DOB: News Bulletin 1985 - March 8, 2002

The Department of Banking News Bulletin 

Bulletin # 1985
Week Ending March 8, 2002

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.


BRANCH ACTIVITY
State Bank Activity

Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. 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 Bank Examination Division, (860) 240-8180.
Note: dates are listed in month/day/year format.

Date Bank Location Activity
3/04/02 First International Bank
Hartford
*2000 Crow Canyon Place
San Ramon, CA
approved
3/25/02 Liberty Bank
Middletown
**160 Highland Avenue
    Cheshire, CT 06410
opening
date
*   Limited Branch - Loan Production Office
** Originally approved at 182 Highland Avenue, Cheshire.
     Address amended per Town of Cheshire.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

On March 4, 2002, pursuant to Section 36a-600 of the Connecticut General Statutes, as amended by Public Act 01-56, PayPal, Inc. applied for approval to engage in the business of money transmission.

On March 5, 2002, pursuant to Section 36a-600 of the Connecticut General Statutes, as amended by Public Act 01-56, BHD Corp. applied for approval to engage in the business of money transmission.

On March 6, 2002, pursuant to Section 36a-600 of the Connecticut General Statutes, as amended by Public Act 01-56, approval was granted to The Savings Institute to issue Connecticut payment instruments which are electronic payment instruments.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Notice of Intent to Revoke Registration as Broker-dealer and
Notice of Intent to Fine Issued

On February 25, 2002, the Commissioner issued a Notice of Intent to Revoke Registration as Broker-dealer and Notice of Intent to Fine with respect to LH Ross & Company, Inc. of 2255 Glades Road, Suite 425W, Boca Raton, Florida. The Notice of Intent to Revoke and Notice of Intent to Fine alleged that the respondent concealed material information from, and made false or misleading statements to, agency staff during the course of an investigation and examination by destroying an index card, replacing the card with another containing altered information and misrepresenting that the altered card was the original. The Commissioner also alleged that the respondent 1) engaged in dishonest or unethical practices by employing two "cold callers" who were not registered with the NASD; 2) wilfully violated Section 36b-6(b) of the Connecticut Uniform Securities Act by employing agents who were not registered under the Act; 3) sold unregistered non-exempt securities of Salient Cybertech, Inc. to Connecticut customers in violation of Section 36b-16 of the Act; and 4) wilfully violated Section 36b-31-6f(b) of the Regulations under the Act by failing to enforce and maintain adequate supervisory procedures.

The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Revoke Registration as Broker-dealer. A hearing on the Notice of Intent to Fine has been scheduled for April 9, 2002.

Dated: Tuesday, March 12, 2002

John P. Burke
Commissioner