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.
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.
On August 10, 2006, pursuant to Section 36a-137 of the Connecticut General Statutes, the Commissioner granted approval to People’s Bank to convert from a capital stock Connecticut bank to a federal savings bank. Also on August 10, 2006, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition by People’s Mutual Holdings of 57.8% of the issued and outstanding voting securities of People’s Bank simultaneously with the conversion.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Provectus Pharmaceuticals, Inc. Assessed $1,500, Leslie Neil Bocskor and
Venture Catalyst, LLC Assessed $7,250 in Connection With
Unregistered “Finder” Activity
On August 7, 2006, the Commissioner entered into a Stipulation and Agreement with Provectus Pharmaceuticals, Inc., an issuer of securities located at 7327 Oak Ridge Highway, Suite A, Knoxville, Tennessee. Also named as parties to the Stipulation and Agreement were Venture Catalyst, LLC of 170 East 77th Street, Apt. 10F, New York, and its principal, Leslie Neil Bocskor. The Stipulation and Agreement recited that the department had received from the issuer a Rule 506 notice filing disclosing that the issuer would incur expenses for “Finders’ Fees and State Filing Fees”; that Leslie Bocskor would represent the issuer in offering or selling the securities in Connecticut; that Leslie Bocskor was in the business of effecting securities transactions; and that Bocskor would be applying for agent of issuer registration in Connecticut. The Stipulation and Agreement further stated that Leslie Bocskor did not pursue agent of issuer registration, and that Venture Catalyst LLC and Bocskor received a total of $3,750 in finder’s fees plus warrants for introducing one Connecticut investor to the issuer. The Stipulation and Agreement added that Venture Catalyst LLC was not registered as a broker-dealer under Section 36b-6(a) of the Connecticut Uniform Securities Act, and that Leslie Bocskor was last registered as a broker-dealer agent of an unrelated broker-dealer in 1998.
Pursuant to the Stipulation and Agreement, Leslie Bocskor agreed to refrain from transacting business as an agent or a broker-dealer in connection with the offer or sale of securities in or from Connecticut unless registered under the Act or subject to a definitional exclusion. Leslie Bocskor also agreed to pay $3,625 to the department. Of that amount, $1,500 constituted an administrative fine; $1,875 represented the partial disgorgement of remuneration earned for effecting the sale of the issuer’s securities to the Connecticut investor and $250 represented reimbursement for agency investigative costs. Venture Catalyst LLC agreed to refrain from transacting business as a broker-dealer in connection with the offer or sale of securities in or from Connecticut unless registered or subject to a definitional exclusion. In addition, Venture Catalyst LLC agreed to pay $3,625 to the department. Of that amount, $1,500 constituted an administrative fine; $1,875 represented the partial disgorgement of remuneration earned for effecting the sale of the issuer’s securities to the Connecticut investor and $250 represented reimbursement for agency investigative costs. Pursuant to the Stipulation and Agreement, Provectus Pharmaceuticals, Inc. agreed to pay a $1,500 fine and to refrain from employing an unregistered agent of issuer or engaging an unregistered broker-dealer in connection with future offers or sales of securities in or from Connecticut.
Andrew Savvas Constantinou Permanently Barred from Connecticut
Securities Activity; $10,000 Fine Imposed
On August 10, 2006, the Commissioner entered a Consent Order resolving certain allegations in a May 19, 2006 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing issued against Andrew Savvas Constantinou of Farmington, Connecticut. The respondent was a former broker-dealer agent of Metlife Securities Inc. and A. CH. Securities, Inc. The Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing had alleged that between July 1999 and November 2001, the respondent transacted business as an unregistered agent of issuer in violation of Section 36b-6(a) of the Connecticut Uniform Securities Act by offering and selling payphone-related securities issued by Alpha Telcom, Inc. a/k/a Alpha TelCom, Inc. and by American Telecommunications Company, Inc. f/k/a ATC, Inc. In addition, the Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing had claimed that the securities were not registered under Section 36b-16 of the Act and that, in participating in the sales, the respondent violated Section 36b-31-6e of the Regulations under the Act governing private securities transactions by broker-dealer agents.
The Consent Order directed the respondent to pay a $10,000 fine and permanently barred him from acting as a broker-dealer, agent, investment adviser, investment adviser agent or agent of issuer in Connecticut.
Dated: Tuesday, August 15, 2006
John P. Burke