* * * * * * * * * * * * * * * * * *
VINING SPARKS IBG, L.P. * * * * * * * * * * * * * * * * * * |
* * * * * * * * * * |
CONSENT ORDER No. CO-10-7851-S |
PRELIMINARY STATEMENT
CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Vining Sparks, 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, Vining Sparks, through its execution of this Consent Order, accepts and consents to the entry of the following Findings by the Commissioner:
1. | 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; and |
2. | In contravention of Section 36b-6(b) of the Act, Vining Sparks employed numerous unregistered agents who effected securities transactions in this state, many of which were registered for an extended period of time; |
CONSENT TO ENTRY OF SANCTIONS
WHEREAS, Vining Sparks, through its execution of this Consent Order, consents to the Commissioner issuing an order imposing on it the following sanctions:
1. | Vining Sparks, its representatives, agents, employees, affiliates, assigns, successors in interest, and those persons in active concert or participation with them 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; and |
2. | No later than the date this Consent Order is entered by the Commissioner, Vining Sparks shall remit to the Department of Banking, via certified bank check or bank wire, payable to "Treasurer, State of Connecticut", the sum of twenty thousand dollars ($20,000) which shall constitute 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 Vining Sparks 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; and |
3. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | _______/s/_________ | |
this 27th day of September 2010. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, Harold L. Gladney, state on behalf of Vining Sparks IBG, L.P. 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 Vining Sparks IBG, L.P., that Vining Sparks IBG, L.P. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Vining Sparks IBG, L.P. voluntarily consents to the entry of this Consent Order, expressly waiving any right to a hearing on the matters described herein.
Vining Sparks IBG, L.P. | |
By | ______/s/_____________ |
Harold L. Gladney | |
Chief Compliance Officer |
On this 21 day of September 2010, personally appeared Harold L. Gladney, 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 Vining Sparks IBG, L.P. and acknowledged the same to be his free act and deed, before me.
_____/s/______________________________
Notary Public
Date Commission Expires: February 23, 2014