The Department of Banking News Bulletin 

Bulletin # 1925
Week Ending January 12, 2001

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 John P. Burke, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.

STATE BANK ACTIVITY
Branch Activity

Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Bank Examination Division, (860) 240-8180.
Note: dates are listed in month/day/year format.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Florida man Barred from Securities Business for Three Years

On January 9, 2001, the Banking Commissioner entered a Consent Order with respect to James H. Boughamer of Valrico, Florida. The Consent Order alleged that from approximately October 1998 to January 1999, Boughamer sold unregistered, non-exempt securities of Palm Beach Investment Group, Inc. to Connecticut residents and that, in so doing, Boughamer acted as an unregistered agent of issuer in violation of the Connecticut Uniform Securities Act. The Consent Order also claimed that Boughamer violated Section 36b-31-6e of the Regulations under the Connecticut Uniform Securities Act by engaging in private securities transactions involving Palm Beach Investment Group, Inc. absent written notice to his employing firm, Mutual of Omaha Investor Services, Inc.

The Consent Order barred Boughamer for three years from transacting business in Connecticut as a broker-dealer, investment adviser, broker-dealer agent, agent of issuer and investment adviser agent as well as from effecting purchases or sales of business opportunities. The Consent Order also barred Boughamer for three years from acting as a finder for compensation, and from splitting commissions or receiving referral fees in connection with any recommendation, sale or purchase of securities. Boughamer could, however, effect transactions in insurance or endowment policies or annuity contracts issued by insurers subject to regulation by the Connecticut Insurance Commissioner. In addition, the Consent Order directed Boughamer to cease and desist from regulatory violations and required that he remit $3,500 to the agency, $3,000 of which constituted an administrative fine and $500 of which represented reimbursement for investigative costs.