Bulletin # 2247
Week Ending March 16, 2007

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.

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.

Pursuant to Sections 1-225 and 36a-70(i) of the Connecticut General Statutes, on March 19, 2007, a special meeting will be held for the purpose of considering the application of the organizer of Higher One Bank, New Haven, Connecticut, for an extension of the Temporary Certificate of Authority until July 31, 2007.  The meeting is scheduled to be held at 10:00 a.m., at the Department of Banking, Room 50, 260 Constitution Plaza, Hartford, Connecticut.

On March 14, 2007 the Commissioner issued a Temporary Order to Cease and Desist, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Order”), In the Matter of: New Century Mortgage Corporation, Home 123 Corporation (“Respondents”).  The Order was based on Respondents’ failure to fund, timely fund or close first and secondary mortgage loans.  Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Order.  A copy of the Order can be obtained from the department's website, www.ct.gov/dob or by contacting the department's Legal Division.

On March 13, 2007, the Commissioner issued a Notice of Intent to Deny Registration as Investment Adviser with respect to Moran Capital Management, Inc. of 48 Route 6, Suite G01, Yorktown Heights, New York.   The action was based on the April 4, 1997 entry by the U.S. District Court for the Southern District of New York of a Final Judgment of Permanent Injunction and Other Equitable Relief against the firm’s president, Frederick Augustus Moran (SEC v. Frederick Augustus Moran et al., Case No. 95 Civ. 4472 (BN)).  The action also alleged that the respondent had falsely answered “no” to a Form ADV question concerning prior injunctions.  The respondent, which sought to withdraw its registration application on December 14, 2006, was afforded an opportunity to request a hearing on the Notice of Intent to Deny Registration as Investment Adviser.

On March 13, 2007, the Commissioner issued a Notice of Intent to Deny Registration as Investment Adviser Agent with respect to Frederick Augustus Moran, president and CEO of Moran Capital Management, Inc., a Yorktown Heights, New York-based investment advisory applicant.  The action was based on the April 4, 1997 entry by the U.S. District Court for the Southern District of New York of a Final Judgment of Permanent Injunction and Other Equitable Relief against Moran.  The injunctive action had enjoined the respondent from, among other things, violating the antifraud provisions of Section 206(2) of the Investment Advisers Act of 1940 (SEC v. Frederick Augustus Moran et al., Case No. 95 Civ. 4472 (BN)).  The respondent, who sought to withdraw his registration application on January 10, 2007, was afforded an opportunity to request a hearing on the Notice of Intent to Deny Registration as Investment Adviser Agent.