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IN THE MATTER OF:
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STIPULATION No. ST-08-7620-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;
WHEREAS, New Stream Securities, LLC (“NSS”) of 38C Grove Street, Ridgefield, Connecticut is a registered broker-dealer under the Act;
WHEREAS, the Commissioner, through the Securities and Business Investments Division (the “Division”) of the Department of Banking has conducted an examination of NSS’ 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 NSS 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 March 2005 forward, NSS employed Luciano Nicasio (“Nicasio”) (CRD number 2055683), chief executive officer of the firm, as an agent at a time when such individual was not registered as an agent of the firm under Section 36b-6(a) of the Act;
WHEREAS, Nicasio applied for agent registration under the Act on November 13, 2008;
WHEREAS, NSS maintains and represents to the Division that Nicasio serviced only institutional and accredited investors;
WHEREAS, Chapter 54 of the Connecticut General Statutes permits the resolution of a contested case by stipulation or agreed settlement;
WHEREAS, NSS 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, NSS, 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, NSS 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; |
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NSS 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; |
| (3) | Execution of this Stipulation and Agreement by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against NSS 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 or if any representation made by NSS and reflected herein is subsequently determined to be untrue; and |
| (4) | This Stipulation and Agreement shall become binding when executed by all parties hereto. |
IN WITNESS WHEREOF
________/s/_________
Howard F. Pitkin
Banking Commissioner
this 6th day of March 2009.
I, Luciano Nicasio, state on behalf of New Stream Securities, 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 New Stream Securities, LLC and that New Stream Securities, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
New Stream Securities LLC
By
_________/s/_______________
Luciano Nicasio
Chief Executive Officer
On this 25th day of February 2009, personally appeared Luciano Nicasio, 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 New Stream Securities, 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: March 31, 2012
Administrative Orders and Settlements