* * * * * * * * * * * * * * * * * *
JOHN WILLIAM RAFAL * * * * * * * * * * * * * * * * * * |
* * * * * * * * * * * *
|
CONSENT ORDER No. CO-17-8312-S |
I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Rafal, through his 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 Sections 36b-15(f) and 36b-27 of the Act and Section 4-177(a) of the General Statutes of Connecticut; |
2. | To present evidence and argument and to otherwise avail himself of Sections 36b-15(f) and 36b-27 of the Act and Section 4-177c(a) of the General Statutes of Connecticut; |
3. | To present his position in a hearing in which he 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 ALLEGATIONS
WHEREAS, Rafal, through his execution of this Consent Order, acknowledges the following allegations of the Commissioner:
1. |
Rafal violated Section 36b-23 of the Act by making a statement to the Commissioner that was, at the time and in the light of the circumstances under which it was made, false or misleading in a material respect and/or, in connection with the statement, omitted to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading; and |
2. | Rafal engaged in dishonest or unethical practices in the securities business within the meaning of Section 36b-15(a)(2)(H) of the Act and Sections 36b-31-15b and 36b-31-15d of the Regulations. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Rafal an opportunity for a hearing;
AND WHEREAS, Rafal seeks to avoid the expense of a disputed hearing and 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, Rafal, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:
1. | Rafal shall cease and desist from engaging in conduct constituting or which would constitute a violation of the Act or any regulation or order under the Act, either directly or through any person, organization or other device, including, without limitation, violating Section 36b-23 of the Act and engaging in dishonest or unethical business practices within the meaning of Section 36b-15(a)(2)(H) and Sections 36b-31-15b and 36b-31-15d of the Regulations; |
2. | From the date this Consent Order is entered by the Commissioner, the registration of Rafal as a broker-dealer agent and investment adviser agent under the Act shall be REVOKED and Rafal, either directly or through any person, organization, entity or other device, shall be PERMANENTLY BARRED from (a) transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent, as such terms are defined in the Act, and notwithstanding any definitional exclusion that might otherwise be available under the Act; (b) acting in any other capacity which requires a license or registration from the Commissioner; and (c) without the consent of the Commissioner, holding any position as a director, officer, employee or independent contractor with any Connecticut-chartered bank or credit union, or any federal bank or credit union with its principal office in Connecticut, or with a holding company that holds a subsidiary that is a bank, as defined in Section 36a-2 of the General Statutes of Connecticut; and |
3. | No later than the date this Consent Order is entered by the Commissioner, Rafal shall remit to the Department, by wire transfer the sum of fifteen thousand dollars ($15,000) as an administrative fine. |
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 Rafal 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. | This Consent Order shall not preclude additional proceedings by the Commissioner against Rafal for acts or omissions not specifically addressed in the Notice or for acts and/or omissions that do not arise from the facts or transactions addressed in such Notice; |
4. | Rafal shall not take any action or make or permit to be made any public statement, including in regulatory filings 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. | Rafal 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. However, nothing is [sic] this Consent Order affects Rafal’s (i) testimonial obligations or (ii) right to take any legal or factual position in litigation, arbitration, or other legal proceedings 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 26th day of January 2017. | Jorge L. Perez | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, John William Rafal, 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 consent to the entry of this Consent Order.
_____/s/_________ |
John William Rafal |
_____/s/__________________________
Notary Public
Date Commission Expires: May 31, 2020