DOB: News Bulletin 1946 - June 8, 2001

The Department of Banking News Bulletin 

Bulletin # 1946
Week Ending June 8, 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.


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ACQUISITION

On June 6, 2001, pursuant to Section 36a-184 of the Connecticut General Statutes, Southern Connecticut Bancorp, Inc., a Connecticut corporation, filed an acquisition statement for the acquisition of 100 percent of the voting securities of The Bank of Southern Connecticut, a Connecticut bank (in organization).

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Agent Sanctioned for Unregistered Agent Activity

On June 5, 2001, the Commissioner executed a Stipulation and Agreement with respect to Christopher John Frascella, currently a registered broker-dealer agent of Broadmark Capital Corp. The Stipulation and Agreement alleged that between June 1998 and March 2001, respondent Frascella transacted business as an agent of Southport Securities, LLC absent registration under Section 36b-6 of the Connecticut Uniform Securities Act.

Pursuant to the Stipulation and Agreement, respondent Frascella agreed to pay a $500 fine and to complete the Regulatory Element of the Securities Industry Continuing Education Program within ninety days.

Investment Adviser Forfeits Investment Advisory License;
Barred From Securities Industry for Ten Years

On June 5, 2001, the Commissioner entered a Consent Order directing Dana J. Andrusik of Glastonbury, Connecticut to forfeit his investment advisory license, and barring Andrusik from acting as an investment adviser, broker-dealer agent, agent of issuer or investment adviser agent for ten years. The Consent Order also required that the respondent pay $7,500 to the department, $5,000 of which constituted an administrative fine and $2,500 of which represented reimbursement for agency investigative costs. Andrusik had been the subject of a February 27, 2001 Notice of Intent to Revoke Investment Adviser Registration and an Order to Cease and Desist and Notice of Intent to Fine. The Consent Order provided that the Order to Cease and Desist would become permanent as of June 5, 2001.

In resolving the matter with the department, the respondent consented to the entry of findings that 1) he had violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered non-exempt notes issued by World Vision Entertainment, Inc. and Sebastian International Entertainment, Inc.; and 2) he had acted as an unregistered agent of issuer in effecting the note transactions. 

Dated: Tuesday, June 12, 2001

John P. Burke
Banking Commissioner