The Department of Banking News Bulletin
Bulletin # 2306
Week Ending May 2, 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.
CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
*FFC Financial Centers
d/b/a Liberty Tree Financial
55 Middletown Avenue
North Haven, CT 06473
*The name of this check casher was erroneously listed
as 'FCC Financial Centers' in Bulletin 2296.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
On April 28, 2008, the Commissioner entered a Consent Order with respect to Source Capital Group, Inc. of 276 Post Road West, Westport, Connecticut. The firm is registered as a broker-dealer under the Connecticut Uniform Securities Act. The Consent Order alleged that 1) on August 29, 2006, as a precondition to registering Donatas Belys Vildzius as an agent of the firm, the Commissioner entered a Consent Order Conditioning Registration as an Agent the August 29, 2006 Consent Order, to which the firm was a signatory, obligated Source Capital Group, Inc. to file quarterly reports with the department for two years concerning any complaints, actions or proceedings involving Vildzius; and 3) Source Capital Group, Inc. violated the August 29, 2006 Consent Order by failing to abide by the quarterly reporting requirement.
The April 28, 2008 Consent Order directed Source Capital Group, Inc. to cease and desist from regulatory violations and to pay $4,000 to the agency. Of that amount, $2,500 constituted an administrative fine and $1,500 would be applied to defray the Divisionís investigative costs. In addition, the Consent Order reinstituted for a two year period the quarterly complaint reporting requirement concerning Vildzius. The Consent Order also directed Source Capital Group, Inc. to hire a consultant to review the firmís supervisory and compliance procedures.
Dated: Tuesday, May 6, 2008