Regulatory Alerts2010-06-11
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News Bulletin 2416 - June 11, 2010
The Connecticut Department of Banking makes permanent an Amended and Restated Order to Cease and Desist against TDA Advantage Trust and Thomas F. DeSteph, each imposing a $30,000 fine for violating the Connecticut Uniform Securities Act. The respondents are penalized for selling unregistered limited partnership interests, employing an unregistered agent, and failing to disclose material risk factors and financial information. Additionally, the bulletin solicits written public comments on a branch application filed by The Savings Bank of Danbury for a new location in Southbury, CT, within ten days of the bulletin's date.
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