The Department of Banking News Bulletin
Bulletin # 2223
Week Ending September 29, 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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. 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 |
|---|---|---|---|
| 9/25/06 |
Newtown Savings Bank Newtown |
1450 Southford Road
Southbury, CT 06488 |
filed |
| 9/25/06 |
Fairfield County Bank Corp.
Ridgefield |
190 Weston Road
Weston, CT 06883 |
filed |
| 10/02/06 |
The Apple Valley Bank &
Trust Company, Cheshire |
670 North Colony Road
Wallingford, CT 06492 |
opening
date |
State Credit Union Activity
| Date | Credit Union | Location | Activity |
|---|---|---|---|
| 12/29/06 |
Mutual Security Credit Union
Wilton |
301 Merritt 7
Norwalk, CT 06851 |
closing
date |
CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
| Date | Check Casher | Location | Activity |
|---|---|---|---|
| 9/28/06 |
Connecticut State Check
Cashing Services, Inc. |
164 Boston Avenue
Bridgeport, CT 06610 |
approved |
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Former Broker-dealer Agent Permanently Barred
from Securities Activities in Connecticut; Fined $3,500
On September 20, 2006, the Commissioner entered a Consent Order with respect to Justin Matthew Dever, a former broker-dealer agent of Independent Securities Investors Corporation. The Consent Order followed a May 4, 2006 Notice of Intent to Revoke Registration as Agent and Notice of Intent to Fine against the respondent. The Notice of Intent to Revoke Registration as Agent and Notice of Intent to Fine had alleged that the respondent 1) violated Section 36b-16 of the Connecticut Uniform Securities by selling unregistered securities of Bio-Solutions Manufacturing and Stake Technology to Connecticut investors; 2) engaged in unauthorized trading and effected transactions for a Connecticut customer who was then deceased; 3) violated Section 36b-31-6e of the Regulations under the Act by engaging in private securities transactions involving a promissory note issued by Charter One Capital Holding, Inc.; and 4) withheld material information from the department in conjunction with an investigation.
The Consent Order acknowledged that the respondent had demonstrated economic hardship such that he was financially incapable of paying the maximum fine permitted under the Act. In resolving the pending allegations against the respondent, the Consent Order permanently barred him from applying for registration or acting in Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent, with leave to apply for registration in such capacities after ten years had elapsed. In addition, the Consent Order required that respondent Dever pay a $3,500 fine to the department.
California Firm Fined $20,000 for Unregistered Stock Sales
On September 29, 2006, the Commissioner entered an Order Imposing Fine against International Vacations, Ltd. of 1875 Century Park East, #H-3522, Los Angeles, California. The Order Imposing Fine had been preceded by a May 19, 2006 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing alleging 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 Order to Cease and Desist, being uncontested, had become permanent on June 14, 2006.
In fining the respondent $20,000, the Commissioner found that the respondent committed two violations of Section 36b-16 of the Act. The respondent did not appear or contest the imposition of the fine.
Colorado Firm Fined $10,000 for Sales of
Unregistered Tax Service Business Opportunities
Unregistered Tax Service Business Opportunities
On September 27, 2006, the Commissioner entered an Order Imposing Fine against Tax Recovery Group, Inc. of 1880 Office Club Point, #2FLSW, Colorado Springs, Colorado. The Order Imposing Fine had been preceded by a May 19, 2006 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing alleging 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 Order to Cease and Desist, being uncontested, had become permanent on June 19, 2006.
In fining the respondent $10,000, the Commissioner found that the respondent violated Section 36b-67(1) of the Connecticut Business Opportunity Investment Act. The respondent did not appear or contest the imposition of the fine.
Unregistered Note Sales Found to Violate Securities Law,
No Fine Imposed in Light of Pending Bankruptcy
No Fine Imposed in Light of Pending Bankruptcy
On September 26, 2006, the Commissioner issued a Final Decision in the matter of V.W. Eimicke Associates, Inc. a/k/a The VWE Group, Inc. of 35 East Grassy Sprain Road, Yonkers, New York. The respondent had been the subject of a June 28, 2006 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing alleging that at various times between January 1998 and October 2001, the respondent offered and sold unregistered notes in violation of Section 36b-16 of the Connecticut Uniform Securities Act. The June 28, 2006 action had also recited that, on June 1, 2004, the respondent filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The Order to Cease and Desist, being uncontested, had become permanent on July 20, 2006.
While finding that the respondent had violated Section 36b-16 of the Act, the Commissioner declined to fine the respondent in light of the pending bankruptcy proceeding.
Dated: Tuesday, October 3, 2006
Howard F. Pitkin
Banking Commissioner