Bulletin # 2403
Week Ending March 12, 2010
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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.
Date | Bank | Location | Activity |
---|---|---|---|
3/11/10 |
The Bank of new Canaan
New Canaan |
612 Bedford Street
Stamford, CT 06901 |
notice of intent
not to disapprove |
New Bank Application Amended
Consent Order
Order Imposing Fine Issued
On March 5, 2010, following a hearing, the Banking Commissioner entered an Order Imposing Fine against Cuppy’s Coffee & More, Inc. of 348 Miracle Strip Parkway SW, Building C, Suite 10, Fort Walton Beach, Florida and Elite Manufacturing, LLC of 548 Mary Esther Cutoff SW, Suite 334, Fort Walton Beach, Florida. Elite Manufacturing, LLC also maintains an address at 348 Miracle Strip Parkway, Suite 34, Fort Walton Beach, Florida. The respondents were involved in the sale of coffee franchises. Cuppy’s Coffee & More, Inc. had been the subject of a November 10, 2009 Stop Order issued by the Commissioner under the Connecticut Business Opportunity Investment Act. Both Cuppy’s Coffee & More, Inc. and Elite Manufacturing, LLC were also named in a September 8, 2009 Order to Cease and Desist and Notice of Intent to Fine issued by the Commissioner. The Order to Cease and Desist, being uncontested, had become permanent as to each respondent in October 2009.
The Order to Cease and Desist and Notice of Intent to Fine had alleged that in a business opportunity registration application filed with the department in 2008 and in a General Affidavit filed with the agency, Cuppy’s Coffee & More, Inc. made materially false or misleading statements concerning prior business opportunity offers and sales in Connecticut. In addition, the Order to Cease and Desist and Notice of Intent to Fine had alleged that Cuppy’s Coffee & More, Inc. and Elite Manufacturing, LLC violated Section 36b-67 of the Connecticut Business Opportunity Investment Act by selling or offering unregistered business opportunities to at least one Connecticut purchaser-investor.
In fining Cuppy’s Coffee & More, Inc. $45,000 and Elite Manufacturing, LLC $15,000, the Commissioner adopted as findings the violations alleged in the earlier Notice of Intent to Fine. Neither Cuppy’s Coffee & More, Inc. nor Elite Manufacturing, LLC appeared or contested the imposition of the fine.
On March 10, 2010, the Banking Commissioner entered into a Stipulation and Agreement with respect to Alexander Capital, L.P., a broker-dealer located at 445 Broadhollow Road, Suite 42, Melville, New York. The Stipulation and Agreement alleged that, due to a failure to effect a renewal of its Connecticut broker-dealer registration within the processing time frame built into the Central Registration Depository System, the firm transacted business as a broker-dealer in 2009 while unregistered in contravention of Section 36b-6(a) of the Connecticut Uniform Securities Act. The firm is currently registered as a broker-dealer in Connecticut. Pursuant to the Stipulation and Agreement, Alexander Capital, L.P. agreed to 1) refrain from regulatory violations; 2) implement revised supervisory and compliance procedures; 3) provide the department with proof that it had refunded to its Connecticut customers the net commission amount retained by the firm and earned during the period of the firm’s alleged unregistered activity; and 4) pay $1,500 to the agency. Of that amount, $1,000 constituted an administrative fine and $500 would be applied to defray the Division’s investigative costs.