The Department of Banking News Bulletin
Bulletin # 2186
Week Ending January 13, 2006
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.
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.
| 1/09/06 |
Liberty Bank
Middletown |
710 Main Street
Southington, CT 06489 |
opening
date |
| 1/10/06 |
Northwest Community Bank
Winsted |
*100 Battistoni Drive
Winsted, CT 06098 |
approved |
| * Limited branch |
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Registration Revoked
On January 9, 2006, the Commissioner entered an Order revoking the broker-dealer registration of Geek Securities, Inc., a broker-dealer having its principal office at 999 Yamato Road, Suite 100, Boca Raton, Florida. The firm had also been the subject of a December 14, 2005 Order imposing a $100,000 fine and an August 4, 2005 Order to Cease and Desist which, being uncontested, had become permanent on September 19, 2005.
In revoking the respondent’s registration, the Commissioner found that Kautilya (“Tony”) Sharma, the firm’s president and control person, had been convicted in the U.S. District Court for the Southern District of Florida following federal felony charges that Sharma conspired to sell unregistered securities and conspired to commit securities fraud (United States v. Kautilya Sharma, Case No. 03-80146-CR-Marra). The Commissioner also found that Geek Securities, Inc. violated Section 36b-31-14e(a) of the Regulations under the Connecticut Uniform Securities Act by failing to disclose Kautilya Sharma’s criminal conviction on the firm’s amendment to its Uniform Application for Broker-dealer Registration (Form BD). Geek Securities, Inc. did not contest the revocation of its broker-dealer registration.
Agent Registration Revoked
On January 9, 2006, the Commissioner entered an Order revoking the broker-dealer agent registration of Kautilya (“Tony”) Sharma of 7363 Sedona Way, Delray Beach, Florida. The respondent was the president and a control person of Geek Securities, Inc., a broker-dealer having its principal office at 999 Yamato Road, Suite 100, Boca Raton, Florida. Respondent Sharma had also been the subject of a December 14, 2005 Order imposing a $100,000 fine and an August 4, 2005 Order to Cease and Desist which, being uncontested, had become permanent on September 19, 2005.
In revoking the respondent’s registration, the Commissioner found that respondent Sharma had been convicted in the U.S. District Court for the Southern District of Florida following federal felony charges that respondent Sharma conspired to sell unregistered securities and conspired to commit securities fraud (United States v. Kautilya Sharma, Case No. 03-80146-CR-Marra). The Commissioner also found that respondent Sharma violated Section 36b-31-14e(a) of the Regulations under the Connecticut Uniform Securities Act by failing to disclose his criminal conviction on his amended Uniform Application for Securities Industry Registration or Transfer (Form U-4). Kautilya Sharma did not contest the revocation of his agent registration.
Order Revoking and Canceling Registration as Broker-dealer Issued
On January 9, 2006, the Commissioner issued an Order revoking and canceling the broker-dealer registration of Bayou Securities, LLC. The firm is located at 40 Signal Road, Stamford, Connecticut. The Commissioner found that the firm had ceased doing business and had been the subject of a September 8, 2005 NASD suspension predicated on the firm’s failure to pay outstanding fees. Bayou Securities, LLC did not contest the revocation and cancellation of its registration.
Dated: Wednesday, January 18, 2006
John P. Burke
Commissioner
