Regulatory Alerts2007-09-21
Added · Updated
News Bulletin 2274 - September 21, 2007
The Banking Commissioner entered a Consent Order barring Gregory J. Duffy from transacting business in Connecticut as a broker-dealer, agent, investment adviser, or agent of issuer for ten years. The order stems from allegations that Duffy acted as an unregistered broker-dealer agent and used unapproved, misleading sales scripts between October 2006 and February 2007. Duffy may reapply for registration after seven years, and the order directs him to cease and desist from regulatory violations.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2274 Week Ending September 21, 2007
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.
CREDIT UNION ACTIVITY Branch Activity
Date
Credit Union
Location
Activity
9/18/07
Connex Credit Union, Inc.
North Haven
970 North Colonly Road
Wallingford, CT 06492
filed
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY Broker-dealer Barred from Securities Business for Ten Years for Alleged Unregistered Activity, Use of Misleading Sales Scripts
On September 18, 2007, the Banking Commissioner entered a Consent Order with respect to Gregory J. Duffy , a former representative of New Castle Financial Services LLC. The Consent Order alleged that, from October 2006 through February 2007, Gregory J. Duffy violated Section 36b-6(a) of the Connecticut Uniform Securities Act by transacting business as a broker-dealer agent of New Castle Financial Services LLC while unregistered. Duffy purportedly worked from an unregistered branch office of the firm located at 4 Old Mill Plain Road, Danbury, Connecticut. The Consent Order also alleged that Gregory J. Duffy violated Section 36b-4(b) of the Act by using scripted sales presentations that contained false and misleading statements and that had not been reviewed or approved by the management of New Castle Financial Services LLC.
The Consent Order barred Gregory J. Duffy for ten years from transacting business in Connecticut as a broker-dealer, agent, investment adviser, investment adviser agent or agent of issuer, with leave to reapply for registration after seven years had elapsed from the entry of the Consent Order. The Consent Order also directed Gregory J. Duffy to cease and desist from regulatory violations.
Dated: Tuesday, September 25, 2007
Howard F. Pitkin
Banking Commissioner