WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (“Act”), and Sections 36b-31-2, et seq. of the Regulations of Connecticut State Agencies promulgated under the Act (“Regulations”);

WHEREAS, the Commissioner, through the Securities and Business Investments Division (“Division”) of the Department of Banking, conducted an investigation pursuant to Section 36b-26(a) of the 2006 Supplement to the General Statutes (Supplement), into the activities of Respondent, to determine whether Respondent had violated, was violating or was about to violate any provisions of the Act or Regulations;

WHEREAS, on May 19, 2006, the Commissioner, acting pursuant to Section 36b-27(a) of the 2006 Supplement and Section 36b-27(d) of the Act in effect prior to October 1, 2003, issued an Order to Cease and Desist, Notice of Intent to Fine (“Fine Notice”) and Notice of Right to Hearing against Respondent (collectively “Notice”), which Notice is incorporated by reference herein;

WHEREAS, the Fine Notice stated that the Commissioner intended to impose a fine against Respondent, that a hearing would be held on July 21, 2006, on the matters alleged in the Fine Notice, and that if the Respondent failed to appear at the hearing, the Commissioner may order a maximum fine of Twenty Thousand Dollars ($20,000) on Respondent;

WHEREAS, on May 22, 2006, the Notice was sent by registered mail, return receipt requested to Respondent;

WHEREAS, Respondent received the Notice on May 30, 2006;

WHEREAS, on July 21, 2006, Respondent failed to appear at the Hearing;

WHEREAS, in the Notice the Commissioner alleged that from at least November 2000 to the present, Respondent was an issuer of securities in the form of stock (“IVL Securities”);

WHEREAS, in the Notice the Commissioner alleged that from November 2000 to December 2000, Respondent, through an employee, offered and made at least two sales of IVL Securities to at least one Connecticut investor for a total of approximately Fifteen Thousand One Hundred Fifty Dollars ($15,150);

WHEREAS, in the Notice the Commissioner alleged that the IVL Securities that were offered and sold by Respondent were not registered in Connecticut under Section 36b-16 of the Act, nor were they exempt from registration under Section 36b-21 of the Act, nor were they covered securities;

WHEREAS, Section 36a-1-31(b) of the Regulations of Connecticut State Agencies provides, in pertient part, that “[w]hen a party fails to appear at a scheduled hearing, the allegations against the party may be deemed admitted”;

WHEREAS, prior to October 1, 2003, Section 36b-27(d)(2) of the Act provided, in pertient part, that “[i]f such person . . . fail[s] to appear at the hearing, the commissioner may, as the facts require, order that a fine not exceeding ten thousand dollars per violation be imposed upon such person”;

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

WHEREAS, the facts as set forth in paragraphs 7 through 9, inclusive, of the Notice shall constitute findings of fact, and the statutory and regulatory basis for the imposition of a fine set forth in paragraphs 10 and 11 of the Notice shall constitute conclusions of law;

WHEREAS, the Commissioner has complied with the requirements of Section 36b-15(f) of the Supplement;

WHEREAS, the Commissioner finds that Respondent committed two violations of Section 36b-16 of the Act;

WHEREAS, the Commissioner finds that Respondent offered and made at least two sales of unregistered securities to a Connecticut investor which securities were not registered in Connecticut under the Act, in violation of Section 36b-16 of the Act, which constitutes a basis for the imposition of a fine under the provisions of Section 36b-27(d) of the Act in effect prior to October 1, 2003;

WHEREAS, the Commissioner finds that the facts require the imposition of a fine against Respondent;

WHEREAS, Section 36b-31(a) of the Supplement provides, in pertinent 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 Supplement provides, in pertinent 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 order is necessary, appropriate in the public interest, 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.

ORDER

Having read the record, I HEREBY ORDER, pursuant to Section 36b-27(d)(2) of the Connecticut General Statutes in effect prior to October 1, 2003, that:

                                                     
Dated at Hartford, Connecticut
this 29th day of September 2006.               ________/s/_________
                                                            John P. Burke
                                                            Banking Commissioner

This Order was mailed by registered mail,
return receipt requested, to the Respondent
on September 29, 2006.

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Administrative Orders and Settlements