DOB: News Bulletin 2143 - March 18, 2005

The Department of Banking News Bulletin 

Bulletin # 2143
Week Ending March 18, 2005

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, Banking Commissioner, 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 Financial Institutions Division, (860) 240-8180.

Date Bank Location Activity
3/09/05 People's Bank
Bridgeport
59-63 Newtown Road
Danbury, CT  06810
closing
date
3/16/05 First County Bank
Stamford
637 Shippan Avenue
Stamford, CT  06902
filed
4/25/05 Torrington Savings Bank
Torrington
* 30 Mason Street
  Torrington, CT  06790
opening
date
9/06/05 People's Bank
Bridgeport
3969 Main Street
Bridgeport, CT  06606
opening
date
9/06/05 People's Bank
Bridgeport
From:  4551 Main Street
          Bridgeport, CT  06606
To:     3969 Main Street
          Bridgeport, CT  06606
relocation
date
9/06/05 People's Bank
Bridgeport
1089 Madison Avenue
Bridgeport, CT  06606
closing
date
*Limited Branch

CHECK CASHING SERVICE LICENSE ACTIVITY

On March 15, 2005, pursuant to Section 36a-581 of the Connecticut General Statutes, Connecticut State Check Cashing Service, Inc. received approval to operate a check cashing service general facility at 384 Stillson Road, Waterbury, Connecticut.

MONEY TRANSMITTER LICENSE ACTIVITY

On March 18, 2005, pursuant to Section 36a-598 of the Connecticut General Statutes, ITC Financial Licenses, Inc. 1241 O.G. Skinner Drive, West Point, GA, received approval to engage in the business of money transmission.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Investment Adviser Assessed $1,950 for Unregistered
Investment Adviser Agent Activity

On March 14, 2005, the Commissioner entered into a Stipulation and Agreement with Northcoast Asset Management LLC, a federally registered investment adviser located at 35 Mason Street, Greenwich, Connecticut. The Stipulation and Agreement alleged that, in conjunction with the 2005 renewal of its investment advisory notice under Section 36b-6(e) of the Connecticut Uniform Securities Act, the firm disclosed to the Commissioner that it had permitted the registrations of two investment adviser agents to lapse on December 31, 2002, and that such investment adviser agents had acted in an unregistered capacity from January 1, 2003 forward. The investment adviser agents have since become re-registered under the Act. The Stipulation and Agreement obligated the firm to comply with all statutory requirements governing the registration of affected personnel as investment adviser agents and to pay $1,950 to the department. Of that amount, $1,750 constituted an administrative fine and $200 represented past due investment adviser agent registration fees.

Florida Company Ordered to Cease and Desist From Unregistered
Business Opportunity Offers and Sales; Notice of Intent to Fine Issued

On March 14, 2005, the Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Best Gourmet Coffee, Inc. of 141 NW 20th Street, Suite B-17, Boca Raton, Florida. The action claimed that, from at least 2003, the respondent offered and sold unregistered coffee distributorship business opportunities to Connecticut purchaser-investors in violation of Section 36b-67(1) of the Connecticut Business Opportunity Investment Act. 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 May 4, 2005.

Virginia Company Fined $5,000 For Unregistered
Business Opportunity Sale; Ordered to Pay $55,000 in Restitution

On March 15, 2005, the Commissioner entered a Consent Order with respect to Zyng International, LLC, a seller of noodle shop business opportunities located at 132 King Street, Alexandria, Virginia. The Consent Order alleged that 1) in at least June 2003, the respondent violated Sections 36b-67(1), 36b-62(a) and 36b-65(a) of the Connecticut Business Opportunity Investment Act by selling an unregistered business opportunity in Connecticut; 2) at the time of the sale, the business opportunity was not excluded from the scope of the Act by virtue of Section 36b-61(6)(D) of the Act; 3) the respondent violated Section 36b-80 of the Act by misrepresenting its prior Connecticut sales activity in a January 2004 registration application filed with the department; and 4) the respondent violated Section 36b-63 of the Act by failing to provide at least one purchaser-investor with a disclosure statement and cover sheet that complied with Section 36b-63 of the Act. The Consent Order directed Zyng International, LLC to cease and desist from regulatory violations and to pay a $5,000 fine to the department. In addition, the Consent Order mandated that the respondent refund $55,000 to the affected Connecticut purchaser-investor and deliver written proof of payment to the Commissioner no later than April 4, 2005.

Dated: Tuesday, March 22, 2005

John P. Burke
Commissioner