The Department of Banking News Bulletin
Bulletin # 2212
Week Ending July 14, 2006
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 firstname.lastname@example.org. Written comments will be considered only if they are received within ten days from the date of this bulletin.
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.
Simsbury Bank & Trust
The Shoppes at Gillette Ridge
864 Cottage Grove Road
Bloomfield, CT 06002
Farmington Savings Bank
73 Broad Street
New Britain, CT 06053
98 Main Street
Southington, CT 06489
MAIN OFFICE RELOCATION
On July 11, 2006, pursuant to Section 36a-81 of the Connecticut General Statutes, approval was granted to UPS Capital Business Credit to relocate its main office from 280 Trumbull Street, Hartford, to 425 Day Hill Road, Windsor.
On July 10, 2006, pursuant to Section 36a-428g of the Connecticut General Statutes, Lloyds TSB Offshore Limited, a bank chartered under the laws of Jersey with its principal place of business in St. Helier, Jersey, Channel Islands, filed an application to establish and maintain a representative office at Stamford Plaza, 263 Tresser Boulevard, 9th Floor, Stamford, Connecticut.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Broker-dealer Registration Denied
On July 14, 2006, the Commissioner entered an Order Denying Registration as Broker-dealer with respect to Alpine Securities Corporation of 440 East 400 South, Suite 200, Salt Lake City, Utah. The respondent had been the subject of a May 19, 2006 Notice of Intent to Deny Registration as Broker-dealer predicated on multiple sanctions imposed against the respondent by the National Association of Securities Dealers, Inc. between 2001 and 2005, including fines imposed for failing to implement effective anti-money laundering procedures and failing to exercise supervisory controls. In denying the respondentís broker-dealer registration, the Commissioner incorporated as findings the allegations made in the May 19, 2006 Notice of Intent to Deny Registration as Broker-dealer. Although the respondent had initially requested a hearing on the Notice of Intent to Deny Registration as Broker-dealer, that request was later withdrawn.
Broker-dealer Fined $15,000, Suspended for 30 Days
For Alleged Violations of Agency Order
On July 14, 2006, the Commissioner entered a Consent Order with respect to Vision Securities, Inc., a Connecticut-registered broker-dealer having its principal office at 20 Broadhollow Road, Melville, New York. The Consent Order alleged that Vision Securities, Inc. violated the terms of a 2003 Consent Order issued by the Commissioner in conjunction with sales of Deltathree, Inc. and Nanodymanics, Inc. securities, and that such securities were sold in violation of Section 36b-16 of the Connecticut Uniform Securities. The Consent Order fined Vision Securities, Inc. $15,000 and suspended the firmís broker-dealer registration for 30 days commencing five business days after the entry of the Consent Order. In addition, the Consent Order restricted the firmís future securities business to transactions effected for accredited investors as defined in Rule 501 of Regulation D. The Consent Order also required that the firm reimburse the agency up to $2,500 for the costs associated with one or more future examinations of the firmís offices to be conducted within 24 months following the Commissionerís entry of the Consent Order.
New York Investment Adviser Assessed $1,850
for Engaging Unregistered Investment Adviser Agents
On July 14, 2006, the Commissioner entered into a Stipulation and Agreement with Asset & Financial Planning Ltd. of 11 Raymond Avenue, Poughkeepsie, New York. The firm is registered as an investment adviser with the Securities and Exchange Commission. The Stipulation and Agreement alleged that, from January 1, 2001 through December 31, 2005, the firm had engaged two investment adviser agents who were not registered under the Connecticut Uniform Securities Act. The Stipulation and Agreement required that the firm pay $1,850 to the department. Of that amount, $1,500 constituted an administrative fine and $350 constituted reimbursement for past due investment adviser agent registration fees.
Dated: Wednesday, July 18, 2006
John P. Burke