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I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, FP and Landeen, through their execution of this Consent Order, voluntarily waive the following rights:
1. | To be afforded notice and an opportunity for a hearing within the meaning of Section 36b-15 of the Act, as amended, Section 36b-27(a) of the Act, and Section 4-177(a) of the General Statutes of Connecticut; |
2. | To present evidence and argument and to otherwise avail themselves of Section 36b-15 of the Act, as amended, Section 36b-27(a) of the Act and Section 4-177c(a) of the General Statutes of Connecticut; |
3. | To present their position in a hearing in which they are 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, FP and Landeen, through their execution of this Consent Order, acknowledge the following allegations of the Commissioner, without admitting or denying them, yet admit sufficient evidence exists for the Commissioner to enter an order denying FP’s registration as an investment adviser in Connecticut, and an order to cease and desist against Landeen and an order denying Landeen’s registration as an investment adviser agent under the Act:
1. | The entry of this Consent Order is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of the Act; |
2. | FP’s failure to fulfill the experience requirements set forth in Section 36b-31-7b of the Regulations constitutes grounds for the denial of FP’s investment adviser registration pursuant to Section 36b-15 of the Act, as amended; |
3. | The conduct of Landeen, a managing member and control person of FP, in wilful violation of Section 36b-23 of the Act and Section 36b-31-14e of the Regulations, constitutes a basis to deny FP’s investment adviser registration under Section 36b-15 of the Act, as amended, and a basis for an order to cease and desist against Landeen; and |
4. | Landeen’s filing of a false or misleading statement constitutes grounds for the denial of Landeen’s investment adviser agent registration pursuant to Sections 36b-15(a)(2)(A) of the Act, as amended. The filing of such a false or misleading statement with the Commissioner also constitutes a wilful violation of Section 36b-23 of the Act and a wilful violation of Section 36b 31-14e of the Regulations and a basis for an order to cease and desist against Landeen and an order denying Landeen’s investment adviser agent registration under Section 36b-15(a)(2)(B) of the Act, as amended. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting FP and Landeen an opportunity for a hearing;
AND WHEREAS, FP and Landeen acknowledge the possible consequences of an administrative hearing and voluntarily agree to consent to the entry of the sanctions described below.
IV. CONSENT TO ENTRY OF SANCTIONSWHEREAS, FP and Landeen, through their execution of this Consent Order, consents [sic] to the Commissioner’s entry of a Consent Order imposing the following sanctions:
1. | FP shall withdraw its application for registration as an investment adviser in Connecticut that it filed with the Commissioner on April 24, 2009; |
2. | Landeen shall withdraw his application for registration as an investment adviser agent of FP in Connecticut that he filed with the Commissioner on October 27, 2009; |
3. | For a period of ten (10) years commencing on the date this Consent Order is entered by the Commissioner, Landeen 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; |
4. | Nothing in this Consent Order shall preclude Landeen, upon a showing of good cause, from applying in writing for relief from the provisions of paragraph 3 of Section IV of this Consent Order after seven (7) years have elapsed from the entry of this Consent Order. Landeen shall include with any such application a written submission stating that Landeen has not been the subject of any financial services industry complaints, actions or proceedings since the entry of this Consent Order and that he has at all times been in compliance with this Consent Order. The grant of such relief shall be in the sole discretion of the Division Director; and |
5. | Landeen 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. |
AND WHEREAS, FP and Landeen specifically assure the Commissioner that none of the violations alleged in the Notice or this Consent Order shall occur in the future.
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 FP and/or Landeen 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. |
Dated at Hartford, Connecticut, | _______/s/_________ | |
this 7th day of May 2010. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, Douglas Kirk Landeen, state on behalf of Financial Partners LLC, 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 Financial Partners LLC; that Financial Partners LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Financial Partners LLC consents to the entry of this Consent Order, expressly waiving any right to a hearing on the matters described herein.
Financial Partners LLC | |
By: | ______/s/__________________ |
Douglas Kirk Landeen | |
Managing Member |
State of: Connecticut
On this the 5 day of May 2010, before me, January E. Roman, the undersigned officer, personally appeared Douglas Kirk Landeen, who acknowledged himself to be the Managing Member of Financial Partners 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 limited liability company by himself as Managing Member.
_________/s/______________________________
Notary Public/Commissioner of the Superior Court
Date Commission Expires: March 31, 2014
CONSENT TO ENTRY OF ORDER
I, Douglas Kirk Landeen, 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, expressly waiving any right to a hearing on the matters described herein.
______/s/__________________ | |
Douglas Kirk Landeen | |
State of: Connecticut
On this the 5 day of May 2010, before me, January E. Roman, the undersigned officer, personally appeared Douglas Kirk Landeen, 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/Commissioner of the Superior Court
Date Commission Expires: March 31, 2014