The Connecticut Department of Banking announced two enforcement orders in its Aug. 10 bulletin with California-based CMRE Financial Services and two entities involved in exploratory oil and gas investments.
The consent order with CMRE Financial Services was based on an investigation by the Consumer Credit Division, in which Commissioner Jorge Perez alleges that CMRE acted within this state as a consumer collection agency without the requisite consumer collection agency license. As part of the consent order, CMRE paid $20,000 as a civil penalty and $400 as a back licensing fee.
Commissioner Perez also entered orders imposing $10,000 fines against the Kentucky companies Allied Energy Inc. (formerly known as Allied Syndications Inc.) and SE Ohio Shale & Oriskany Development. Both respondents had been the subject of an April 25, 2018, order to cease and desist, order to make restitution and notice of intent to fine, alleging that the respondents violated the Connecticut Uniform Securities Act by offering and selling unregistered nonexempt securities to Connecticut residents. The action had also alleged that respondent SE Ohio Shale & Oriskany Development violated the act by employing Andrew A. Flowers as an unregistered agent of issuer, and that Allied Energy Inc. materially aided in that violation.
Seeing as neither respondent requested a hearing on the orders, Perez adopted as findings the allegations against each respondent contained in the original notice.
