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MICHAEL JAMES BYL * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER DOCKET NO. CR-14-8150-S |
I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Respondent, through his execution of this Consent Order, voluntarily waives the following rights:
1. | To be afforded notice and an opportunity for a hearing within the meaning of Sections 36b-15(f) and 36b-27 of the Act and Section 4-177(a) of the General Statutes of Connecticut; |
2. | To present evidence and argument and to otherwise avail himself of Sections 36b-15(f) and 36b-27 of the Act and Section 4-177c(a) of the General Statutes of Connecticut; |
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. |
III. ACKNOWLEDGEMENT OF THE COMMISSIONER'S ALLEGATIONS
WHEREAS, Respondent, through his execution of this Consent Order, acknowledges the following allegations of the Commissioner, and admits sufficient evidence exists for the Commissioner to issue a permanent order to cease and desist and/or an order revoking Respondent’s registration as an investment adviser agent in Connecticut:
1. | Respondent’s failure to pay the April 4, 2012 FINRA Arbitration Award constitutes a dishonest or unethical practice in the securities business within the meaning of Section 36b-15(a)(2)(H) of the Act and Sections 36b-31-15d(a)(3) and 36b-31-15c(a)(19) of the Regulations; |
2. | The December 18, 2013, FINRA suspension of Respondent forms the basis for the revocation of Respondent’s investment adviser agent registration in Connecticut pursuant to Section 36b-15(a)(2)(F)(iii) of the Act; and |
3. | Respondent violated Section 36b-31-14e(a) of the Regulations by failing to update his Form U-4 on file with the Commissioner to disclose, inter alia, the 2012 Arbitration Award, his failure to pay the April, 4, 2012 Arbitration Award and his suspension by FINRA. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Respondent an opportunity for a hearing;
AND WHEREAS, Respondent acknowledges the possible consequences of an administrative hearing and voluntarily agrees to consent to the entry of the sanctions described below.
IV. CONSENT TO ENTRY OF SANCTIONS
WHEREAS, Respondent, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:
1. | Respondent 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 person, organization or other device; |
2. | From the date this Consent Order is entered by the Commissioner until one (1) year after the date the April 4, 2012 FINRA arbitration panel award is paid and documented proof of payment furnished to the Commissioner, Respondent is barred from: (a) transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent, as such terms are defined in the Act, and notwithstanding any definitional exclusion that might otherwise be available; (b) acting as a finder for compensation, or receiving referral fees, directly or indirectly, in connection with any recommendation, sale or purchase of securities; (c) directly or indirectly soliciting or accepting funds for investment purposes from public or private investors in or from Connecticut; and (d) maintaining a direct or indirect ownership interest in a broker-dealer or an investment adviser registered or required to be registered in Connecticut; and |
3. | No later than the date that this Consent Order is entered by the Commissioner, Respondent shall withdraw Landmark’s registration as an investment adviser under the Act and provide suitable written proof of such withdrawal to the Commissioner. |
V. 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 Respondent 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; |
3. | Nothing in this Consent Order shall be construed as limiting the Commissioner's ability to take enforcement action against Respondent based upon evidence of which the Division was unaware on the date hereof relating to a violation of the Act or any regulation or order under the Act; and |
4. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut, | _______/s/_________ | |
this 3rd day of December 2014. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, Michael James Byl, 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 consent to the entry of this Consent Order.
_____/s/_______ |
Michael James Byl |
State of: New York
County of: New York
On this the 25th day of November 2014, before me, Joanne Brennan, the undersigned officer, personally appeared Michael James Byl, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained.
_____/s/__________________________ |
Notary Public |
Date Commission Expires: Sept. 10, 2016 |