DOB: Bulletin 2548 - December 21, 2012

The Department of Banking News Bulletin 

Bulletin # 2548
Week Ending December 21, 2012

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 CREDIT UNION 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 Credit Union Location Activity
12/21/12
Connex Credit Union
North Haven
620 West Main Street
Branford, CT  06405
Approved
 

2013 STATE HOLIDAYS

Please contact your financial institution directly to determine whether or not it will open for business on a state holiday.  Legal holidays to be observed by the State of Connecticut in the year 2013 are:
 
Holiday Day Observed Holiday Day Observed
New Year's Day Tue, Jan 1, 2013 Independence Day Thurs, July 4, 2013
Martin Luther King Day Mon, Jan 21, 2013 Labor Day
Mon, Sept 2, 2013
Lincoln's Birthday Tue, Feb 12, 2013 Columbus Day Mon, Oct 14, 2013
Washington's Birthday Mon, Feb 18, 2013 Veterans Day Mon, Nov 11, 2013
Good Friday Fri, March 29, 2013 Thanksgiving Day Thurs, Nov 28, 2013
Memorial Day Mon, May 27, 2013 Christmas Day Wed, Dec 25, 2013
 
The first holiday for 2014, New Year’s Day, will be on Wednesday, January 1, 2014.
 

SECURITIES AND BUSINESS INVESTMENTS DIVISION
Order to Cease and Desist, Order to Make Restitution and Notice of Intent to Fine Issued
 
On December 17, 2012, 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 (Docket No. CRF-12-7892-S) against Stead-Fast Custom Linings, LLC (“Linings”) of East Haven, Connecticut; Steadfast Holdings Group, Inc. (“Holdings”) f/k/a Beere Financial Group, Inc., a Nevada corporation now known as Scorpex, Inc.; John Calash and Susan Calash of Madison, Connecticut, majority owners of Linings; and Christopher Borgo of Boca Raton, Florida.
 
The action alleged that John Calash and Susan Calash devised a plan in January 2007 to convert Linings into a public company that traded on the Pink Sheets; that during the summer of 2007, John Calash, with the assistance of Christopher Borgo, sold unregistered membership interests in Linings to at least one investor; that John Calash merged Linings into Beere Financial Group, Inc., a Nevada shell corporation trading on the Pink Sheets; and that in September 2007, John Calash renamed the merged entity Steadfast Holdings Group Inc. and then sold $767,500 in unregistered Holdings shares to investors in a 

private placement.  The shares are currently worthless.  The action also alleged that 1) from February 2008 through April 2011, John Calash and Susan Calash, in their capacities as President and Secretary of Holdings, issued themselves thousands of shares of Holdings, which had the effect of diluting the value of the outstanding shares of Holdings; 2) John and Susan Calash eventually sold their controlling interest in Holdings in April 2011 for a profit of approximately $200,000.
 
The action further alleged that 1) Linings, Holdings, John Calash and Christopher Borgo offered and sold unregistered securities in violation of Section 36b-16 of the Act; 2) John Calash and Christopher Borgo violated Section 36b-6(a) of the Act by transacting business as unregistered agents of issuer; 3) Linings and Holdings violated Section 36b-6(b) of the Act by engaging unregistered agents of issuer; and 4) John Calash, Susan Calash, Linings and Holdings violated the antifraud provisions in Section 36b-4(a) of the Act by failing to make adequate risk disclosures to prospective investors and, in the case of John Calash and Susan Calash, failing to disclose the dilutive effect their actions had on investor securities holdings.
 
Each of the respondents was afforded an opportunity to request a hearing on the Order to Cease and Desist, Order to Make Restitution and Notice of Intent to Fine.
 
 
       Dated:  Wednesday, December 26, 2012
 
 
       Howard F. Pitkin
       Banking Commissioner