* * * * * * * * * * * * * * * * * *
SILVER OAK SECURITIES, INC. * * * * * * * * * * * * * * * * * * |
* * * * * * * * * |
CONSENT ORDER No. CO-09-7624-S |
PRELIMINARY STATEMENT
CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Silver Oak, through its 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 itself of Section 4-177c(a) of the Connecticut General Statutes; |
3. | To present its position in a hearing in which it 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, Silver Oak, through its execution of this Consent Order, accepts and consents 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 early 2008 forward, Silver Oak violated Section 36b-6(d) of the Act by transacting business from three places of business located in Connecticut at a time when such locations were not registered as branch offices under the Act; |
CONSENT TO ENTRY OF SANCTIONS AND REMEDIAL MEASURES
WHEREAS, Silver Oak, through its execution of this Consent Order, consents to the Commissioner issuing an order imposing on it the following sanctions and remedial measures:
1. | Silver Oak, its officers, directors, representatives, agents, employees, affiliates, and successors in interest 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 from any place of business in the State of Connecticut unless that place of business is registered as a branch office under Section 36b-6(d) of the Act; |
2. | Silver Oak shall implement revised supervisory and compliance procedures designed to improve regulatory compliance, which procedures shall, at a minimum, provide for enhanced monitoring of branch office registration requirements; and |
3. | No later than the date this Consent Order is entered by the Commissioner, Silver Oak shall remit to the department by check made payable to “Treasurer, State of Connecticut” the sum of five thousand dollars ($5,000), three thousand dollars ($3,000) of which shall constitute an administrative fine and two thousand dollars ($2,000) of which shall be applied to defray the Division’s examination and investigative costs; |
CONSENT ORDER
NOW THEREFORE, the Commissioner enters the following:
1. | The Findings, Sanctions and Remedial Measures 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 Silver Oak, its officers, directors, agents, employees and 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 Silver Oak and reflected herein is subsequently determined to be untrue; and |
3. | This Consent Order shall become final when entered. |
________/s/_________
Howard F. Pitkin
Banking Commissioner
this 26th day of June 2009.
CONSENT TO ENTRY OF ORDER
I, William E. Hopkins II, state on behalf of Silver Oak Securities, Inc. 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 Silver Oak Securities, Inc.; that Silver Oak Securities, Inc. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Silver Oak Securities, Inc. voluntarily consents to the entry of this Consent Order expressly waiving any rights it may have to a hearing on the matters described herein.
Silver Oak Securities, Inc.
By
_________/s/________________________
William E. Hopkins, II
President
On this 23 day of June 2009, personally appeared William E. Hopkins, II, 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 Silver Oak Securities, Inc., a corporation, and acknowledged the same to be his free act and deed, before me.
_______________/s/_______________
Notary Public
My Commission Expires: Nov. 29, 2009