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Condor Investment Advisors, LLC * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER NO. CO-06-7267-S |
PRELIMINARY STATEMENT
WHEREAS Section 36b-3(12)(A) of the Act defines the term “investment adviser agent” to include: “(i) any individual, including an officer, partner or director of an investment adviser, or an individual occupying a similar status or performing similar functions, employed, appointed or authorized by or associated with an investment adviser to solicit business from any person for such investment adviser, within or from this state, and who receives compensation or other remuneration, directly or indirectly, for such solicitation; or (ii) any partner, officer, or director of an investment advisor, or an individual occupying a similar status or performing similar functions, or other individual employed, appointed, or authorized by or associated with an investment adviser, who makes any recommendation or otherwise renders advice regarding securities to clients and who receives compensation or other remuneration, directly or indirectly, for such advisory services”;
CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS CIA and Wiegand, through their execution of this Consent Order, voluntarily waive the following rights:
1. | To be afforded written notice and opportunity for a hearing within the meaning of Sections 36b-27, 4-177(a) and 4-177(b) of the Connecticut General Statutes; |
2. | To present evidence and argument and to otherwise avail themselves of Section 4-177c(a) of the Connecticut General Statutes; |
3. | To present their position in a hearing in which each 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 CIA and Wiegand through their execution of this Consent Order, accept and consent to the entry of the following Findings by the Commissioner:
1. | That 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. | That from at least 2005, CIA and Wiegand transacted business absent registration as an investment adviser or an investment adviser agent in contravention of 36b-6(c) of the Act, and |
3. | That the department's allegations would support the initiation of an administrative proceedings against CIA and Wiegand pursuant to Section 36b-27 of the Act; |
CONSENT TO ENTRY OF SANCTIONS AND REMEDIAL MEASURES
WHEREAS CIA and Wiegand through their execution of this Consent Order, consent to the Commissioner issuing an order imposing on them the following sanctions and remedial measures:
1. | Wiegand and CIA shall cease and desist from engaging, directly or indirectly, in conduct constituting or which would constitute a violation of the Act or any regulation or order under the Act, including, without limitation, transacting business in or from this state as an adviser or an investment adviser agent; |
2. | Wiegand, CIA, their affiliates and successors in interest shall not render investment advisory services or hold themselves out [as] performing such services unless they first consult with outside legal counsel experienced in securities law, and abide by counsel’s recommendations to ensure that Wiegand, CIA, their affiliates and successors in interest are in compliance with the Act, the Regulations thereunder and the terms of this Consent Order; and |
3. | No later than the date this Consent Order is entered by the Commissioner, Wiegand shall remit to the department via certified bank check payable to Treasurer, State of Connecticut” the sum of two hundred fifty dollars ($250) as an administrative penalty. |
ORDER
THE COMMISSIONER HEREBY ORDERS THAT:
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 Wiegand and against CIA, its members, agents, employees or representatives based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance is not being observed with the terms hereof or if any representation made by CIA, Wiegand or both and reflected herein is subsequently determined to be untrue; and |
3. | This Consent Order shall become final when issued. |
________/s/_________
Howard F. Pitkin
Banking Commissioner
this 11th day of January 2007.
CONSENT TO ENTRY OF ORDER
I, Richard W. Wiegand, state individually and on behalf of Condor Investment Advisors, LLC, 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 Condor Investment Advisors, LLC; that I and Condor Investment Advisors, LLC agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Condor Investment Advisors, LLC and I voluntarily consent to the entry of this Consent Order expressly waiving any rights either may have to a hearing on the matters described herein.
Condor Investment Advisors, LLC
By
________/s/_______________
Richard W. Wiegand
Managing Member
On this [blank in original] day of [blank in original] 2007, personally appeared Richard W. Wiegand, 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 Condor Investment Advisors, LLC, a limited liability company, and acknowledged the same to be his free act and deed, before me.
_______________/s/_____________
Notary Public
My Commission Expires: July 31, 2008
________/s/_______________
Richard W. Wiegand
(Individually)
Subscribed and sworn to before me this
4th day of January 2007.