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STIPULATION AND
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WHEREAS, Advanced Business Banking Solutions LLC (“ABBS”) is a now defunct Connecticut limited liability company formed on May 28, 2009. ABBS was formally dissolved on December 27, 2016. ABBS’ last business address of record was 1331 Silas Deane Highway, Suite 202, Wethersfield, Connecticut 06109. ABBS’ business purpose was to provide credit card processing services to businesses;
WHEREAS, John Hamby (“Hamby”), the sole managing member of ABBS, was the subject of a July 18, 2017 Chapter 7 bankruptcy discharge (U.S. Bankruptcy Court, D. Conn., Case No. 15-31226(AMN));
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Chapter 672a of the General Statutes of Connecticut, the Connecticut Uniform Securities Act (“Act”) and Sections 36b-31-2 to 36b-31-33, inclusive, of the Regulations of Connecticut State Agencies (“Regulations”) promulgated under the Act;
WHEREAS, the Commissioner, through the Securities and Business Investments Division (“Division”) of the Department of Banking (“Department”) conducted an investigation of ABBS (“Investigation”) pursuant to Section 36b-26 of the Act;
WHEREAS, as a result of the Investigation, the Division obtained evidence that in 2011, ABBS offered and sold securities to at least one Connecticut investor, which securities were not registered in Connecticut under Section 36b-16 of the Act, nor were they the subject of a filed exemption claim or claim of covered security status;
WHEREAS, the Commissioner believes that the foregoing evidence would support the imposition of administrative sanctions against ABBS pursuant to Section 36b-27 of the Act, as amended by Public Act 17-236;
WHEREAS, an administrative proceeding initiated under Section 36b-27 of the Act, as amended, would constitute a “contested case” within the meaning of Section 4-166(4) of the General Statutes of Connecticut;
WHEREAS, Section 4-177(c) of the General Statutes of Connecticut and Section 36a-1-55(a) of the Regulations of the Connecticut State Agencies provide that a contested case may be resolved by stipulation or agreed settlement, unless precluded by law;
WHEREAS, the Commissioner and Hamby, acting on behalf of ABBS, desire to settle the matters described herein and voluntarily enter 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 and is being made to settle only the matters described herein;
WHEREAS, Hamby, acting on behalf of ABBS, expressly consents to the Commissioner’s jurisdiction under the Act and to the terms of this Stipulation and Agreement;
WHEREAS, Hamby, acting on behalf of ABBS, and through the execution of this Stipulation and Agreement, voluntarily waives any rights ABBS may have to seek judicial review or otherwise challenge or contest the terms and conditions of this Stipulation and Agreement;
AND WHEREAS, Hamby, acting on behalf of ABBS, specifically assures the Commissioner that none of the violations alleged in this Stipulation and Agreement shall occur in the future.
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, Hamby, acting solely on behalf of ABBS, shall remit to the Department by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut” the sum of five hundred dollars ($500) which shall constitute an administrative fine; |
| 2. |
ABBS, its control persons, affiliates and successors in interest shall refrain from offering or selling securities in or from Connecticut absent compliance with Section 36b-16 of the Act, including timely compliance with any applicable filing requirements; |
| 3. | Execution of this Stipulation and Agreement by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against ABBS or its successors in interest 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; and |
| 4. | This Stipulation and Agreement shall become binding when executed by ABBS and the Commissioner. |
IN WITNESS WHEREOF, the undersigned have executed this Stipulation and Agreement on the dates indicated.
| Dated at Hartford, Connecticut, | ____/s/_____________ | |
| this 27th day of November 2017. | Jorge L. Perez | |
| Banking Commissioner |
I, John Hamby, state on behalf of Advanced Business Banking Solutions 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 Advanced Business Banking Solutions LLC; and that Advanced Business Banking Solutions LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
| Advanced Business Banking Solutions LLC | ||
| By: | ____/s/___________________________ | |
| John Hamby | ||
| Managing Member |
State of: Connecticut
County of: Middlesex
On this the 24 day of November 2017, before me, the undersigned officer, personally appeared John Hamby, who acknowledged himself to be the Managing Member of Advanced Business Banking Solutions LLC, a limited liability company, and that he, as such Managing Member, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation [sic] by himself as Managing Member.
In witness whereof I hereunto set my hand.
_____/s/__________________________________
Notary Public / Commissioner of the Superior Court
Date Commission Expires: 6/30/2019