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.

On July 5, 2012, the Banking Commissioner entered a Consent Order with respect to UVEST Financial Services Group, Inc. of Charlotte, North Carolina.  The firm was formerly registered as a broker-dealer under the Connecticut Uniform Securities Act.  The Consent Order followed a multistate investigation, capped by a global settlement, into unregistered broker-dealer and investment advisory activity by Bankers Life and Casualty Company and BLC Financial Services, Inc. (together, “Bankers”).  UVEST Financial Services Group, Inc. had entered into an agreement with Bankers to provide brokerage and investment advisory services out of Bankers Life branch locations using the services of dual insurance and securities agents.  The involvement of Bankers in securities-related roles led to confusion in the reporting and responsibility hierarchies between Bankers and the broker-dealers with whom it contracted.  The Consent Order alleged that UVEST Financial Services Group aided in Bankers’ unregistered activity.

The Consent Order directed UVEST Financial Services Group, Inc. to cease and desist from materially aiding in violations of the Act and fined the firm $14,150.94 which represented Connecticut’s proportionate share of the $750,000 global settlement amount involving UVEST Financial Services Group, Inc.

     Dated:  Tuesday, July 10, 2012