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CONSENT ORDER No. CO-10-7823-S |
WHEREAS, the Banking Commissioner (the “Commissioner”) is responsible for administering Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (the “Act”) and Sections 36b-31-2 et seq. of the Regulations of Connecticut State Agencies (the “Regulations”) promulgated under the Act;
CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, AFP, through its execution of this Consent Order, voluntarily waives the following rights:
1. | To receive prior written notice within the meaning of Sections 36b-27(a), 36b-27(d) and 4-177(b) of the Connecticut General Statutes; |
2. | To present evidence and argument and to otherwise avail itself of Section 4-177c(a) of the Connecticut General Statutes; |
3. | To present its position in a hearing in which it is represented by counsel; |
4. | To have a written record of the hearing made and a written decision issued by a hearing officer; and |
5. | To seek judicial review of, or otherwise challenge or contest, the matters described herein, including the validity of this Consent Order; |
CONSENT TO ENTRY OF FINDINGS
WHEREAS, AFP, through its execution of this Consent Order, accepts and consents to the entry of the following Findings by the Commissioner:
1. | The entry of this Consent Order is appropriate, in the public interest and consistent with the purposes fairly intended by the policy and provisions of the Act; |
2. | From January 1, 2001 through at least May 31, 2010, AFP violated Section 36b-6(c) of the Act by engaging two unregistered investment adviser agents, despite having been sanctioned by the Commissioner in 2006 for engaging the same individuals in an unregistered capacity; |
3. | From January 1, 2006 through at least May 31, 2010, AFP violated Section 36b-6(c) of the Act by engaging two additional unregistered investment adviser agents; |
4. | The foregoing would support proceedings under Section 36b-27 of the Act seeking the entry of an order to cease and desist and/or an order imposing an administrative fine of up to $100,000 per violation against AFP; |
CONSENT TO ENTRY OF SANCTIONS
WHEREAS, AFP, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing on it the following sanctions:
1. | AFP, its representatives, agents, employees, affiliates, assigns, and successors in interest shall cease and desist from engaging in conduct constituting or which would constitute a violation of the Act or any regulation or order under the Act, either directly or through any organizational or other device, including, without limitation, engaging unregistered investment adviser agents; and |
2. | No later than the date this Consent Order is entered by the Commissioner, AFP shall remit to the Department of Banking, via certified bank check or bank wire, payable to “Treasurer, State of Connecticut”, the sum of eleven thousand one hundred fifty dollars ($11,150), ten thousand dollars ($10,000) of which shall constitute an administrative fine and one thousand one hundred fifty dollars ($1,150) of which shall constitute reimbursement for past due investment adviser agent registration fees; |
CONSENT ORDER
NOW THEREFORE,
the Commissioner enters the following:1. | The Findings and Sanctions set forth above be and are hereby entered; |
2. | Entry of this Consent Order by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against AFP based upon a violation of this Consent Order or the matters underlying its entry if the Commissioner determines that compliance with the terms herein is not being observed; and |
3. | The Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | _______/s/_________ | |
this 15th day of Oct., 2010. | Howard F. Pitkin | |
Banking Commissioner |
I, William J. Burns, state and on behalf of Asset & Financial Planning, Ltd., that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this Consent Order on behalf of Asset & Financial Planning, Ltd., that Asset & Financial Planning, Ltd. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Asset & Financial Planning, Ltd. voluntarily consents to the entry of this Consent Order, expressly waving any right to a hearing on the matters described therein.
Asset & Financial Planning, Ltd. | |
By | ______/s/_________________ |
William J. Burns | |
Chief Compliance Officer |
On this 7th day of October 2010, personally appeared William J. Burns, signer of the foregoing Consent Order, who, being duly sworn, did acknowledge to me that [he] was authorized to execute the same on behalf of Asset & Financial Planning, Ltd., a corporation, and acknowledged the same to be [his] free act and deed, before me.
_____/s/_____________________________
Notary Public
My Commission Expires: September 20, 2013