The Department of Banking News Bulletin
Bulletin # 2488
Week Ending October 28, 2011
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
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.
102 LaSalle Road
West Hartford, CT 06107
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order to Cease and Desist, Order to Make Restitution, Notice of Intent
to Fine and Notice of Right to Hearing Issued
On October 28, 2011, the Banking Commissioner issued an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing against Movies for a Better World, LLC, a purported film, music and literary development company located at 1 Glenville Street, Greenwich, Connecticut. Also named in the action was Michael J. Martineau of 24 Pemberwick Road, Greenwich, Connecticut, president of the firm. The action alleged that, in 2009, the respondents offered and sold unregistered securities in violation of Section 36b-16 of the Connecticut Uniform Securities Act, and that Michael J. Martineau transacted business as an unregistered agent of issuer. In addition, the action alleged that the respondents violated the antifraud provisions of the Act by failing to disclose to investors any risk factors related to the investment; financial information relating to the issuer or the performance of its prior development projects; financial or background information on the issuer’s principals; compensation paid to the issuer’s principals and affiliates; the estimated cash proceeds of the offering; how the offering proceeds would be applied; and material litigation involving the principals of the issuer.
The respondents were afforded an opportunity to request a hearing on the matters alleged in the action.
Dated: Tuesday, November 1, 2011
Howard F. Pitkin