The Department of Banking News Bulletin
Bulletin # 2205
Week Ending May 26, 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.
| 5/18/06 |
People's Bank
Bridgeport |
Super Stop & Shop
460 Elm Street
West Haven, CT 06516 |
opening
date |
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Notice of Intent to Deny Registration as Broker-dealer Issued
On May 19, 2006, the Commissioner issued a Notice of Intent to Deny the broker-dealer registration of Alpine Securities Corporation. The firm maintains its principal office at 440 East 400 South, Suite 200, Salt Lake City, Utah. Although the firm had applied to withdraw its registration application, Connecticut law permits the initiation of denial proceedings within one year following the effective date of any such withdrawal. The action was predicated on multiple sanctions imposed against the respondent by the National Association of Securities Dealers, Inc. between 2001 and 2005, including fines imposed for failing to implement effective anti-money laundering procedures and failing to exercise supervisory controls. The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Deny Registration as Broker-dealer.
Former Broker-dealer Agent Directed to Cease and Desist from
Regulatory Violations; Notice of Intent to Fine Issued
On May 19, 2006, the Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing with respect to Andrew Savvas Constantinou of Farmington, Connecticut. The respondent was a former broker-dealer agent of Metlife Securities Inc. and A. CH. Securities, Inc. The action alleged that between July 1999 and November 2001, the respondent transacted business as an unregistered agent of issuer in violation of Section 36b-6(a) of the Connecticut Uniform Securities Act by offering and selling payphone-related securities issued by Alpha Telcom, Inc. a/k/a Alpha TelCom, Inc. and by American Telecommunications Company, Inc. f/k/a ATC, Inc. In addition, the action claimed that the securities were not registered under Section 36b-16 of the Act and that, in participating in the sales, the respondent violated Section 36b-31-6e of the Regulations under the Act governing private securities transactions by broker-dealer agents. The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for July 6, 2006.
Colorado Firm Directed to Cease and Desist from Sales of Unregistered
Tax Service Business Opportunities; Notice of Intent to Fine Issued
On May 19, 2006, the Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing with respect to Tax Recovery Group, Inc. of 1880 Office Club Point, #2FLSW, Colorado Springs, Colorado. The action alleged that, from at least April 2004 forward, the respondent sold unregistered tax service business opportunities in violation of the Connecticut Business Opportunity Investment Act. The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for July 20, 2006.
California Firm Directed to Cease and Desist from Regulatory Violations
Following Allegations of Unregistered Stock Sales; Notice of Intent to Fine Issued
On May 19, 2006, the Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing with respect to International Vacations, Ltd. of 1875 Century Park East, #H-3522, Los Angeles, California. The action alleged that from November 2000 to December 2000, the respondent violated Section 36b-16 of the Connecticut Uniform Securities Act by selling its unregistered stock to Connecticut investors. The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for July 21, 2006.
Dated: Wednesday, May 31, 2006
John P. Burke
Commissioner
