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DAVID P. PETRUZZI * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER No. CO-10-7758-S |
PRELIMINARY STATEMENT
CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Petruzzi, 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) 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 the issuance of the July 24, 2008 Complaint, Stipulation and Final Order (Docket No. MC-08-25) against Petruzzi by the State of Connecticut Insurance Department, as more fully described above, would support the initiation of administrative proceedings under Sections 36b-15(a)(2)(F) and 36b-15(a)(2)(H) of the Act to deny Petruzzi’s broker-dealer agent registration under the Act or to restrict or impose conditions on the securities activities that Petruzzi may perform in this state;
WHEREAS, Petruzzi, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing on him the following sanctions:
1. | (a) For a period of twenty-four months, Petruzzi shall not (1) apply for registration under the Act, or transact business in or from Connecticut as, a broker-dealer, agent, investment adviser or investment adviser agent as such terms are defined in Section 36b-3 of the Act; (2) rely on any definitional exclusion or exemption under the Act that would otherwise excuse registration by a person transacting business in or from Connecticut as an agent of issuer, broker-dealer agent, investment adviser agent, broker-dealer or investment adviser; (3) supervise any broker-dealer agents with respect to securities business transacted in or from Connecticut or with respect to Connecticut-based securities brokerage accounts; and (4) act as a finder for compensation, receive or split commissions or similar remuneration and/or receive referral fees in conjunction with the offer, sale or purchase of securities effected in or from Connecticut; (b) The twenty-four month term hereunder shall run from the date of Petruzzi's application for registration as an agent of MTL Equity Products, Inc. and shall conclude on November 1, 2011; and |
2. | After November 1, 2011, Petruzzi may apply for registration under the Act as an agent, investment adviser agent, investment adviser or broker-dealer, provided he files with the Division Director, concurrent with such application, a written submission stating that he has not been the subject of any securities-related complaints, actions or proceedings since the entry of this Consent Order and that he has at all times been in compliance with this Consent Order. The Commissioner, in the Commissioner’s sole discretion, may enter Petruzzi’s name on the appropriate register, deny Petruzzi’s registration, or restrict or impose conditions on the securities or investment advisory activities that Petruzzi may perform in this state without making the findings required by Section 36b-15(a) of the Act or complying with the requirements of subsections (f) and (g) of Section 36b-15 of the Act; |
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 Petruzzi if the Commissioner determines that compliance is not being observed with the terms hereof or if any representation made by Petruzzi and reflected herein is subsequently discovered to be untrue; |
3. | This Consent Order shall not preclude additional proceedings by the Commissioner against Petruzzi for acts or omissions not specifically addressed in this Consent Order or for acts and/or omissions that do not arise from the facts or transactions addressed herein; and |
4. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | _______/s/_________ | |
this 23rd day of June 2010. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, David P. Petruzzi, being duly sworn, 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/__________________ | |
David P. Petruzzi | |
Subscribed and sworn to before me
this 17th day of June 2010.
______/s/__________________________
Notary Public
My Commission Expires: Sept. 30, 2014