DOB: News Bulletin 2014 - September 27, 2002

The Department of Banking News Bulletin 

Bulletin # 2014
Week Ending September 27, 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
9/25/02 Northern Trust Company
   of Connecticut
Stamford
*580 California Street, #1300
  San Francisco, CA 94104
approved
10/07/02
The Bank of Southern
  Connecticut
New Haven
445 West Main Street
Branford, CT 06405
opening
date
* Limited Branch

CHECK CASHING SERVICE LICENSE ACTIVITY

On September 25, 2002, pursuant to Section 36a-581 of the Connecticut General Statutes, Oasis Partners LLC was granted approval to operate a check cashing service general facility at 905 Orange Avenue, West Haven, Connecticut.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

On September 25, 2002, pursuant to Section 36a-600 of the Connecticut General Statutes, as amended by Public Act 01-56, Remesas Costamar, Inc. received approval to engage in the business of money transmission.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Fined $1,000 for Unregistered Branch Office Activity

On September 24, 2002, the Commissioner entered into a Stipulation and Agreement with J.P. Morgan Securities Inc., a Connecticut-registered broker-dealer having its principal office at 270 Park Avenue, New York, New York. The Stipulation and Agreement alleged that, from approximately June, 2001 forward, the firm transacted business from 191 Mason Street, Greenwich, Connecticut prior to that location being registered as a branch office under the Connecticut Uniform Securities Act.

Pursuant to the Stipulation and Agreement, the firm agreed to pay a $1,000 fine to the department and to revise and implement supervisory and compliance procedures designed to detect violations of Connecticut branch office registration requirements.

Litchfield Man Ordered to Cease and Desist from Unregistered Activity
in Connection With Promissory Note Sales; Notice of Intent to Fine Issued

On September 25, 2002, the Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Stephen P. Funk of 196 Fern Avenue, Litchfield, Connecticut. The action alleged that, from at least January 1999 to June 2001, the respondent offered and sold unregistered non-exempt promissory notes of Wellesley Services, LLC to Connecticut investors in violation of Section 36b-16 of the Connecticut Uniform Securities Act; that, in so doing, the respondent transacted business as an unregistered agent of the issuer in violation of Section 36b-6(a) of the Act; and that the respondent violated Section 36b-23 of the Act by making a false statement during the course of the department's investigation with respect to the respondent's involvement in the promissory note sales. 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 set for November 14, 2002.

New Jersey Firm Ordered to Cease and Desist
from Unregistered Promissory Note Sales; Notice of Intent to Fine Issued

On September 25, 2002, the Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Wellesley Services, LLC of 75 Chestnut Ridge Road, Montvale, New Jersey. The action alleged that, from at least January 1999 forward, the respondent violated Sections 36b-16 and 36b-6(b) of the Connecticut Uniform Securities Act by offering and selling unregistered non-exempt promissory notes to eleven Connecticut investors through at least one unregistered agent of issuer. 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 November 14, 2002.

Dated: Tuesday, October 1, 2002

John P. Burke
Commissioner