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PETER D. HERSHMAN * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER No. CO-15-8222-S |
I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Hershman, 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 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, Hershman, through his execution of this Consent Order, and without admitting or denying any of the Commissioner’s allegations, acknowledges the following allegations of the Commissioner:
1. | Commencing in 2011, Hershman, with the express or implied authorization of EFS, solicited at least one investment advisory client on behalf of EFS and received compensation from EFS during 2012 in connection with such solicitation activity. |
2. | Hershman violated Section 36b-6(c) of the Act by transacting business as an unregistered investment adviser agent of EFS. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Hershman an opportunity for a hearing;
AND WHEREAS, Hershman 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, Hershman, through his execution of this Consent Order, consents to the Commissioner’s entry of an order imposing on him the following sanctions:
1. | Hershman shall cease and desist from engaging in conduct constituting or which would constitute a violation of the Act or any regulation, rule or order adopted or issued under the Act, either directly or through any person, organization or other device, including without limitation, transacting business in or from Connecticut as an investment adviser agent absent registration; and |
2. | No later than the date this Consent Order is entered by the Commissioner, Hershman shall remit to the Department, by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of three thousand five hundred dollars ($3,500) as an administrative fine. |
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 Hershman if the Commissioner determines that compliance is not being observed with the terms hereof; |
3. | This Consent Order shall not preclude additional proceedings by the Commissioner against Hershman for acts or omissions not specifically addressed in this Consent Order or for acts and/or omissions that do not arise from the facts or transactions addressed herein; and |
4. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | _____/s/____________ | |
this 26 day of June 2015. | Jorge L. Perez | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, Peter D. Hershman, 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 entry of this Consent Order, expressly waiving any right to a hearing on the matters described herein.
_____/s/_________ |
Peter D. Hershman |
On this 23rd day of June 2015, personally appeared Peter D. Hershman, signer of the foregoing Consent Order, who, being duly sworn, did acknowledge the same to be his free act and deed, before me.
__________/s/____________________ |
Commissioner of the Superior Court |
Date Commission Expires: [n/a] |