The Department of Banking News Bulletin
Bulletin # 2434
Week Ending October 15, 2010
Bulletin # 2434
Week Ending October 15, 2010
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
Section 36a-145 of the 2010 Supplement to the General Statutes requires certain applications 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 |
|---|---|---|---|
| 10/14/10 |
Naugatuck Savings Bank
Naugatuck |
2989 Whitney Avenue
Hamden, CT 06518 |
notice of intent
not to disapprove |
Acquisition
On October 12, 2010, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the indirect acquisition by First City Fund Corporation and the direct acquisition by First Community Bancorp, Inc. of 100 percent of the voting securities of Start Community Bank.
STATE CREDIT UNION ACTIVITY
Branch Activity
Branch Activity
| Date | Credit Union | Location | Activity |
|---|---|---|---|
| 12/01/10 |
Achieve Financial Credit
Union, Inc., Berlin |
1615 Stanley Street
New Britain, CT 06053 |
closing
date |
| 12/01/10 |
Achieve Financial Credit
Union, Inc., Berlin |
279 New Britain Road
Berlin CT 06037 |
closing
date |
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Consent Orders
On October 13, 2010, the Banking Commissioner entered a Consent Order with respect to Prosper Marketplace, Inc., a California-based issuer of securities. The company provides an online marketplace for peer to peer lending. Prosper Marketplace, Inc. had been the subject of a July 27, 2009 Consent Order focusing on the firm’s sale of unregistered securities. Following the 2009 settlement, Prosper Marketplace, Inc. registered the securities in question under the Connecticut Uniform Securities Act. That registration was effective until July 27, 2010. The October 13, 2010 Consent Order alleged that, after its prior securities registration lapsed and before its renewal registration was declared effective by the Commissioner, Prosper Marketplace, Inc. sold unregistered securities in violation of Section 36b-16 of the Connecticut Uniform Securities Act. The October 13, 2010 Consent Order fined Prosper Marketplace, Inc. $5,000 and directed it to cease and desist from regulatory violations. In addition, the Consent Order required that the company retain Connecticut legal counsel to advise it concerning Connecticut securities law compliance, and consult with such legal counsel for a three year period.
Consent Orders
On October 15, 2010, the Banking Commissioner entered a Consent Order with respect to Asset & Financial Planning, Ltd., an SEC-registered adviser located at 11 Raymond Avenue, Poughkeepsie, New York. The firm had been the subject of a July 14, 2006 Stipulation and Agreement alleging that the firm had violated Section 36b-6(c) of the Connecticut Uniform Securities Act by engaging two unregistered investment adviser agents from January 1, 2001 through December 31, 2005. The October 15, 2010 Consent Order alleged that, in violation of Section 36b-6(c) of the Act, the firm continued to employ the same two individuals in an unregistered capacity notwithstanding the prior Stipulation and Agreement and that the firm engaged two additional unregistered investment adviser agents from January 1, 2006 through at least May 31, 2010. The Consent Order directed Asset & Financial Planning, Ltd. to cease and desist from regulatory violations and to pay $11,150 to the department. Of that amount, $10,000 constituted an administrative fine and $1,150 constituted reimbursement for past due investment adviser agent registration fees.
Stipulation and Agreement
On October 15, 2010, the Banking Commissioner entered into a Stipulation and Agreement with Andrew Glen Satell, a former broker-dealer agent. On July 12, 2010, Andrew G. Satell d/b/a Portfolio Consulting Group filed an application for registration as an investment adviser under the Connecticut Uniform Securities Act. The Stipulation and Agreement alleged that, from January 2001 to August 2009, Andrew Satell transacted business as an investment adviser absent registration in contravention of Section 36b-6(c) of the Act. Pursuant to the Stipulation and Agreement, Andrew Satell agreed to refrain from violative conduct and to pay $3,000 to the department. Of that amount, $1,500 constituted an administrative fine and $1,500 represented reimbursement for past due investment adviser registration fees. Andrew G. Satell d/b/a Portfolio Consulting Group became registered as an investment adviser in Connecticut on October 15, 2010.
Dated: Tuesday, October 19, 2010
Howard F. Pitkin
Banking Commissioner