Bulletin # 2708 - Week Ending January 15, 2016

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten days from the date of this bulletin.

STATE BANK ACTIVITY

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage.  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.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

National Securities Corporation (CRD # 7569) Fined $4,000

On December 29, 2015, the Banking Commissioner entered a Consent Order (No. CO-15-8256-S) with respect to National Securities Corporation, a Connecticut-registered broker-dealer with its principal office in Seattle, Washington.  The Consent Order alleged that the firm engaged in dishonest or unethical business practices by 1) employing an individual who engaged in “cold-calling” and asking qualifying questions at a time when that individual was not registered as an agent under the Connecticut Uniform Securities Act; and 2) employing one or more agents who used sales presentations in a misleading manner.  The Consent Order also alleged that the firm failed to maintain accurate and current books and records and failed to establish, enforce and maintain an adequate supervisory system.

The Consent Order fined the firm $4,000 and directed that it cease and desist from regulatory violations.  In addition, the Consent Order required that the firm reimburse the agency up to $3,500 for the cost of one or more examinations to be conducted within twenty-four months.

Filomeno Wealth Management, LLC Fined $2,000 for Engaging Unregistered Investment Adviser Agents