DOB: News Bulletin 2420 - July 9, 2010

The Department of Banking News Bulletin 

Bulletin # 2420
Week Ending July 9, 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.


 
STATE BANK ACTIVITY
Branch Activity
 
Section 36a-145 of the Connecticut General Statutes requires certain applications 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
7/6/10
Farmington Savings Bank
Farmington
1191 Farmington Avenue
Berlin, CT  06037
filed
 

CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
 
Date Check Casher Location Activity
7/7/10
*Stephen Gay
d/b/a Golden Hill Pawn Shop
2541 Main Street
Bridgeport, CT 06606
approved
 
*Originally applied under the name Thomas Gay, d/b/a Golden Hill Pawn Shop

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order Imposing Fine

On July 8, 2010, the Banking Commissioner entered an Order Imposing Fine against Donald C. Lyle, now or formerly of 2346 Eutaw Place, Unit 2, Baltimore, Maryland.  Donald Lyle purportedly did business under various names, including Noirstar Financial Services of 1337 Dixwell Avenue, Hamden, Connecticut.  The respondent had been the subject of a May 7, 2010 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CF-2010-7556-S) alleging that the respondent violated 1) Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered securities from November 29, 2007 forward; and 2) the antifraud provisions in Section 36b-4 of the Act by failing to disclose to investors, among other things, any risk factors related to the investment; financial information on the respondent or his businesses; the income sources from which the investments would be repaid or that the respondent had been the subject of three Chapter 13 bankruptcy proceedings filed in Connecticut bankruptcy court.  Since the respondent had not requested a hearing on the Order to Cease and Desist, the Order to Cease and Desist became permanent on May 27, 2010.
 
The respondent also did not request a hearing on the Notice of Intent to Fine.  Incorporating as findings the allegations in the May 7, 2010 action, the Commissioner concluded that respondent Lyle had committed three violations of Section 36b-16 of the Act and three violations of Section 36b-4(a) of the Act.  Accordingly, the Commissioner directed respondent Lyle to pay a $45,000 fine to the department.
 
Order Imposing Fine

On July 8, 2010, the Banking Commissioner entered an Order Imposing Fine against Rogers Forman, III of 125 Seymour Avenue, West Hartford, Connecticut.  The respondent had been the subject of a February 26, 2010 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CF-2010-7554-S) alleging that the respondent violated 1) Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered promissory note securities on behalf of Forman Financial Services, LLC from at least December 21, 2007 through April 8, 2008; and 2) Section 36b-6(a) of the Act by transacting business as an unregistered agent of issuer.  Since the respondent had not requested a hearing on the Order to Cease and Desist, the Order to Cease and Desist became permanent on March 19, 2010.
 
The respondent also did not request a hearing on the Notice of Intent to Fine.  Incorporating as findings the allegations in the February 26, 2010 action, the Commissioner concluded that respondent Rogers Forman, III had committed two violations of Section 36b-16 of the Act and two violations of Section 36b-6(a) of the Act.  Accordingly, the Commissioner directed respondent Rogers Forman, III to pay a $25,000 fine to the department.

Order Imposing Fine

On July 8, 2010, the Banking Commissioner entered an Order Imposing Fine against Forman Financial Services, LLC of 60 Gillett Street, Suite 204, Hartford, Connecticut.  The respondent had been the subject of a February 26, 2010 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CF-2010-7554-S) alleging that the respondent violated 1) Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered promissory note securities from at least December 21, 2007 through April 8, 2008 through Rogers Forman, III who was also named as a respondent in the proceeding; and 2) Section 36b-6(b) of the Act by employing Rogers Forman, III as an unregistered agent of issuer.  Since the respondent had not requested a hearing on the Order to Cease and Desist, the Order to Cease and Desist became permanent on June 2, 2010.
 
The respondent also did not request a hearing on the Notice of Intent to Fine.  Incorporating as findings the allegations in the February 26, 2010 action, the Commissioner concluded that respondent Forman Financial Services, LLC had committed two violations of Section 36b-16 of the Act and two violations of Section 36b-6(b) of the Act.  Accordingly, the Commissioner directed respondent Forman Financial Services, LLC to pay a $25,000 fine to the department.
 

       Dated:  Tuesday, July 13, 2010
 
 
       Howard F. Pitkin
       Banking Commissioner