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CAROLYN SETTZO * * * * * * * * * * * * * * * * * |
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CONSENT ORDER No. CO-15-8257-S |
I. PRELIMINARY STATEMENT
WHEREAS, without holding a hearing and without trial or adjudication of any issue of fact or law, and prior to the initiation of any formal proceeding, the Commissioner and Carolyn Settzo reached an agreement, the terms of which are reflected in this Consent Order, in full and final resolution of the matters described herein;
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Carolyn Settzo, through her 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 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 herself of Sections 36b-15 and 36b-27 of the Act and Section 4-177c(a) of the General Statutes of Connecticut; |
3. | To present her position in a hearing in which she 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, Carolyn Settzo, through her execution of this Consent Order, acknowledges the following allegations of the Commissioner without admitting or denying them:
At various times between 2009 and 2014, Carolyn Settzo violated Section 36b-6(c) of the Act by advising others, for compensation, as to the value of securities or as to the advisability of investing in, purchasing or selling securities, at a time when Carolyn Settzo was not registered as an investment adviser under the Act. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Carolyn Settzo an opportunity for a hearing;
AND WHEREAS, Carolyn Settzo 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, Carolyn Settzo, through her execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing on her the following sanctions:
1. | Carolyn Settzo shall refrain 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 organizational or other device; and |
2. | No later than the date this Consent Order is entered by the Commissioner, Carolyn Settzo shall remit to the Department by cashier’s check, certified check or money order, made payable to “Treasurer, State of Connecticut”, the sum of five thousand dollars ($5,000), three thousand eight hundred dollars ($3,800) of which shall constitute an administrative fine and one thousand two hundred dollars ($1,200) of which shall represent payment for past due investment adviser registration fees. |
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 Carolyn Settzo based upon a violation of this Consent Order 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 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; and |
4. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | ____/s/___________________ | |
this 16th day of October 2015. | Jorge L. Perez | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, Carolyn Settzo, 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/_____ | |
Carolyn Settzo |
State of: CT
County of: Fairfield
On this the 13 day of October 2015, before me, the undersigned officer, personally appeared Carolyn Settzo, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that she executed the same for the purposes therein contained.
____/s/____________________________ |
Notary Public |
Date Commission Expires: October 31, 2020 |