The Department of Banking News Bulletin
Bulletin # 2122
Week Ending October 22, 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
State Bank 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.
| Date | Bank | Location | Activity |
|---|---|---|---|
| 10/08/04 | Litchfield Bancorp Litchfield |
* 294 West Street Litchfield, CT 06059 |
filed |
| * Mobile Branch (This branch was erroneously listed as a limited branch in Bulletin #2120) | |||
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Investment Adviser Assessed $1,800 for Delinquent Investment Advisory Notice Filing; Investment Adviser's affiliate Fined $1,500 for Late Rule 506 Notice Filing
On October 18, 2004, the Commissioner entered into a Stipulation and Agreement with Lydian Asset Management, L.P., an SEC-regulated investment adviser located at 495 Post Road East, Westport, Connecticut, and its affiliate, Lydian Global Opportunities Partners L.P. of the same address. The Stipulation and Agreement alleged that, from July 2001 until June 7, 2004, when a notice was filed, Lydian Asset Management, L.P. failed to make the investment advisory notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act. The Stipulation and Agreement also alleged that Lydian Global Opportunities Partners L.P., an issuer of securities, had been approximately fifteen months late in making a Rule 506 notice filing under the Act in conjunction with sales of partnership interests.
In resolution of the matter, Lydian Asset Management, L.P. agreed to pay $1,800 to the department. Of that amount, $1,500 constituted an administrative fine, and $300 constituted reimbursement for past due notice filing fees. In addition, Lydian Global Opportunities Partners L.P. agreed to pay a $1,500 fine.
John P. Burke
Commissioner