Regulatory Alerts2002-11-29
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News Bulletin 2023 - November 29, 2002
The Commissioner issued Notices of Intent to Impose Civil Penalties against directors and officers of Connecticut Bank of Commerce for unsafe practices, insider loan violations, and false statements, with maximum penalties ranging from $30,000 to $555,000 per respondent. Hearings for these banking enforcement actions are scheduled for January 14, 2003. Additionally, the Commissioner issued Orders to Cease and Desist and Notices of Intent to Fine against Foundation Worldwide, Inc. and Germaine Ryan for conducting an unregistered common stock offering and making fraudulent representations regarding the company's financial status. A hearing for these securities violations is scheduled for January 28, 2003.
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