DOB: News Bulletin 2301 - March 28, 2008

The Department of Banking News Bulletin 

Bulletin # 2301
Week Ending March 28, 2008

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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. 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, as amended by Public Act 07-14, 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
3/26/08
Fairfield County Bank
Ridgefield
FROM: Peter's Weston Market
         190 Weston Road
         Weston, CT  06883
TO:    Standalone Facility
         190 Weston Road
         Weston, CT  06883
approved
to relocate
3/28/08
Liberty Bank
Middletown
171 Silas Deane Highway
Wethersfield, CT  06109
filed
3/28/08
Fairfield County Bank
Ridgefield
761 Main Avenue
Norwalk, CT  06851
filed

CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
 
Date Check Casher Location Activity
3/2808
Gotra, Inc.
1365 Mountain Road
West Suffield, CT  06093
approved
 
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order to Cease and Desist Issued
 
On March 18, 2008, the Commissioner issued an Order to Cease and Desist and Notice of Right to Hearing with respect to Kenneth Henry Grove of New Fairfield, Connecticut.  The respondent was previously associated with New Castle Financial Services LLC, a broker-dealer registered under the Connecticut Uniform Securities Act.  The Order to Cease and Desist alleged that the respondent, while associated with New Castle Financial Services LLC, engaged in unethical practices by improperly “cold calling” prospective customers in contravention of FINRA Rule 1031.  The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist.

Agent Registration Revoked, Bar Imposed for
Alleged Supervisory Deficiencies
 
On March 24, 2008, the Commissioner entered a Consent Order with respect to Kevin Patrick Brennan, a broker-dealer agent of New Castle Financial Services LLC.  The Consent Order alleged that Kevin Brennan failed to reasonably supervise agents of New Castle Financial Services LLC working from the firm’s unregistered branch office at 4 Old Mill Plain Road in Danbury, Connecticut, and that such conduct would support the initiation of proceedings to revoke Kevin Brennan’s agent registration under the Connecticut Uniform Securities Act.  The Consent Order 1) revoked Kevin Brennan’s registration as an agent in Connecticut effective March 24, 2008; 2) barred Kevin Brennan for seven years from transacting business in Connecticut as a broker-dealer, agent, investment adviser, investment adviser agent or agent of issuer; 3) prohibited Kevin Brennan from supervising any Connecticut-registered broker-dealer agents of New Castle Financial Services LLC; and 4) directed Kevin Brennan to cease and desist from regulatory violations.
 

Securities issuer Assessed $750 for
Delinquent Private Placement Notice Filing
 
On March 25, 2008, the Commissioner entered into a Stipulation and Agreement with TrapTek, LLC, a securities issuer located at 1831 Lefthand Circle, Suite G, Longmont, Colorado.  TrapTek, LLC merged with Cocona, Inc. on August 30, 2007, with Cocona, Inc. being the surviving entity.  The Stipulation and Agreement recited that TrapTek, LLC had advised the department that, in 2002 and 2004, it had sold limited liability company interests to Connecticut residents under Rule 506 of federal Regulation D at a time when no notice filings had been made under Section 36b-21(e) of the Connecticut Uniform Securities Act.  The issuer made a curative state filing in September 2007.  Pursuant to the Stipulation and Agreement, TrapTek, LLC agreed to pay a $750 fine and to refrain from offering or selling securities in or from Connecticut absent compliance with Section 36b-16 of the Act, including timely compliance with any applicable filing requirements.
 
 
 
       Dated:  Tuesday, April 1, 2008
 
       Howard F. Pitkin
       Banking Commissioner