DOB: News Bulletin 1937 - April 6, 2001

The Department of Banking News Bulletin

Bulletin # 1937
Week Ending April 6, 2001

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, Commissioner of Banking, 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.


NEWS BULLETIN BY E-MAIL

As a means to improve customer service, the Department of Banking is considering whether to establish a free service to deliver the News Bulletin and other publications directly to you by E-mail. Subscribers would receive the Bulletin on the day that it is issued as an E-mail attachment - at no cost. Please take a moment to tell us if you would find this service beneficial. Would you subscribe to a Department of Banking E-mail list? If so, what computer file format would be preferable for publications (Microsoft Word, HTML, PDF, other)? As a subscriber, would you still wish to receive printed Bulletin copies by postal mail? Please respond by E-mail to jeanne.charbonneau@ct.gov or complete a brief on-line survey.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

On April 5, 2001, pursuant to Section 36a-600 of the Connecticut General Statutes, Envios R.D. Corp. d/b/a/ Pronto Envios received approval to engage in the business of receiving money for transmitting the same.

CHECK CASHING SERVICE LICENSE ACTIVITY

On April 3, 2001, pursuant to Section 36a-581 of the Connecticut General Statutes, Oasis Partners LLC received approval to operate a check cashing service general facility at 696 Howard Avenue, New Haven, Connecticut.

On April 6, 2001, pursuant to Section 36a-581 of the Connecticut General Statutes, Check Stop of Connecticut, LLC filed an application to operate check cashing service general facilities at the following Connecticut locations: 85 State Street, Meriden Hub, Meriden; 518 Park Street, Hartford; 121 Main Street, Suite 116, New Britain; and 190 Farmington Avenue, Hartford.

NEW BANK ACTIVITY

On April 3, 2001, Arthur J. Bacci, President and organizer of International Trust Company of the Americas, (in organization), withdrew the application to organize a bank and trust company to function solely in a fiduciary capacity in Hartford, Connecticut.

ACQUISITION

On April 2, 2001, pursuant to Section 36a-184 of the Connecticut General Statutes, United Parcel Service, Inc., a Delaware corporation, filed an acquisition statement for the acquisition of First International Bancorp, Inc., and indirectly, First International Bank, a Connecticut bank, through the merger of Stag Merger Company, Inc., a Delaware corporation and wholly-owned subsidiary of United Parcel Service, Inc., with and into First International Bancorp, Inc.

SECTION 36a-425 APPROVAL

On April 5, 2001, approval was granted to Principal Holding Company, an Iowa corporation, to establish an office of its subsidiaries, Professional Pensions, Inc., d/b/a Northeast Plan Administrators, and PPI Employee Benefits Corporation, both Connecticut corporations, at 444 Foxon Road, East Haven, Connecticut.

SECTION 36a-425 APPLICATIONS

On April 3, 2001, State Farm Mutual Automobile Insurance Company filed applications to establish offices of its subsidiary, State Farm International Services, Inc., an Arizona corporation, at the following Connecticut locations: 90 Field Stone Court, Cheshire; 77 Hartland Street, Suite 300, East Hartford; 300 Bic Drive, Milford; 351 Frontage Road, Suite A2, New London; and 20 Glover Avenue, Norwalk.

On April 4, 2001, an application was filed by Citigroup, Inc., a Delaware corporation, to establish an office of its subsidiaries, CitiFinancial, Inc., a Maryland corporation, and CitiFinancial Services, Inc., a Delaware corporation, at 51 South Main Street, Torrington Plaza, Torrington, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
New York Firm Ordered to Cease and Desist from
Regulatory Violations; Notice of Intent to Fine Issued

On April 2, 2001, the Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against Couch & Company, Incorporated, a broker-dealer located at 40 Exchange Place, Suite 1601, New York, New York. The action alleged that from at least June 1999, the firm had transacted business as a broker-dealer absent registration under the Connecticut Uniform Securities Act and had employed unregistered agents. The Order to Cease and Desist and Notice of Intent to Fine also claimed that the firm had filed a materially false or misleading document in conjunction with its application for broker-dealer registration. In the application, since withdrawn, the firm had purportedly denied that it had transacted any brokerage business in Connecticut.

The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for May 30, 2001.

California Firm Ordered to Cease and Desist from Regulatory Violations
in Connection With Promissory Note Sales; Notice of Intent to Fine Issued

On April 2, 2001, the Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against Pacific Air Transport, Inc. of 12304 Santa Monica Boulevard, Suite 116, Los Angeles, California. The Order to Cease and Desist and Notice of Intent to Fine alleged that from October 1998 forward, Pacific Airport Transport, Inc. had sold unregistered non-exempt promissory notes to at least nine Connecticut investors through unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for May 22, 2001.

Italian Company Ordered to Cease and Desist from Regulatory Violations
in Connection With Promissory Note Sales; Notice of Intent to Fine Issued

On April 2, 2001, the Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against Taormina Omne SRL, a corporation having its principal place of business at 43 Via Sicilia, Rome, Italy. The Order to Cease and Desist and Notice of Intent to Fine alleged that from at least April 1999 forward, the corporation sold unregistered non-exempt promissory notes to at least four Connecticut investors through unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for May 22, 2001.

Notice of Intent to Deny Registration as Broker-dealer,
Order to Cease and Desist and Notice of Intent to Fine Issued

On April 2, 2001, the Commissioner issued a Notice of Intent to Deny Registration as Broker-dealer, Order to Cease and Desist and Notice of Intent to Fine with respect to Pond Securities Corp. of 4522 Fort Hamilton Parkway, Brooklyn, New York. The action alleged that the respondent had 1) transacted business as a broker-dealer absent registration under the Connecticut Uniform Securities Act from at least April 1997 forward; 2) employed at least five unregistered agents; 3) failed to implement a supervisory system that would have prevented the alleged registration violations; and 4) been censured and fined by the NASD three times on March 4, 1999, February 25, 1999 and December 11, 1999 for failing to abide by proper standards of commercial behavior and to observe regulatory requirements. The action also claimed that the firm had filed a materially false or misleading document in conjunction with its application for broker-dealer registration. In the application, the firm had purportedly denied that it had transacted any brokerage business in Connecticut.

The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Deny Registration as Broker-dealer and the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for May 23, 2001.

Broker-Dealer Ordered to Cease and Desist from Regulatory Violations
in Connection With Promissory Note Sales; Notice of Intent to Fine Issued

On April 2, 2001, the Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against Sun Broadcasting Systems Inc. of 1000 East Tahquitz Canyon Way, Palm Springs, California. The Order to Cease and Desist and Notice of Intent to Fine alleged that from April 1998 forward, Sun Broadcasting Systems Inc. sold unregistered non-exempt promissory notes to at least one Connecticut investor through one or more unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for May 22, 2001.

Broker-Dealer Ordered to Cease and Desist from Regulatory Violations
in Connection With Promissory Note Sales; Notice of Intent to Fine Issued

On April 2, 2001, the Commissioner entered an Order to Cease and Desist and Notice of Intent to Fine against Technical Support Services, Inc. of 1700 Avenue F. Dodge City, Kansas. The Order to Cease and Desist and Notice of Intent to Fine claimed that from October 1998 forward, the respondent sold unregistered non-exempt promissory notes to at least four Connecticut investors through unregistered agents of issuer in violation of Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act.

The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for May 22, 2001.

CONSUMER CREDIT DIVISION ACTIVITY
Order of Summary Suspension, Notice of Intent to Revoke First Mortgage
Lender/Broker License and Notice of Right to Hearing Issued

On April 6, 2001, the Commissioner issued an Order of Summary Suspension, Notice of Intent to Revoke First Mortgage Lender/Broker License and Notice of Right to Hearing, against Bankers First Mortgage Co., Inc. of 9505 Reisterstown Road, Owings Mills, Maryland. The agency's action was based on findings that the entity failed to file a new bond or a replacement bond with the Commissioner as required by Section 36a-492 of the Connecticut General Statutes.

Consent Order

On March 30, 2001, the Commissioner entered a Consent Order with respect to First Fidelity Mortgage Bankers, LLC f/k/a First Fidelity Mortgage Corporation of 2777 Summer Street, Stamford, Connecticut.

The Consent Order directed the entity to withdraw its renewal application for its first mortgage lender/broker license and surrender its secondary mortgage broker license. In addition, the Consent Order mandated that the Respondent and its principal, Moshira Namoury, not apply for any license or registration with the Commissioner or engage in any activity that requires such licensing or registration. The Consent Order also mandated that Namoury shall not serve as an officer, director, partner or member of any licensee or registrant of the Commissioner. Finally, the Consent Order mandated that Namoury shall not be affiliated with or work as an employee or agent of, or for any licensee or registrant of the Commissioner.

Order of Summary Suspension, Notice of Intent to Revoke
First Mortgage Lender/Broker License and Notice of Right to Hearing

On April 6, 2001, the Commissioner issued an Order of Summary Suspension, Notice of Intent to Revoke First Mortgage Lender/Broker License and Notice of Right to Hearing, against Antvan Huribal d/b/a Intra Financial Network of 91 Main Street, Monroe, Connecticut. The agency's action was based on findings that the entity failed to file a new bond or a replacement bond with the Commissioner as required by Section 36a-492 of the Connecticut General Statutes.

Dated: Tuesday, April 10, 2001

John P. Burke
Banking Commissioner