The Department of Banking News Bulletin
Bulletin # 2204
Week Ending May 19, 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.
CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
| Date | Check Casher | Location | Activity |
|---|---|---|---|
| 5/04/06 |
Cerda Check Cashing Company |
78 White Street
Danbury, CT 06810 |
approved |
| 5/11/06 |
M.L. Financial Services
of Danbury, LLC |
213 White Street
Danbury, CT 06810 |
filed |
| 5/16/06 |
Latino's Travel |
1697 Park Avenue
Bridgeport, CT 06604 |
filed |
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Registration Revoked, $2.5 Million Fine Imposed
On April 17, 2006, the Commissioner entered an order revoking the broker-dealer registration of Independent Securities Investors Corporation and fining the firm $2,530,000. The firm, which is located at 795 Main Street, Chipley, Florida, had been the subject of a January 6, 2006 Notice of Intent to Revoke Registration as Broker-dealer, Notice of Intent to Fine and Notice of Right to Hearing. In sanctioning the firm, the Commissioner found that the respondent engaged in dishonest or unethical practices in the securities business by 1) employing as “cold callers” at least two individuals who were not registered with the NASD; 2) paying commissions to Charter One Capital Holding, Inc., an entity that was not registered with the NASD; 3) employed 24 associated persons in violation of the firm’s Membership Agreement with the NASD; and 4) engaging in unauthorized trading. The action also found that the respondent wilfully violated Section 36b-16 of the Connecticut Uniform Securities Act by effecting 51 offers and sales of 16 unregistered securities; failed to maintain complete and accurate books and records; employed at least two unregistered agents in violation of Section 36b-6(b) of the Act; withheld material information from the Commissioner; and failed to enforce and maintain adequate supervisory procedures. The respondent did not appear or contest the revocation or the fine.
Broker-dealer Applicant Fined $5,800 for Unregistered
Broker-dealer and Agent Activity
Broker-dealer and Agent Activity
On May 17, 2006, the Commissioner entered a Consent Order with respect to Meeting Street Brokerage, LLC, an applicant for broker-dealer registration located at 969 Southeast Federal Highway, Suite 100, Stuart, Florida. The Consent Order alleged that 1) from at least August 2004 through March 2005, the firm transacted business as a broker-dealer absent registration; 2) the firm employed at least one unregistered broker-dealer agent in contravention of Section 36b-6(b) of the Connecticut Uniform Securities Act; and 3) certain penny stocks were sold in contravention of Section 36b-16 of the Act. The Consent Order directed the firm to pay $5,800 to the department. Of that amount, $5,000 constituted an administrative fine, $300 represented past due registration fees and $500 constituted reimbursement for agency investigative costs. In addition, the Consent Order required that the firm implement revised supervisory and compliance procedures, and provide quarterly reports to the department for two years describing any complaints, actions or proceedings involving Connecticut customers.
Dated: Tuesday, May 23, 2006
John P. Burke
Commissioner