WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (“Act”) as amended by Public Act 05-177 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 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 December 8, 2005, the Commissioner, acting pursuant to Section 36b-27(a) of the Act, Section 4-182(c) of the Connecticut General Statutes and Section 36b-27(d) of the Act, issued an Order to Cease and Desist (“Order”), 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 January 19, 2006, on the matters alleged in the Fine Notice, and that if Respondent failed to appear at the hearing, the Commissioner may order that a maximum fine of One Hundred Thousand Dollars ($100,000) be imposed upon Respondent;

WHEREAS, on December 28, 2005, the Notice was received by Respondent at its office located at Ricardo J. Alfaro Avenue, Tower Building, Floor 20, Office 207, Bethania Panama, Republic of Panama;

WHEREAS, on January 19, 2006, Respondent failed to appear at the Hearing;

WHEREAS, on January 19, 2006, the Order to Cease and Desist that was issued against Respondent was made permanent;

WHEREAS, the Commissioner alleged in the Notice that Respondent, through the Internet, offered securities for sale to Connecticut investors, which 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 against Respondent under Section 36b-27(d) of the Act;

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

WHEREAS, Section 36b-27(d)(2) of the Act provides, in relevant part, that “[i]f such person fails to appear at the hearing, the commissioner may, as the facts require, order that a fine be imposed upon such person”;

WHEREAS, the facts as set forth in paragraph 7 of the Notice shall constitute findings of fact, and the statutory and regulatory basis for the imposition of a fine, set forth in paragraphs 8 and 9 of the Notice, shall constitute conclusions of law;

WHEREAS, the Commissioner has complied with the requirements of Section
4-182(c) of the Connecticut General Statutes;

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

WHEREAS, the Commissioner finds that Respondent has violated Section 36b-16 of the Act;

WHEREAS, Section 36b-31(a) of the Act 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 Act 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 the imposition of a fine 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.

AMENDED ORDER

Entered at Hartford, Connecticut
this 17th day of April 2006.            ________/s/_________
                                                John P. Burke
                                                Banking Commissioner

This Order was sent by certified
mail, return receipt requested, to
Respondent on April 17, 2006.

PIPS Incorporated                        Registered Mail No. RB 028 033 128 US     
P.T. 7323, 2nd Floor
Jalan BBN1/2 E
Bandar Baru Nilai
Negeri Sembilan 71800
Malaysia

PIPS Incorporated                        Registered Mail No. RB 028 033 131 US
Ricardo J. Alfaro Avenue
Tower Building, Floor 20
Office 207
Bethania Panama
Republic of Panama

Administrative Orders and Settlements