Consent Order (No. CO-25-2024-5-S) with respect to Ceros Financial Services, Inc., a Connecticut-registered broker-dealer located at 1445 Research Boulevard, Suite 530, Rockville, Maryland 20850 and 50 Washington Street, The Penthouse, South Norwalk, Connecticut 06854.

The Consent Order alleged that, by failing to disclose to its Connecticut customers that the transactional “Service fee” Ceros charged to them included a profit to Ceros and that the fee was not based on the costs of handling a particular transaction, the firm engaged in conduct proscribed by Financial Industry Regulatory Authority Conduct Rule 2210, and that the conduct was also in violation of Section 36b-31-15a(b) of the Regulations under the Connecticut Uniform Securities Act.

The Consent Order also alleged that the firm engaged in dishonest or unethical practices within the meaning of Section 36b-3 l-l5a(b) of the Regulations by compensating an individual with a percentage of the commissions earned by Ceros’ registered broker-dealer agents for whom the individual worked.

In addition the Consent Order alleged that the firm violated Section 36b-3 l-6f(b) of the Regulations by failing to establish, enforce and maintain an adequate system for supervising the activities of its agents and Connecticut office operations.

The firm has since instituted measures to cure the problems cited in the Consent Order.

The Consent Order fined the firm $20,000 and directed it to cease and desist from regulatory violations.

Dated: Tuesday, November 4, 2025

Jorge L. Perez
Banking Commissioner