The Department of Banking News Bulletin

Bulletin # 2109
Week Ending July 23, 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.

WITHDRAWAL OF APPLICATION TO OPERATE
CHECK CASHING SERVICE GENERAL FACILITIES

On July 13, 2004, the application filed by Wal-Mart Stores East, LP, pursuant to Section 36a-581 of the Connecticut General Statutes, to operate a general facility to engage in the business of cashing checks, drafts and money orders at the following locations, was withdrawn:

Pursuant to Sections 1-225 and 36a-70(i) of the Connecticut General Statutes, on August 2, 2004, a special meeting will be held for the purpose of voting on the application of the organizers of Darien Rowayton Bank, Darien, Connecticut, to organize a bank and trust company. The meeting is scheduled to be held at 10:00 a.m., at the Department of Banking, Room 50, 260 Constitution Plaza, Hartford, Connecticut.

NAME CHANGE APPROVAL

On July 20, 2004, pursuant to Section 36a-82 of the Connecticut General Statutes, approval was granted to Dime Savings Bank of Norwich to change its name to Dime Bank.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-Dealer Assessed $3,500 for Unregistered Broker-dealer Activity

On July 23, 2004, the Commissioner entered into a Stipulation and Agreement with Rodman & Renshaw, LLC, a broker-dealer located at 330 Madison Avenue, 27th Floor, New York, New York. The Stipulation and Agreement alleged that 1) in or about January 2004, the firm effected sales of Cortex Pharmaceuticals, Inc. securities in a private placement to an individual located in Connecticut; 2) at the time of the sale, the firm was not registered as a broker-dealer under the Connecticut Uniform Securities Act; and 3) because the Connecticut securities activities conducted by the firm did not involve the effecting of transactions exclusively with or through the institutions described in Section 36b-3(5)(D) of the Act, the exclusion from the definition of "broker-dealer" in Section 36b-3(5)(D) of the Act was not available for transactions in the securities of Cortex Pharmaceuticals, Inc. Pursuant to the Stipulation and Agreement, the firm agreed to pay a $3,000 fine to the department and reimburse the agency $500 for the agency's investigative costs. In addition, the firm agreed to review, revise and implement supervisory and compliance procedures designed to prevent and detect any future regulatory violations. The firm became registered as a broker-dealer under the Act on July 23, 2004.