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CONSENT ORDER |
I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, ProEquities, through its 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-15(f) of the Act, Section 36b-27 of the 2018 Supplement and Section 4-177(a) of the General Statutes of Connecticut; |
2. | To present evidence and argument and to otherwise avail itself of Section 36b-15(f) of the Act, Section 36b-27 of the 2018 Supplement and. Section 4-177c(a) of the General Statutes of Connecticut; |
3. | To present its position in a hearing in which it 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 ALLEGATION
WHEREAS, ProEquities, through its execution of this Consent Order, and without admitting or denying the Commissioner’s allegations, acknowledges the following allegation of the Commissioner:
ProEquities violated Section 36b-31-6f(b) of the Regulations by failing to establish, enforce and maintain a system for supervising the activities of its agents that was reasonably designed to achieve compliance with applicable securities laws and regulations. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting ProEquities an opportunity for a hearing;
AND WHEREAS, ProEquities 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, ProEquities, through its execution of this Consent Order, consents to the Commissioner’s entry of an order imposing on it the following sanctions:
1. | ProEquities, its representatives, agents, and employees 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 engaging in any activity in or from Connecticut that violates Section 36b-31-6f(b) of the Regulations; |
2. | No later than the date this Consent Order is entered by the Commissioner, ProEquities shall remit to the Department, by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of seven thousand five hundred dollars ($7,500), which shall constitute an administrative fine; and |
3. | No later than the date this Consent Order is entered by the Commissioner, ProEquities shall remit to Investor One by cashier’s check, certified check or money order the sum of ninety dollars ($90), which represents the wire transfer fees incurred by Investor One in connection with the Third Party Wire and provide proof of such payment to the Commissioner. |
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 ProEquities and/or its affiliates and successors in interest 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; |
3. | Nothing in this Consent Order shall be construed as limiting the Commissioner’s ability to take enforcement action against ProEquities and/or its affiliates and successors in interest based upon evidence of which the Division was unaware on the date hereof relating to a violation of the Act or any regulation or order under the Act; |
4. | ProEquities shall not take any action or make or permit to be made any public statement, including in regulatory filings, any proceeding in any forum or otherwise, denying, directly or indirectly, any allegation referenced in this Consent Order or create the impression that this Consent Order is without factual basis; |
5. | ProEquities shall not take any position in any proceeding brought by or on behalf of the Commissioner, or to which the Commissioner is a party, that is inconsistent with any part of this Consent Order. Nothing in this provision affects ProEquities’ (i) testimonial obligations; or (ii) right to take a legal or factual position in litigation or other legal proceeding in which the Commissioner is not a party; and |
6. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut, | _____/s/_____________ | |
this 20th day of July 2018. | Jorge L. Perez | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
ProEquities, Inc. | |
By: | ______/s/_________ |
Christopher Flint | |
CEO |
State of: Alabama
County of: Jefferson
On this the 10th day of July 2018, before me, the undersigned officer, personally appeared Christopher Flint, who acknowledged himself to be the CEO of ProEquities, Inc., and that he, as such CEO, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of ProEquities, Inc., by himself as CEO.
____/s/___________________________ |
Notary Public |
Date Commission Expires: 12/15/2021 |
Administrative Orders and Settlements