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BARNARD JACOBS MELLET (USA) LLC (CRD No. 39142) * * * * * * * * * * * * * * * * * * * |
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STIPULATION No. ST-09-07-7712 |
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;
WHEREAS, Barnard Jacobs Mellet (USA) LLC (“BJM”) of 301 Tresser Boulevard, 6th Floor, Stamford, Connecticut has been registered as a broker-dealer under the Act since June 13, 1996;
WHEREAS, the Commissioner, through the Securities and Business Investments Division (the “Division”) of the Department of Banking has conducted an examination of BJM’s records pursuant to Section 36b-14(d) of the Act and Section 36b-31-14f of the Regulations, and a related investigation under Section 36b-26 of the Act to determine whether BJM had violated, was violating or was about to violate any provision of the Act or any regulation or order under the Act;
WHEREAS, the Commissioner, as a result of such examination and investigation, alleges that from April 2005 forward, BJM employed an individual as an agent (the “Unregistered Individual”) at a time when such individual was not registered as an agent of the firm under Section 36b-6(a) of the Act;
WHEREAS, Chapter 54 of the Connecticut General Statutes permits the resolution of a contested case by stipulation or agreed settlement;
WHEREAS, BJM desires to settle the matters described herein and voluntarily enters into this Stipulation and Agreement, acknowledging that this Stipulation and Agreement is in lieu of any court action or administrative proceeding adjudicating any issue of fact or law on the matters described herein;
WHEREAS, BJM, through its execution of this Stipulation and Agreement, voluntarily waives any rights it may have to seek judicial review or otherwise challenge or contest the terms and conditions of this Stipulation and Agreement;
NOW THEREFORE, THE PARTIES HERETO DO MUTUALLY AGREE AS FOLLOWS:
| (1) | No later than the date this Stipulation and Agreement is executed by the Commissioner, BJM shall remit to the department by check made payable to “Treasurer, State of Connecticut” the sum of one thousand, five hundred dollars ($1,500), one thousand dollars ($1,000) of which shall constitute an administrative fine, and five hundred dollars ($500) of which shall represent reimbursement for past due agent registration fees and the costs associated with the Division’s investigation of this matter; |
| (2) | No later than the date this Stipulation and Agreement is signed by the Commissioner, BJM shall file an application to register the Unregistered Individual as an agent as required by Section 36b-6 of the Act; |
| (3) | Until such time as the Unregistered Individual is effectively registered as an agent of BJM under the Act, BJM shall not (a) permit the Unregistered Individual to engage in any activities in or from Connecticut that would require agent registration in this state, or (b) pay any commissions to the Unregistered Individual; |
| (4) | BJM shall comply with all statutory requirements governing the registration of affected personnel as broker-dealer agents, and shall review, revise and implement such supervisory and compliance procedures as are necessary to ensure such compliance; |
| (5) | Execution of this Stipulation and Agreement by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against BJM based upon a violation of this Stipulation and Agreement or the basis for its entry if the Commissioner determines that compliance is not being observed with the terms hereof; and |
| (6) | This Stipulation and Agreement shall become binding when executed by all parties hereto. |
IN WITNESS WHEREOF, the undersigned have executed this Stipulation and Agreement on the dates indicated.
________/s/_________
Howard F. Pitkin
Banking Commissioner
Dated at Hartford, Connecticut
this 2nd day of October 2009.
I, Christopher Krolick, state on behalf of Barnard Jacobs Mellet (USA) LLC, that I have read the foregoing Stipulation and Agreement; that I know and fully understand its contents; that I am authorized to execute this Stipulation and Agreement on behalf of Barnard Jacobs Mellet (USA) LLC and that Barnard Jacobs Mellet (USA) LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
Barnard Jacobs Mellet (USA) LLC
By _________/s/___________________
Christopher Krolick
Chief Operating Officer
On this 24 day of September 2009, personally appeared Christopher Krolick, signer of the foregoing Stipulation and Agreement, who, being duly sworn, did acknowledge to me that he was authorized to execute the same on behalf of Barnard Jacobs Mellet (USA) LLC, and acknowledged the same to be his free act and deed, before me.
____________/s/___________________
Notary Public/Commissioner of the Superior Court
My Commission Expires: 12-31-2010