DOB: New Bulletin 2154 - June 3, 2005

The Department of Banking News Bulletin 

Bulletin # 2154
Week Ending June 3, 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
6/01/05
Savings Bank
  of Danbury
357 Bank Street
Waterbury, CT  06708
opening
date
6/01/05
The Simsbury
  Bank Simsbury
250 Albany Turnpike
Canton, CT  06019
filed

CREDIT UNION ACTIVITY
 Field of Membership

On June 1, 2005, pursuant to Section 36a-462b(d) of the Connecticut General Statutes, Corporate America Family Credit Union, Elgin, Illinois, filed a request for approval to expand its field of membership in the State of Connecticut to include employees of Gina Newhouse Family of Mary Kay, Inc., Oxford, and employees of Lavender Fields Day Spa, Milldale.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Agent Barred from Engaging in Securities-Related Activity,
Ordered to Cease and Desist From Regulatory Violations,
Fined $500 Following Sales of Payphone Investments

On May 26, 2005, the Commissioner entered a Consent Order with respect to Jesse J. Bradin, a former broker-dealer agent of Jefferson Pilot Securities Corporation and Polaris Financial Services, Inc. The Consent Order alleged that Jesse Bradin 1) violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered payphone investments issued by American Telecommunications Company, Inc. f/k/a ATC, Inc. and by Alpha Telcom, Inc. a/k/a Alpha Tel-Com, Inc.; 2) contravened Section 36b-6(a) of the Act by transacting business as an unregistered agent of issuer; and 3) violated Section 36b-31-6e of the Regulations under the Act by engaging in private securities transactions without prior written notice to his employing broker-dealers. The Consent Order barred Jesse Bradin from transacting business in Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent; directed him to cease and desist from regulatory violations; and required that he pay a $500 fine.

CONSUMER CREDIT DIVISION ACTIVITY
Settlement Agreements

On May 26, 2005, the Commissioner entered into a Settlement Agreement with Michelle Scott ("Scott"). The Settlement Agreement was based on an investigation by the Consumer Credit Division. As a result of such investigation the Commissioner alleged that Scott, in connection with a first mortgage lender/broker license application filed with the Commissioner by the first mortgage broker with whom she was employed, falsely stated that she had five years experience in the mortgage business with such employer. Pursuant to the Settlement Agreement, Scott agreed to remit to the Department of Banking $5,000 as a civil penalty.

On May 26, 2005, the Commissioner entered into a Settlement Agreement with Daniel Stein ("Stein"). The Settlement Agreement was based on an investigation by the Consumer Credit Division. As a result of such investigation the Commissioner alleged that from the period of March 4, 2005 to May 10, 2005, Stein acted as a first mortgage broker without having first obtained the required license. Pursuant to the Settlement Agreement, Stein agreed to remit to the Department of Banking $10,000 as a civil penalty.

Dated: Tuesday, June 7, 2005

John P. Burke
Commissioner