DOB: News Bulletin 2153 - May 27, 2005

The Department of Banking News Bulletin 

Bulletin # 2153
Week Ending May 27, 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
5/16/05 Union Savings Bank
Danbury
406 Main Street
Southbury, CT  06488
opening
date
5/20/05 Collinsville Savings Society
Collinsville
FROM:

TO:

250 Albany Turnpike
Canton, CT  06019
277 Albany Turnpike
Canton, CT  06019
approved
to relocate
5/23/05 Prime Bank
Orange
* 180 Amity Road
Woodbridge, CT  06525
filed
6/27/05 Naugatuck Valley Savings
  and Loan, S.B., Naugatuck
FROM:

TO:

860 Bridgeport Avenue
Shelton, CT  06484
504 Bridgeport Avenue
Shleton, CT  06484
relocation
effective
date
* Limited Branch - LPO

CREDIT UNION ACTIVITY
Merger

On May 23, 2005, pursuant to Section 36a-468a of the Connecticut General Statutes, approval was granted to Mutual Security Credit Union, Inc., Wilton, a Connecticut credit union, to merge with Main Street Members Federal Credit Union, Stratford, a federally chartered credit, with Mutual Security Credit Union, Inc. as the resulting credit union.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Investment Adviser Registration Denied

On May 16, 2005, the Commissioner issued an Order Denying Registration as Investment Adviser against Walsh Capital Management, LLC, an applicant for investment adviser registration under the Connecticut Uniform Securities Act. The firm is located at 941 Danbury Road, Wilton, Connecticut. The denial order had been preceded by an April 12, 2005 Notice of Intent to Deny Registration as Investment Adviser alleging that the firm failed to fulfill the experience requirements in the Act and its Regulations or to demonstrate that it otherwise possessed sufficient knowledge and experience in the sale of securities or the rendering of advice about the purchase or sale of securities. Those allegations were adopted as findings in the denial order. Walsh Capital Management, LLC did not appear or contest the denial of its investment adviser registration.

Agent Registration Revoked; Summary Suspension Vacated

On May 19, 2005, the Commissioner entered an Order Revoking Registration as Agent against David Michael Faubert, a Connecticut-based agent of Tower Square Securities, Inc., a broker-dealer. The respondent did not contest the revocation of his agent registration. David Michael Faubert is also the president of Faubert Financial Group, Inc., an insurance agency located in Avon, Connecticut. The respondent had been the subject of a March 31, 2005 Notice of Intent to Revoke Registration as Agent and Order Summarily Suspending Registration as Agent alleging that the respondent 1) wilfully violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered securities in the form of promissory notes and investments in his business, Creative Marketing Consultants, LLC; 2) wilfully violated Section 36b-31-6e of the Regulations under the Act by engaging in private securities transactions without notice to his employing broker-dealer; and 3) wilfully violated the antifraud provisions in Section 36b-4(a) of the Act by appropriating for his personal use investor funds given to him for investment in the promissory notes and in the Creative Marketing Consultants, LLC investments and by disseminating false account statements to Connecticut investors regarding those investments. The revocation order adopted as findings the allegations in the March 31, 2005 Notice of Intent to Revoke Registration and Order Summarily Suspending Registration as Agent. Also on May 19, 2005, the Commissioner vacated the March 31, 2005 Order Summarily Suspending Registration as Agent.

The respondent and Faubert Financial Group, Inc. were also the subject of a March 24, 2005 Temporary Restraining Order, Order Freezing Assets and Order for Other Equitable Relief issued by the U.S. District Court for the District of Connecticut in an action brought by the Securities and Exchange Commission.

Dated: Tuesday, May 31, 2005

John P. Burke
Commissioner