DOB: Bulletin 2610 - February 28, 2014

The Department of Banking News Bulletin 

Bulletin # 2610
Week Ending February 28, 2014

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
02/27/14
Rockville Bank
Rockville
*297 East Center Street
  Manchester, CT  06040
Filed
*Loan Production Office


STATE CREDIT UNION ACTIVITY
Branch Activity
 
Date Credit Union Location Activity
02/24/14
Connex Credit Union
North Haven
533 South Broad Street
Meriden, CT  06450
Notice of Intent
Not to Disapprove
 
 
CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
 
Date Check Casher Location Activity
02/26/14
FRPB II, LLC
 
595 Bank Street
New London, CT  06320
Filed
02/26/14 FRPB II, LLC
200 West Main Street
Norwich, CT  06360
Filed
02/26/14 FRPB II, LLC
144 Center Street
Wallingford, CT  06492
Filed
 
Consent Order
 
On February 20, 2014, the Commissioner entered into a Consent Order with Liberty Credit Law P.C. (“Liberty Credit Law”), Harrison, New York.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that during the period of at least June 6, 2011 through July 30, 2012, Liberty Credit Law engaged in debt negotiation activity in this state without having obtained the required license, in violation of Section 36a-671(b) of the then applicable Connecticut General Statutes.  As part of the Consent Order, Liberty Credit Law was ordered to repay fees to an identified Connecticut resident, and to pay $500 as a civil penalty.
 
 
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Salt Wall Trading, Inc. and Drew R. Fraser – Consent Order Entered;
Fraser Barred from Connecticut Securities Business for Seven Years
 
On February 28, 2014, the Banking Commissioner entered a Consent Order (No. CO-14-8077-S) with respect to Salt Wall Trading, Inc. of Ipswich, Massachusetts and Drew R. Fraser, Chief Executive Officer and control person of Salt Wall Trading, Inc.  The Consent Order alleged that from approximately November 30, 2012 to January 25, 2013, 1) Salt Wall Trading, Inc. and Fraser violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered securities issued by Salt Wall Trading, Inc.; 2) Salt Wall Trading, Inc. employed one or more unregistered agents of issuer in contravention of Section 36b-6(b) of the Act; and 3) Fraser transacted business as an unregistered agent of issuer in violation of Section 36b-6(a) of the Act. 
 
The Consent Order acknowledged that Salt Wall Trading, Inc. and Fraser had provided documentation to the agency showing that they had paid $23,250 in restitution to, and obtained releases from, the six Connecticut investors who purchased unregistered securities, and that, following the restitutionary payments, Salt Wall Trading, Inc. and Fraser were financially unable to pay the fine that otherwise would have been assessed against them pursuant to the Consent Order.
 
The Consent Order directed Salt Wall Trading, Inc. and Fraser to cease and desist from regulatory violations.  In addition, the Consent Order barred Drew R. Fraser for seven years from 1) transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent; and 2) directly or indirectly soliciting or accepting funds for investment purposes from public or private investors in or from Connecticut.
 

 

        Dated:  Tuesday, March 4, 2014

 
       Howard F. Pitkin
       Banking Commissioner