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IN THE MATTER OF: MICHAEL JAMES MAIURE ("Maiure") * * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER DOCKET NO. CF-2008-7405-S |
PRELIMINARY STATEMENT
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 Act into the alleged activities of Maiure, to determine whether Maiure had violated, was violating or was about to violate any provision of the Act or Regulations (“Investigation”);
WHEREAS, as a result of the Investigation, the Division alleges that Maiure effected the sale of securities in the account of at least one investor in Connecticut without being registered in Connecticut in violation of Section 36b-6(a) of the Act;
WHEREAS, as a result of the investigation, on February 6, 2008, the Commissioner, acting pursuant to Sections 36b-27(a) and 36b-27(d) of the 2008 Supplement to the General Statutes, issued an Order to Cease and Desist (“Order”), Notice of Intent to Fine (“Fine Notice”) and Notice of Right to Hearing against Maiure (collectively “Notice”) which notice is incorporated by reference herein;
WHEREAS, the Fine Notice stated that the Commissioner intended to impose a fine against Maiure; that a hearing would be held on the matters alleged in the Fine Notice on March 12, 2008 (“Fine Hearing”); and that if Maiure failed to appear at the Fine Hearing, the Commissioner may order that a maximum fine of One Hundred Thousand Dollars ($100,000) (“Fine”) be imposed upon Maiure;
WHEREAS, the Notice was received at Maiure’s house;
WHEREAS, Maiure failed to request a hearing within 14 days of receipt of the Notice;
WHEREAS, on February 27, 2008, a certification was issued rendering the Order permanent as of February 26, 2008 (“Certification”), which Certification is incorporated by reference herein;
WHEREAS, the Commissioner found in the Order, with respect to the activity described therein, that Maiure violated Section 36b-6(a) of the Act;
WHEREAS, on March 27, 2008, the Commissioner received a letter from Maiure claiming that the Notice was received by his parents since he was away on active military training and, therefore, he was unable to request a hearing;
WHEREAS, Maiure was away on active military training between January 7, 2008 and March 4, 2008;
WHEREAS, Section 36b-31(a) of the Act, 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 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by consent order, unless precluded by law;
WHEREAS, Maiure and the Commissioner now desire to resolve the matters alleged in the Notice;
WHEREAS, Maiure agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language in this Consent Order.
CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Maiure, through his execution of this Consent Order, voluntarily waives the following rights:
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To be afforded an opportunity for a hearing within the meaning of Sections 36b-27(a) and 36b-27(d) of the 2008 Supplement to the General Statutes and Section 4-177(a) of the Connecticut General Statutes; |
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To present evidence and argument and to otherwise avail himself of Sections 36b-27(a) and 36b-27(d) of the 2008 Supplement to the General Statutes and Section 4-177c(a) of the Connecticut General Statutes; |
| 3. | To present his position in a hearing in which he may be represented by counsel; |
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To have a written record of the hearing and a final decision by the Commissioner; and
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To seek judicial review of, or otherwise challenge or contest, the matters described herein, including the validity of this Consent Order.
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ACKNOWLEDGEMENT OF THE COMMISSIONER'S ALLEGATIONS
WHEREAS, Maiure, through his execution of this Consent Order, acknowledges, without admitting or denying the allegation, that the Commissioner has alleged that Maiure effected the sale of securities in the account of at least one investor in Connecticut without being registered as an agent in violation of Section 36b-6(a) of the Act;
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Maiure an opportunity for a hearing;
WHEREAS, 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;
WHEREAS, Maiure acknowledges the possible consequences of an administrative hearing and voluntarily agrees to consent to the entry of the sanction described below.
CONSENT TO ENTRY OF SANCTION
WHEREAS, Maiure, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing on him the following sanction:
No later than the date this Consent Order is issued by the Commissioner, Maiure shall remit to the Department of Banking, by cashier’s or certified check made payable to “Treasurer, State of Connecticut”, the sum of Five Hundred Dollars ($500) as an administrative fine.
AND WHEREAS, Maiure specifically assures the Commissioner that the violation alleged in the Notice shall not occur in the future.
CONSENT ORDER
NOW THEREFORE, the Commissioner enters the following:
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The Sanction set forth above be and is hereby entered; |
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The Order that became permanent on February 26, 2008, is hereby rescinded and the Fine Notice is hereby withdrawn; |
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Entry of this Consent Order by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against Maiure 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 Maiure and reflected herein are subsequently discovered to be untrue; and |
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This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut
this 28th day of August 2008. ________/s/_________
Howard F. Pitkin
Banking Commissioner
CONSENT TO ENTRY OF ORDER
I, Michael James Maiure, 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 James Maiure
State of: New York
County of: Nassau
On this the 25th day of August 2008, before me, Mary M. Hopkins, the undersigned officer, personally appeared Michael James Maiure, 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.
In witness whereof I hereunto set my hand.
________/s/_________
Notary Public
Date Commission Expires: 01/09/2010