Bulletin # 2461
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.
Date | Check Casher | Location | Activity |
---|---|---|---|
4/15/11 |
The Pawn Palace LLC
d/b/a Pawn Paradise LLC |
1194 Dixwell Avenue
Hamden, CT 06514 |
filed |
Securities Activity Restrictions Imposed
The Consent Order prohibited Aviv Hen for three years from 1) effecting Connecticut sales, except for liquidating sales, of securities trading on the NASDAQ Bulletin Board or listed for quotation on the Pink Sheets; 2) opening new Connecticut accounts approved for options trading unless the Connecticut customer was an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933; 3) opening new Connecticut margin accounts unless the Connecticut customer was an “accredited investor” as defined in Rule 501(a) of Regulation D; and 4) opening or maintaining any discretionary accounts for Connecticut clients.
Notice of Intent to Deny Registration as an Agent Issued
The action alleged that respondent Eckstein had been the subject of a February 8, 2011 Complaint, Stipulation and Final Order by the State of Connecticut Insurance Department. The February 8, 2011 action superseded an earlier Insurance Department Order dated July 26, 2010. The Insurance Department action fined respondent Eckstein $8,000 and placed his insurance licenses on a probationary status for one year following allegations that 1) respondent Eckstein sold a non-existent annuity to a customer; and 2) an investigation by respondent Eckstein’s former employer concluded that the respondent deposited the customer’s funds into respondent Eckstein’s own bank account rather than applying them to an annuity purchase. Under the Connecticut Uniform Securities Act, a sanction issued by a state financial services regulator based upon nonsecurities violations of state law under which a business involving insurance is regulated would support proceedings to deny a broker-dealer agent registration.
Respondent Eckstein was afforded an opportunity to request a hearing on the Notice of Intent to Deny Registration as an Agent. Dated: Tuesday, April 26, 2011