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MORTGAGE AND CREDIT SEAN PATRICK MORIARTY (Collectively "Respondents")
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I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Respondents, through their execution of this Consent Order, voluntarily waive the following rights:
1. | To be afforded an opportunity for a hearing within the meaning of Section 36b-72 of 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-72 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, Respondents, through their execution of this Consent Order, acknowledge and admit the following allegations of the Commissioner, which are sufficient for the Commissioner to enter an order to cease and desist and an order imposing an administrative fine against Respondents:
From at least June 2008 to the present, Respondents sold unregistered MACS business opportunities to at least one purchaser-investor in Connecticut in violation of Section 36b-67 of the Act, which constitutes a basis for an order to cease and desist pursuant to Section 36b-72(a) of the Act, and an order imposing fine pursuant to Section 36b-72(b) of the Act. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Respondents an opportunity for a hearing;
WHEREAS, Respondents acknowledge the possible consequences of an administrative hearing and voluntarily consent to the entry of the sanctions described below;
AND WHEREAS, Respondents specifically assure the Commissioner that none of the violations alleged in the Notice shall occur in the future.
IV. CONSENT TO ENTRY OF SANCTIONSWHEREAS, Respondents, through their execution of this Consent Order, consent to the Commissioner’s entry of a Consent Order imposing on them the following sanctions:
1. |
The Order to Cease and Desist set forth in the Notice shall become permanent upon the issuance of this Consent Order;
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2. |
For a period of seven (7) years commencing on the date this Consent Order is issued by the Commissioner, Respondents are barred from offering or selling any “business opportunity”, as defined in Section 36b-61(2) of the Act, in this state within the meaning of Section 36b-75 of the Act; and
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After the expiration of the seven (7) year bar referenced in paragraph 2 of Section IV of this Consent Order and prior to the offer or sale of a business opportunity in or from Connecticut by Respondents, their affiliates or successors in interest, Respondents shall retain counsel familiar with the regulation of business opportunities to ensure that their activities comply with business opportunity laws and regulations, including, but not limited to, the Act and its registration requirements.
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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 Respondents 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 Respondents and reflected herein are subsequently discovered to be untrue; and |
3. | This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut, | _______/s/____________ | |
this 22nd day of June 2011. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, Sean Patrick Moriarty, state on behalf of Mortgage and Credit Solutions, 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 Mortgage and Credit Solutions, LLC; that Mortgage and Credit Solutions, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Mortgage and Credit Solutions, LLC voluntarily consents to the issuance of this Consent Order.
Mortgage and Credit Solutions, LLC | |
By: | ______/s/_________________ |
Sean Patrick Moriarty | |
Managing Member |
State of: Colorado
On this the 17 day of June 2011, before me, Sean Patrick Moriarty [sic], the undersigned officer, personally appeared Sean Patrick Moriarty, who acknowledged himself to be the Managing Member of Mortgage and Credit Solutions, LLC, a limited liability company, and that he, as such Managing Member, being authorized to do so, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself as Managing Member.
______/s/_________________________
Cynthia Gilabert
Notary Public
State of Colorado
Date Commission Expires: 6/29/2013
CONSENT TO ENTRY OF ORDER
I, Sean Patrick Moriarty, 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 I consent to the issuance of this Consent Order.
______/s/____________ |
Sean Patrick Moriarty |
State of: Colorado
On this the 17 day of June 2011, before me, Sean Patrick Moriarty [sic], the undersigned officer, personally appeared Sean Patrick Moriarty, 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/_________________________
Cynthia Gilabert
Notary Public
State of Colorado
Date Commission Expires: 6/29/2013