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JAMES FOWLER HICKMAN * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER No. CO-10-7745-S |
PRELIMINARY STATEMENT
CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Hickman, through his execution of this Consent Order, voluntarily waives the following rights:
1. | To receive prior written notice within the meaning of Sections 36b-15(f), 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 himself of Section 4-177c(a) of the Connecticut General Statutes; |
3. | To present his position in a hearing in which he 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; |
FINDINGS OF THE COMMISSIONER AS TO EVIDENTIARY SUFFICIENCY TO INITIATE ADMINISTRATIVE PROCEEDINGS
WHEREAS, the Commissioner finds that, based on the following, which Hickman neither admits nor denies, sufficient grounds would exist to initiate administrative proceedings under Sections 36b-15 and 36b-27 of the Act to suspend or revoke Hickman’s broker-dealer agent registration in this state and/or to enter an order to cease and desist and/or an order imposing an administrative fine of up to $100,000 per violation against Hickman:
From at least September 2009, James Fowler Hickman, singly or through one or more entities controlled by him, transacted business as an agent of issuer or as a broker-dealer while unregistered in contravention of Section 36b-6 of the Act.
WHEREAS, Hickman, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing on him the following sanctions:
1. | Hickman 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, such conduct including, without limitation, transacting business as an unregistered agent of issuer or an unregistered broker-dealer in violation of Section 36b-6 of the Act; |
2. | Absent prior written approval from the Division Director, Hickman shall not, alone or through any corporate, partnership or other device, offer or sell securities on behalf of any issuer within or from Connecticut unless such transactions are effected within the scope of Hickman’s employment with a broker-dealer registered under the Act; |
3. | Hickman shall not, within or from Connecticut, act as a finder for compensation, split commissions or receive referral fees, directly or indirectly, in conjunction with the offer, sale or purchase of securities or the rendering of investment advice on securities unless such activities are performed within the scope of Hickman’s employment with a broker-dealer or investment adviser registered under the Act and in accordance with state and federal securities laws; |
4. | Absent prior written permission from the Division Director, Hickman shall represent only one securities broker-dealer or investment adviser at any one time in effecting or attempting to effect securities purchases or sales or in acting as an investment adviser agent; |
5. | No later than thirty days following the Commissioner’s entry of this Consent Order, Hickman shall furnish written proof to the Division Director that he has refunded to those Connecticut investors who purchased Grove Electronics notes in 2009 the pro rata share of the sales commission earned by Hickman or any entity under the control of Hickman and attributable to such Connecticut note sales. Such commission refund shall be made by certified or cashier’s check, payable to each affected Connecticut investor, and shall be accompanied by a copy of this Consent Order. Hickman shall submit written evidence of such payments, including copies of checks, to the Division Director; |
6. | No later than the date this Consent Order is entered by the Commissioner, Hickman shall remit to the department by certified bank check payable to “Treasurer, State of Connecticut” the sum two thousand five hundred dollars ($2,500) as an administrative fine. |
CONSENT ORDER
NOW THEREFORE, the Commissioner enters the following:
1. | The 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 James Fowler Hickman 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 or if any representation made by James Fowler Hickman and reflected herein or in any written communication by James Fowler Hickman to the Division relating to the matters herein described is subsequently determined to be untrue; and |
3. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | _______/s/_________ | |
this 28th day of June 2010. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, James Fowler Hickman, state that I have read the foregoing Consent Order; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that I voluntarily consent to the entry of this Consent Order, expressly waiving any right to a hearing on the matters described herein.
______/s/__________ | |
James Fowler Hickman | |
Subscribed and sworn to before me
this 23rd day of June, 2010.
______________/s/_________________________
Notary Public/Commissioner of the Superior Court
My Commission Expires: March 28, 2014