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Section 36a-145 of the Connecticut General Statutes, as amended by Public Act 07-14, 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.

On March 18, 2008, the Commissioner issued an Order to Cease and Desist and Notice of Right to Hearing with respect to Kenneth Henry Grove of New Fairfield, Connecticut.  The respondent was previously associated with New Castle Financial Services LLC, a broker-dealer registered under the Connecticut Uniform Securities Act.  The Order to Cease and Desist alleged that the respondent, while associated with New Castle Financial Services LLC, engaged in unethical practices by improperly “cold calling” prospective customers in contravention of FINRA Rule 1031.  The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist.

On March 24, 2008, the Commissioner entered a Consent Order with respect to Kevin Patrick Brennan, a broker-dealer agent of New Castle Financial Services LLC.  The Consent Order alleged that Kevin Brennan failed to reasonably supervise agents of New Castle Financial Services LLC working from the firm’s unregistered branch office at 4 Old Mill Plain Road in Danbury, Connecticut, and that such conduct would support the initiation of proceedings to revoke Kevin Brennan’s agent registration under the Connecticut Uniform Securities Act.  The Consent Order 1) revoked Kevin Brennan’s registration as an agent in Connecticut effective March 24, 2008; 2) barred Kevin Brennan for seven years from transacting business in Connecticut as a broker-dealer, agent, investment adviser, investment adviser agent or agent of issuer; 3) prohibited Kevin Brennan from supervising any Connecticut-registered broker-dealer agents of New Castle Financial Services LLC; and 4) directed Kevin Brennan to cease and desist from regulatory violations.

On March 25, 2008, the Commissioner entered into a Stipulation and Agreement with TrapTek, LLC, a securities issuer located at 1831 Lefthand Circle, Suite G, Longmont, Colorado.  TrapTek, LLC merged with Cocona, Inc. on August 30, 2007, with Cocona, Inc. being the surviving entity.  The Stipulation and Agreement recited that TrapTek, LLC had advised the department that, in 2002 and 2004, it had sold limited liability company interests to Connecticut residents under Rule 506 of federal Regulation D at a time when no notice filings had been made under Section 36b-21(e) of the Connecticut Uniform Securities Act.  The issuer made a curative state filing in September 2007.  Pursuant to the Stipulation and Agreement, TrapTek, LLC agreed to pay a $750 fine and to refrain from offering or selling securities in or from Connecticut absent compliance with Section 36b-16 of the Act, including timely compliance with any applicable filing requirements.

       Dated:  Tuesday, April 1, 2008