DOB: News Bulletin 2408 - April 16, 2010

The Department of Banking News Bulletin 

Bulletin # 2408
Week Ending April 16, 2010

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.


 
COMMUNITY REINVESTMENT PLAN
 
On April 16, 2010, pursuant to Section 36a-34 of the Connecticut General Statutes, Fairfield County Bank Corp., a federal holding company organizing as a subsidiary holding company of Fairfield County Bank, MHC, Fairfield County Bank, a Connecticut-chartered stock savings bank, and Fairfield Interim Bank, being organized as a federally-chartered interim savings bank, filed a community reinvestment plan that is available for public inspection and comment at the Department of Banking for a period of 30 days.  The filing was made in connection with an application for the merger of Fairfield County Bank with Fairfield Interim Bank, pursuant to Section 36a-126 of the Connecticut General Statutes, and the acquisition statement for Fairfield County Bank Corp. for the indirect acquisition of 100% of the issued and outstanding shares of common stock of Fairfield County Bank, pursuant to Section 36a-184 of the Connecticut General Statutes, both filed on March 25, 2010.

CREDIT UNION ACTIVITY
Main Office Relocation
 
On April 12, 2010, pursuant to Section 36a-463b of the Connecticut General Statutes, Metropolitan District Employees Credit Union, Inc. filed an application to relocate its main office from 555 Main Street, Hartford, Connecticut to 250 Murphy Road, Hartford, Connecticut.
 
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Consent Order
 
On April 12, 2010, the Banking Commissioner entered a Consent Order with respect to CRF Group, LLC, a Connecticut limited liability company located at 335 Kettletown Road, Southbury, Connecticut and its managing member, Eric Kipperman.  The Consent Order alleged that, from May 2008 through December 2008, CRF Group, LLC and Eric Kipperman sold unregistered 30 Day Currency Trading Contracts issued by CRE Capital Corporation in violation of Section 36b-16 of the Connecticut Uniform Securities Act.  The Consent Order also alleged that Eric Kipperman was not registered as an agent under Section 36b-6(a) of the Act nor was CRF Group, LLC registered as a broker-dealer under Section 36b-6(a) of the Act.  CRE Capital Corporation is a Georgia corporation located at 3700 Manswell Road, Suite 220, Alpharetta, Georgia.  On January 15, 2009, the United States District Court for the Northern District of Georgia, Atlanta Division, had entered an Order Granting Permanent Injunction, Freezing Assets, Appointing a Receiver and Ordering Other Ancillary Relief against CRE Capital Corporation.
 
The Consent Order barred Eric Kipperman from transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent for ten years.  No fine was imposed against Eric Kipperman due to Eric Kipperman’s demonstrated inability to pay.  The Consent Order also directed Eric Kipperman and CRF Group, LLC to cease and desist from regulatory violations.  In addition, the Consent Order provided that, if Eric Kipperman or CRF Group, LLC recovered any funds as a result of the Georgia receivership proceeding involving CRE Capital Corporation or from any other source relating to the 30 Day Currency Trading Contracts, Eric Kipperman would notify the agency and, in a plan approved by the Division Director, distribute those funds pro rata to each Connecticut investor to whom Eric Kipperman and/or CRF Group, LLC sold 30 Day Currency Trading Contracts and who sustained investment losses.
 
 
 
       Dated:  Tuesday, April 20, 2010
 
 
       Howard F. Pitkin
       Banking Commissioner