DOB: News Bulletin 1923 - December 29, 2000

The Department of Banking News Bulletin 

 Bulletin # 1923
Week Ending December 29, 2000

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 John P. Burke, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.


California Firm Ordered to Cease and Desist from
Regulatory Violations; Notice of Intent to Deny Registration
as a Broker-dealer and to Fine Issued

On December 20, 2000, the Banking Commissioner entered an Order to Cease and Desist, Notice of Intent to Deny Registration as a Broker-dealer and Notice of Intent to Fine against Hampton Securities, Inc. of 3807 Wilshire Boulevard, Suite 1220, Los Angeles, California. The action alleged that from at least June 2000 forward, the firm had transacted business as a broker-dealer absent registration in violation of the Connecticut Uniform Securities Act (the "Act") and had employed one Timothy J. Pimentel as an unregistered broker-dealer agent. The action also alleged that Hampton Securities, Inc. violated Section 36b-16 of the Act by offering unregistered non-exempt preferred stock of playersworld.com over the Internet. In addition, the firm was purportedly the subject of an October 20, 1998 NASD suspension based upon the firm's failure to comply with formal written requests to submit financial information, and on December 6, 1999 NASD fine imposed jointly and severally upon the firm and its CEO Patrick A. Anthony based on a failure to transmit over $162,000 of customer funds to the issuer in an underwritten offering.

Respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist and Notice of Intent to Deny Registration as a Broker-dealer. A hearing on the Notice of Intent to Fine has been scheduled for February 21, 2001.

Pending Broker-dealer Agent Ordered to Cease and Desist from
Regulatory Violations; Notice of Intent to Deny Registration
as Agent and to Fine Issued

On December 20, 2000, the Banking Commissioner entered an Order to Cease and Desist, Notice of Intent to Deny Registration as Agent and Notice of Intent to Fine against Timothy J. Pimentel, a pending broker-dealer agent of Hampton Securities, Inc. The action alleged that from at least June 2000 forward, Pimentel transacted business as an agent of Hampton Securities, Inc. without being registered as such under the Connecticut Uniform Securities Act. The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist and Notice of Intent to Deny Registration. A hearing on the Notice of Intent to Fine has been scheduled for February 21, 2001.

MERGER

On December 26, 2000, pursuant to Sections 36a-412(b) and 36a-125 of the Connecticut General Statutes, U.S. Trust Company, a Connecticut bank, filed an application for the merger of Resource Trust Company, a Minnesota banking corporation, with and into U.S. Trust Company.

SECTION 36a-425 APPLICATION

On December 28, 2000, Royal Bank of Canada, a corporation organized under the laws of Canada, filed an application to maintain an office of its newly acquired subsidiary, Pacific Guarantee Mortgage Corporation, a California corporation, at162 Sunset Hill Road, Redding, Connecticut.

Dated: Wednesday, January 3, 2001

John P. Burke
Banking Commissioner