This news release was issued jointly by the Department of Banking and the Securities and Exchange Commission.

April 5, 2005

The Connecticut Department of Banking and the Securities and Exchange Commission (SEC) announced today that they have taken actions against David M. Faubert, an Avon, Connecticut based registered representative. Banking Commissioner John P. Burke announced today that the Connecticut Department of Banking has issued an order suspending Faubert's license. Mr. Faubert had held an agent license with Tower Square Securities, Inc. The Department is also moving for a formal revocation of Mr. Faubert's license.

The Securities and Exchange Commission (SEC) has been working in conjunction with the Department of Banking's Securities Division to investigate this matter. The SEC announced that on March 23, 2005, it sought and, on March 24, 2005, it obtained a temporary restraining order and asset freeze against Mr. Faubert in the United States District Court for the District of Connecticut. This joint investigation between the state and the SEC is ongoing.

"This was a fine example of state and federal cooperation in sharing resources in order to protect Connecticut investors," said Commissioner Burke. "I take pride in the efforts taken by my office and the SEC to investigate such perpetrators."

According to the Department of Banking, in early March, following up on a complaint made by an investor, the Department of Banking's Securities Division conducted an on-site examination of Mr. Faubert's office. This investigation ultimately uncovered evidence that Mr. Faubert allegedly defrauded approximately 15 Connecticut residents of upwards of $4 million. He allegedly misled his clients - many he befriended - into making phony investments and then tampered with their monthly statements to cover up his crimes. Mr. Faubert convinced his clients to invest their money in an account that promised an 8% return on a fixed investment. Clients endorsed checks to Mr. Faubert's business, Faubert Financial Group, Inc.

"The egregiousness of Mr. Faubert's conduct necessitated swift action by the SEC and the Connecticut Department of Banking," said Walter G. Ricciardi, the SEC's Boston District Administrator. "I am proud that we were able to achieve this result through the cooperative efforts of the SEC and Connecticut Department of Banking."

"Mr. Faubert deceived many people who put their trust in him. While most broker-dealers and investment advisers are on the straight and narrow, fraudsters do exist and aim to steal the hard-earned money of investors," stated Commissioner Burke. "Take the time to thoroughly research an investment opportunity and be aware of exactly where your money is going. Be diligent and stay objective. There is no better guardian of your money than yourself."