DOB: News Bulletin 2030 - January 17, 2003

The Department of Banking News Bulletin 

 Bulletin # 2030
Week Ending January 17, 2003

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 Written comments will be considered only if they are received within ten days from the date of this bulletin.

Application to Organize a Bank and Trust Company

On January 6, 2003, pursuant to Section 36a-70 of the Connecticut General Statutes, as amended by Public Acts 01-83, 02-21, 02-47, and 02-89, an application was filed by the organizers of The Connecticut Bank and Trust Company for the establishment of a bank and trust company in Hartford, Connecticut. The organizers are Frank A. Falvo, P. Anthony Giorgio, John A. Green, Anson C. Hall, Solomon Kerensky, Karl J. Krapek, David A. Lentini, Joan L. Rusconi, Peter deW. Shapiro, J. Brian Smith and John M. Watkins, Jr. Spokesperson for the organizers is David A. Lentini, 53 Buff Cap Road, Ellington, Connecticut 06029, (860) 561-4848.

Cease and Desist and Civil Penalty Imposed

On January 14, 2003, the Commissioner issued a Findings of Fact, Conclusions of Law and Order Imposing a Cease and Desist along with a Civil Penalty of $6500 against Berkshire Financial Solutions, Inc. The entity is located at 23116A Sandalfoot Plaza Drive, Boca Raton, Florida. The agency's action was based on the fact that the respondent violated Section 36a-656 of the Connecticut General Statutes by engaging in the business of debt adjustment without a license.

Mandatory IARD Participation Required of Investment Adviser Agents
and Investment Advisers Effective April 1, 2003

On January 16, 2003, the Commissioner issued an Order Governing Registration Filings through the Investment Adviser Registration Depository ("IARD") for Investment Adviser Agents and Investment Advisory Firms. Effective April 1, 2003, the order mandated IARD participation by 1) investment adviser agents of both state-registered investment advisers and SEC-registered investment advisers; and 2) Connecticut-registered investment advisory firms. SEC-registered investment advisers have been using the IARD system to make their Connecticut notice filings since January 1, 2001.

Dated: Wednesday, January 22, 2003

John P. Burke