DOB: News Bulletin 2061 - August 22, 2003

The Department of Banking News Bulletin 

 Bulletin # 2061
Week Ending August 22, 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 john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.


CHECK CASHING SERVICE LICENSE ACTIVITY

On August 8, 2003, pursuant to Section 36a-581 of the Connecticut General Statutes, Jaykumar B. Mehta filed an application to operate a check cashing service general facility at 522 Pequonnock Street, Bridgeport, Connecticut.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
New Jersey Firm Ordered to Cease and Desist
from Regulatory Violations; Notice of Intent to Fine Issued

On August 18, 2003, the Banking Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Sterling Advance Marketing Inc., a division of Event Media, Inc. of 195 Carter Drive, Edison, New Jersey. The action alleged that, from at least March 2001 forward, the respondent sold unregistered, non-exempt securities in the form of Capital Contribution Agreements to Connecticut investors in violation of Section 36b-16 of the Connecticut Uniform Securities Act. The action also claimed that the respondent violated the Act's antifraud provisions by misleading investors concerning the prospect of 1) quarterly dividends, 2) investors receiving a $500 gift in Enviro Foam, an affiliate of the respondent; and 3) gifts of unspecified value in "The Power to Dream, Inc." as well as in an unnamed affiliate of the respondent. The respondent was provided with 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 October 15, 2003.

Order to Cease and Desist from Regulatory Violations Entered;
Notice of Intent to Fine Issued

On August 18, 2003, the Banking Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Barbara Alexis Blassingame, president of Sterling Advance Marketing Inc., a division of Event Media, Inc. The company is located at 195 Carter Drive, Edison, New Jersey. The action alleged that, from at least March 2001 forward, respondent Blassingame offered unregistered, non-exempt securities in the form of Capital Contribution Agreements to Connecticut investors in violation of Section 36b-16 of the Connecticut Uniform Securities Act. The action also claimed that respondent Blassingame violated the Act's antifraud provisions by misleading investors concerning the prospect of 1) quarterly dividends, 2) investors receiving a $500 gift in Enviro Foam, an affiliate of the respondent; and 3) gifts of unspecified value in "The Power to Dream, Inc." as well as in an unnamed affiliate of the respondent. The respondent was provided with 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 October 15, 2003.

 Dated: Tuesday, August 26, 2003

John P. Burke
Commissioner