The Department of Banking News Bulletin

Bulletin # 2013
Week Ending September 20, 2002

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, Commissioner of Banking, 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.

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.

State Bank Activity

On September 20, 2002, the Commissioner entered into a Stipulation and Agreement with Shields & Company, a Connecticut-registered broker-dealer having its principal office at 140 Broadway, New York, New York. The Stipulation and Agreement alleged that, from approximately July, 2001 forward, the firm transacted business from 145 Great Neck Road, Waterford, Connecticut prior to that location being registered as a branch office under the Connecticut Uniform Securities Act.

Pursuant to the Stipulation and Agreement, the firm agreed to pay a $1,000 fine to the department and to revise and implement supervisory and compliance procedures designed to detect violations of Connecticut branch office registration requirements.

Broker-dealer Fined $1,000 for Unregistered Branch Office Activity

On September 20, 2002, the Commissioner entered into a Stipulation and Agreement with United Securities Alliance, Inc., a Connecticut-registered broker-dealer having its principal office at 7730 East Belleview Avenue, Suite AG-9, Greenwood Village, Colorado. The Stipulation and Agreement claimed that, from approximately November, 2000 forward, the firm transacted business from 10 Furnace Street, Danielson, Connecticut prior to that location being registered as a branch office under the Connecticut Uniform Securities Act.

Pursuant to the Stipulation and Agreement, the firm agreed to pay a $1,000 fine to the agency and to revise and implement supervisory and compliance procedures designed to detect violations of Connecticut branch office registration requirements.