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MICHAEL H. CLINTON * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER No. CO-12-7990-S |
I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Clinton, though 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 Section 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 Section 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, Clinton, through his execution of this Consent Order, acknowledges the following allegations of the Commissioner, without admitting or denying them, yet admits that sufficient evidence exists for the Commissioner to issue an order to cease and desist and an order imposing a maximum administrative fine of one hundred thousand dollars ($100,000) per violation of the Act, or any regulation, rule or order adopted or issued thereunder:
1. | Clinton violated Section 36b-6(a) of the Act by transacting business in Connecticut absent registration as an agent; and |
2. | Clinton violated Section 36b-16 of the Act by offering and/or selling securities that were not registered under the Act to at least nineteen (19) Connecticut investors. |
WHEREAS, Clinton, through his execution of this Consent Order, consents to the Commissioner's entry of a Consent Order imposing on him the following sanctions:
1. | Clinton 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. | For a period of seven (7) years commencing on the date this Consent Order is entered by the Commissioner, Clinton is barred from 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, including acting as a finder for compensation, splitting commissions, or receiving referral fees, directly or indirectly, in connection with any recommendation, sale or purchase of securities; |
3. | Clinton shall consult with Connecticut legal counsel sufficiently experienced in state and federal securities law to discuss any future securities related activities to ensure compliance with applicable securities laws; |
4. | No later than the date this Consent Order is entered by the Commissioner, Clinton shall remit to the department by certified bank check payable to "Treasurer, State of Connecticut" the sum of seven thousand five hundred dollars ($7,500) as an administrative fine: [sic] and |
5. | Nothing in this Consent Order shall preclude Clinton, upon a showing of good cause, from applying in writing for relief from the provisions of paragraph 2 of Section IV Consent to Entry of Sanctions of this Consent Order after five (5) years have elapsed from the entry hereof. The grant of such relief shall be in the sole discretion of the Division. |
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 Clinton 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 or if any representations made by Clinton and reflected herein are subsequently discovered to be untrue; and |
3. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | _______/s/____________ | |
this 21st day of March, 2012. | Howard F. Pitkin | |
Banking Commissioner |
VI. CONSENT TO ENTRY OF ORDER
I, Michael H. Clinton, 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 issuance of this Consent Order, expressly waiving any right to a hearing on the matters described herein.
______/s/____________ |
Michael H. Clinton |
Subscribed and sworn to before me
this 16th day of March, 2012.
______________/s/______________________
Commissioner of the Superior Court
Date Commission Expires: [blank in original]