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.

On February 24, 2010, the Banking Commissioner issued a Modification to Order Imposing Fine with respect to Carlos E. Conde.  Respondent Conde, together with Commonwealth Exploration Corporation of 2002 Summit Boulevard, Suite 1225, Atlanta Georgia, and Derek M. Lofton had been the subject of a June 30, 2009 Order to Cease and Desist and Notice of Intent to Fine.  The Order to Cease and Desist, being, uncontested, had become permanent against Carlos E. Conde on August 7, 2009.  A hearing on the Notice of Intent to Fine was held on August 11, 2009.  Respondent Conde did not appear at the hearing.  On December 3, 2009, the Commissioner adopted the hearing officer’s Findings of Fact and Conclusions of Law resolving certain allegations in the Notice of Intent to Fine.  The Findings of Fact and Conclusions of Law had stated that a fine against respondent Conde was not supported.  On December 18, 2009, counsel for the Division filed with the Commissioner a Petition for Reconsideration which was subsequently granted.

The February 24, 2010 Modification to Order Imposing Fine concluded that respondent Conde had committed three violations of Section 36b-16 of the Connecticut Uniform Securities Act; three violations of Section 36b-4(a) of the Act; and one violation of Section 36b-6(b) of the Act.  The Modification to Order Imposing Fine also concluded that, although the facts did not support the imposition of the maximum fine against respondent Conde, a fine of $85,000 was appropriate.