I. PRELIMINARY STATEMENT

Section 36b-15(e)(1) of the 2006 Supplement to the General Statutes provides, in pertinent part:

Section 4-182(c) of the Connecticut General Statutes provides, in pertinent part:

V.  NOTICE OF INTENT TO REVOKE BROKER-DEALER
REGISTRATION AND NOTICE OF RIGHT TO HEARING

WHEREAS, the Commissioner has reason to believe that Respondent has engaged in acts or conduct that, pursuant to Section 36b-15(a) of the 2006 Supplement to the General Statutes, constitute grounds for revoking its registration as a broker-dealer in Connecticut;

WHEREAS, the Commissioner believes that the issuance of an order revoking registration would be in the public interest and consistent with the purposes fairly intended by the policy and provisions of the Act;

AND WHEREAS, Section 36b-15(f) of the 2006 Supplement to the General Statutes provides, in pertinent part, that “[n]o order may be entered under this section . . . without (1) appropriate prior notice to the . . . registrant . . . , (2) opportunity for hearing, and (3) written findings of fact and conclusions of law”.

NOW THEREFORE, notice is hereby given to Respondent that its registration as a broker-dealer in Connecticut shall be revoked, subject to its right to a hearing on the allegations set forth above.

A hearing will be granted to Respondent if a written request for a hearing is received by the Department of Banking, Legal Division, 260 Constitution Plaza, Hartford, Connecticut 06103-1800, within fourteen (14) days following its receipt of this Notice.  The enclosed Appearance and Request for Hearing Form must be completed and mailed to the above address.  If Respondent will not be represented by an attorney at the hearing, please complete the Appearance and Request for Hearing Form as “pro se.”  Once a written request for a hearing is received, the Commissioner may issue a notification of hearing and designation of hearing officer that acknowledges receipt of a request for a hearing, designates a presiding officer and sets the date of the hearing in accordance with Section 4-177 of the Connecticut General Statutes and Section 36a-1-21 of the Regulations of Connecticut State Agencies.

The hearing will be held in accordance with the provisions of Chapter 54 of the Connecticut General Statutes.  At such hearing, Respondent will have the right to appear and present evidence, rebuttal evidence and argument on all issues of fact and law to be considered by the Commissioner.

If Respondent fails to request a hearing within the prescribed time period, the Commissioner shall issue an order revoking its registration as a broker-dealer in Connecticut.

VI.  ORDER SUMMARILY SUSPENDING BROKER-DEALER REGISTRATION

WHEREAS, the Commissioner has initiated proceedings to revoke Respondent’s registration as a broker-dealer in Connecticut under Section 36b-15(a) of the 2006 Supplement to the General Statutes;

AND WHEREAS, the Commissioner finds, pursuant to Section 4-182(c) of the Connecticut General Statutes, that public welfare imperatively requires emergency action because the Commissioner has reason to believe that Respondent has engaged in acts or conduct that violated the Act and Regulations, and Respondent’s failure to provide information requested by the Commissioner prevents the Commissioner from determining the extent of Respondent’s violations and the harm to the public.

NOW THEREFORE IT IS ORDERED, pursuant to Section 36b-15(c) of the 2006 Supplement to the General Statutes and Section 4-182(c) of the Connecticut General Statutes, that Respondent’s registration as a broker-dealer in Connecticut be and is hereby SUMMARILY SUSPENDED pending final determination of the proceedings to revoke Respondent’s registration.  Pursuant to Section 36b-15(c) of the 2006 Supplement to the General Statutes, this Order Summarily Suspending Registration will be set down for a hearing within fifteen (15) days after the receipt of a written request for a hearing from Respondent.

If no hearing is requested on this Order and none is ordered by the Commissioner, this Order will remain in effect until it is modified or vacated by the Commissioner.  If a hearing is requested or ordered, the Commissioner, after notice and opportunity for hearing, may modify or vacate this Order or extend it until final determination of the proceeding to revoke Respondent’s registration as a broker-dealer in Connecticut.

VII.  NOTICE OF INTENT TO FINE RESPONDENT AND NOTICE OF HEARING

WHEREAS, the Commissioner finds as a result of an investigation by the Division that Respondent has wilfully violated Sections 36b-6(b) and 36b-14(d) of the 2006 Supplement to the General Statutes, Section 36b-16 of the Act and Sections 36b-31-6f(b), 36b-31-14a(a) and 36b-31-14f(b)(3) of the Regulations;

WHEREAS, the Commissioner believes that the imposition of a fine upon Respondent would be in the public interest and consistent with the purposes fairly intended by the policy and provisions of the Act;

AND WHEREAS, notice is hereby given to Respondent that the Commissioner intends to impose a fine not to exceed One Hundred Thousand Dollars ($100,000) per violation or a maximum fine of Six Hundred Thousand Dollars ($600,000).

NOW THEREFORE, a hearing will be held in accordance with Section           36b-27(d)(2) of the 2006 Supplement to the General Statutes and Chapter 54 of the Connecticut General Statutes.

The hearing will be held on March 27, 2007, at the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut.

At the hearing, Respondent will have the right to appear and present evidence, rebuttal evidence and argument on all issues of fact and law relating to the allegations stated herein.  If Respondent fails to appear at such hearing, the Commissioner may order that the maximum fine be imposed upon Respondent.

VIII.  ORDER DENYING WITHDRAWAL OF
REGISTRATION AS BROKER-DEALER

WHEREAS, Section 36b-31(a) of the 2006 Supplement to the General Statutes provides, in relevant part, that “[t]he commissioner may from time to time make . . . such . . . orders as are necessary to carry out the provisions of sections 36b-2 to 36b-33, inclusive”;

WHEREAS, Section 36b-31(b) of the 2006 Supplement to the General Statutes provides, in relevant part, that “[n]o . . . order may be made . . . unless the commissioner finds that the action 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 sections 36b-2 to 36b-33, inclusive”;

AND WHEREAS, the Commissioner finds that this action is necessary and appropriate in the public interest and for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of Sections 36b-2 to 36b-33, inclusive, of the Act.

ORDER

Entered at Hartford, Connecticut
this 26th day of January 2007.           ________/s/_________
                                                    Howard F. Pitkin
                                                    Banking Commissioner

CERTIFICATION

I hereby certify that on this 26th day of January 2007, the foregoing Notice of Intent to Revoke Registration as Broker-dealer, Order Summarily Suspending Registration as Broker-dealer, Order Denying Withdrawal of Registration as Broker-dealer Notice of Intent to Fine and Notice of Right to Hearing was sent by registered mail, return receipt requested, to Great Eastern Securities,          Inc., 50 Broad Street, Suite 1401, New York, New York 10004, registered mail no. RB028033468US.

Administrative Orders and Settlements