The Banking Department also said UVCC was operating as a private bank that was not federally insured and thus "was engaged in unlicensed activity," said Jill Desrochers, general counsel for the department.
Already, Patten's Gas (also of North Haverhill)--a company run by David Patten and UVCC's other principal, Alvin S.
"No one has suffered any loss," said Peter Tamposi, bankruptcy attorney for UVCC. "It is very solvent.
The bureau said that UVCC was selling unlawful securities without registering as a broker, whereas the Banking Department charged that it was operating as a private bank.
Stewart said BYU and
UVCC, which will soon have a special-events center that can host community events and trade shows, are both good for businesses in the area.