DOB: News Bulletin 2107 - July 9, 2004

The Department of Banking News Bulletin 

Bulletin # 2107
Week Ending July 9, 2004

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

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 Financial Institutions Division, (860) 240-8180.

State Bank Activity

Date Bank Location Activity
7/01/04
Fairfield County
   Bank Corp.
Ridgefield
707 Connecticut Ave.
Norwalk, CT  06854
approved to convert
from limited to
full service branch
7/08/04 Citizens Bank
  of Connecticut
New London
FROM: 32 Boston Post Road
          Waterford, CT  06385
TO:     117 Boston Post Road
          Waterford, CT  06385
approved to
relocate

CREDIT UNION ACTIVITY
Field of Membership

 On July 6, 2004 , pursuant to Section 36a-462b(d) of the Connecticut General Statutes, Corporate America Family Credit Union of Elgin , Illinois , filed a request to expand its field of membership in the State of Connecticut to include the employees of Sheriden Woods Health Care Center, Bristol , Connecticut .

    SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Fined $2,500 For Employing Unregistered Agents

 On July 9, 2004 , the Commissioner entered into a Stipulation and Agreement with Libertas Partners LLC of One Greenwich Office Park North, Third Floor, Greenwich , Connecticut .  The firm is registered as a broker-dealer under the Connecticut Uniform Securities Act.  The Stipulation and Agreement alleged from approximately February 2, 2004 to March 24, 2004 , six agents transacted securities business for the firm at a time when such agents were not registered as required by Section 36b-6(a) of the Act.  In entering into the Stipulation and Agreement, the firm represented that its failure to register the agents was attributable to a transfer of customer accounts from another brokerage firm occurring at approximately the same time, and to miscommunications between the firm, its legal counsel and its filing service.  The agents have since been registered under the Act.

 In resolution of the matter, Libertas Partners LLC agreed to pay a $2,500 fine to the department.

 Order Revoking Registration as Broker-dealer Entered  

On July 6, 2004 , the Comissioner entered an Order revoking the broker-dealer registration of Triumph Corporate Finance Group, Inc. of 186 Lincoln Street , 4th Floor, Boston , Massachusetts and 28 State Street , 37th Floor, Boston , Massachusetts .  The revocation order had been preceded by an April 19, 2004 Notice of Intent to Revoke Registration as Broker and Order Denying Withdrawal of Registration as Broker-dealer.  In revoking the firm’s registration, the Commissioner found that the firm’s 75% owner, Frederick William McCarthy, had been convicted on February 26, 2004 of one count of theft/bribery concerning programs receiving federal funds, specifically, willfully and corruptly giving, offering, and agreeing to give consulting contracts valued at approximately $2 million to two persons with the intent to influence and reward an agent of state government, in connection with any business, transaction or series of such transactions of the State of Connecticut Office of State Treasurer involving an increased investment of state pension assets with the firm between 1990 and 2000.  The Commissioner further found that the conduct underlying Frederick William McCarthy’s felony conviction constituted a dishonest or unethical practice in the securities business.

 Triumph Corporate Finance Group, Inc. did not contest the revocation of its broker-dealer registration.

Dated: Tuesday, July 13, 2004

John P. Burke
Commissioner