The Department of Banking News Bulletin 

Bulletin # 2088
Week Ending February 27, 2004

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 Financial Institutions Division, (860) 240-8180.
Note: dates are listed in month/day/year format.

MONEY TRANSMITTER LICENSE ACTIVITY

On February 27, 2004, Monogram Money Services, Inc. requested that its application to engage in the business of money transmission be withdrawn.

ACQUISITION

On February 23, 2004, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, as amended by Public Act 03-196, and Section 36a-210(b) of the Connecticut General Statutes, as amended by Public Acts 03-196 and 03-259, the Commissioner granted approval to Citizens Bank of Rhode Island to acquire a significant part of the assets of People’s Bank.

CHECK CASHING SERVICE LICENSE ACTIVITY

On February 1, 2004, Connecticut State Check Cashing Service, Inc. surrendered its license to operate a check cashing service general facility at 751 Park Street, Hartford, Connecticut.

On February 20, 2004, pursuant to Section 36a-581 of the Connecticut General Statutes, ASP Investments LLC d/b/a ASP Check Cashing filed an application to operate a check cashing service general facility at 150 Main Street, Ansonia, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Investment Adviser Assessed $2,200 for Delinquent
Investment Advisory Notice Filing

On February 23, 2004, the Commissioner entered into a Stipulation and Agreement with Mellon Consultants, Inc., a Securities and Exchange Commission-registered investment adviser located at One Pennsylvania Plaza, 30th Floor, New York, New York. The Stipulation and Agreement alleged that, from 1999 until November 10, 2003, when a notice was filed, the firm failed to make the investment advisory notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act and failed to pay the fees required by that section. In resolution of the matter, the firm agreed to pay $2,200 to the department. Of that amount, $1,500 constituted an administrative fine and $700 represented reimbursement for past due notice filing fees.

Broker-Dealer Fined $5,000 for Employing Unregistered Agent

On February 23, 2004, the Commissioner entered into a Stipulation and Agreement with Greenwich Prime Trading Group, LLC, a Connecticut-registered broker-dealer having its principal office at 411 West Putnam Avenue, Greenwich, Connecticut. The Stipulation and Agreement claimed that the firm had employed an unregistered agent in violation of Section 36b-6(b) of the Connecticut Uniform Securities Act and had failed to maintain and enforce an adequate supervisory system notwithstanding its outsourcing of licensing responsibilities to an outside consultant. Pursuant to the Stipulation and Agreement, the firm agreed to 1) refrain from engaging in regulatory violations; 2) review, revise and implement supervisory procedures designed to prevent and detect violations of Connecticut’s securities laws; and 3) pay a $5,000 fine.