DOB: News Bulletin 2048 - May 23, 2003

The Department of Banking News Bulletin

Bulletin # 2048
Week Ending May 23, 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.


On May 20, 2003, pursuant to Section 36a-412(a)(1) of the Connecticut General Statutes, the Commissioner granted approval to U.S. Trust Company, National Association for the merger of U.S. Trust Company, Greenwich, Connecticut, with and into U.S. Trust Company, National Association.


On May 23, 2003, pursuant to Sections 36a-412(a)(2) and 36a-145(b)(1) of the Connecticut General Statutes, the Commissioner granted approval to Commerce Bank/Pennsylvania, N.A., to establish a de novo office at 831 & 833 High Ridge Road, Stamford, Connecticut.

Darien Man Pleads Guilty to Fraud

On May 23, 2003, Todd R. Scully of 4 East Trail, Darien, Connecticut pled guilty in Stamford Superior Court to one count of securities fraud, one count of second degree forgery and two counts of first degree larceny. In a press release announcing the plea, the Office of the Chief State's Attorney stated that defendant Scully had defrauded an elderly client of $1 million by closing the victim's account without the victim's knowledge and transferring the proceeds to accounts that Scully controlled. At the time of the misconduct, Scully was employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated. The firm reimbursed the victim for the victim's losses, and initiated the criminal complaint leading to Scully's arrest. Defendant Scully is no longer employed in the securities industry.

Sentencing is scheduled for July 25, 2003. Under the terms of the plea, defendant Scully will receive a prison term of 5 years, suspended after 18 months incarceration, and will pay $1,008,732 in restitution.

Dated: Wednesday, May 28, 2003

John P. Burke