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IN THE MATTER OF: CRD No. 1500863 * * * * * * * * * * * * * * * * * * |
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AND DOCKET NO. NDCDRF-16-8200-S |
I. PRELIMINARY STATEMENT
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Chapter 672a of the General Statutes of Connecticut, the Connecticut Uniform Securities Act (“Act”), and Sections 36b-31-2 to 36b-31-33, inclusive, of the Regulations of Connecticut State Agencies (“Regulations”) promulgated under the Act;
WHEREAS, Robert Neil Tricarico (“Tricarico”) is an individual whose address last known to the Commissioner is 11 Cloverly Circle, Norwalk, Connecticut 06855;
WHEREAS, Harbor Vista Wealth Management, LLC (IARD No. 174937) (“Harbor Vista”) is a Delaware limited liability company formed on January 16, 2015. On February 11, 2015, Harbor Vista filed with the Commissioner an application for registration as an investment adviser in Connecticut pursuant to Sections 36b-7 and 36b-32 of the Act;
WHEREAS, on April 9, 2015, Tricarico applied for registration as an investment adviser agent of Harbor Vista in Connecticut by electronically filing a Form U-4 (Uniform Application for Securities Industry Registration or Transfer) (“2015 Form U-4”) pursuant to Sections 36b-7 and 36b-32 of the Act;
WHEREAS, the Commissioner, through the Securities and Business Investments Division (“Division”) of the Department of Banking, conducted an investigation of Tricarico pursuant to Sections 36b-8 and 36b-26 of the Act (“Investigation”);
WHEREAS, on April 22, 2016, based on the Investigation, the Commissioner, acting pursuant to Sections 36b-15(a), 36b-27(a), 36b-27(b) and 36b-27(d) of the Act, issued a Notice of Intent to Deny Registration as an Investment Adviser Agent, Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing against Tricarico (collectively “Notice”), which Notice is incorporated by reference herein;
WHEREAS, on April 22, 2016, the Notice was sent by certified mail, return receipt requested, to Tricarico;
WHEREAS, on May 20, 2016, the Notice was returned to the Department of Banking marked “Return to Sender – Refused – Unable to Forward”;
WHEREAS, on May 10, 2016, the Notice was served on the Commissioner, and on May 11, 2016, in accordance with Section 36b-33(g) of the General Statutes of Connecticut, Notice of Service on the Banking Commissioner In the Matter of: Robert Neil Tricarico CRD No. 1500863 dated May 11, 2016 (“Notice of Service”), was sent by certified mail, return receipt requested, to Tricarico
WHEREAS, Tricarico has failed to request a hearing on the allegations set forth in the Order to Cease and Desist and Order to Make Restitution within 14 days of the date of the Notice of Service;
WHEREAS, on June 10, 2016, a Certification was issued rendering the Order to Cease and Desist and Order to Make Restitution permanent as of May 26, 2016, which Certification is incorporated by reference herein;
WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that:
| When a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted. Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies, provided the commissioner may, if deemed necessary, receive evidence from the department, as part of the record, concerning the appropriateness of the amount of any . . . fine . . . sought in the notice[;] |
WHEREAS, Section 36b-15 of the Act provides, in pertinent part, that:
| (a) | The commissioner may, by order, deny . . . any registration . . . if the commissioner finds that (1) the order is in the public interest, and (2) the applicant . . . or, in the case of . . . [an] investment adviser, any partner, officer, or director, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the . . . investment adviser . . . (B) has wilfully violated or wilfully failed to comply with any provision of sections 36b-2 to 36b-34, inclusive, or a predecessor statute or any regulation or order under said sections or a predecessor statute[.] | |
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| (f) | No order may be entered under this section . . . without (1) appropriate prior notice to the applicant . . . (2) opportunity for hearing, and (3) written findings of fact and conclusions of law[;] |
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-34, inclusive”;
AND 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-34, inclusive.
II. FINDINGS OF FACT AND CONCLUSIONS OF LAW
| 1. | The Commissioner finds that the facts as set forth in paragraphs 8 through 30, inclusive, of the Notice, shall constitute findings of fact within the meaning of Section 4-180(c) of the General Statutes of Connecticut and Section 36a-1-52 of the Regulations of Connecticut State Agencies, and that the Statutory and Regulatory Basis for Denial of Registration as an Investment Adviser Agent, Order to Cease and Desist, Order to Make Restitution and Order Imposing Fine set forth in paragraphs 31 through 47, inclusive, of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the General Statutes of Connecticut and Section 36a-1-52 of the Regulations of Connecticut State Agencies. |
| 2. | The Commissioner finds that Tricarico committed has committed at least one violation of Section 36b-16 of the Act, at least one violation of Section 36b-4(a) of the Act, at least one violation of Section 36b-6(a) of the Act, at least one violation of Section 36b-23 of the Act, and at least one violation of Section 36b-31-14e(a) of the Regulations. |
| 3. | The Commissioner finds that the facts require the issuance of an order denying Tricarico’s registration as an investment adviser agent in Connecticut and the imposition of a fine upon Tricarico. |
| 4. | The Commissioner finds that the Notice was given in compliance with Sections 36b-15(f) and 36b-27 of the Act and Section 4-177 of the General Statutes of Connecticut. |
| 5. | The Commissioner finds that the issuance of an order denying Tricarico’s registration as an investment adviser agent in Connecticut and the imposition of a fine upon Tricarico 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-34, inclusive, of the Act. |
III. ORDER
Having read the record, I HEREBY ORDER, pursuant to Sections 36b-15 and 36b-27(d) of the Act, that:
| 1. | On the date of entry of this Order, the registration of Robert Neil Tricarico (CRD No. 1500863) as an investment adviser agent in Connecticut is hereby DENIED; |
| 2. | A fine of One Hundred Thousand Dollars ($100,000) shall be imposed upon Robert Neil Tricarico, such fine to be remitted to the Department by cashier’s check, certified check or money order, made payable to “Treasurer, State of Connecticut”, no later than forty-five (45) days from the date this Order is mailed; and |
| [3.] | This Order shall become final when entered. |
| Entered at Hartford, Connecticut, | _____/s/____________ | |
| this 27th day of July 2016. | Jorge L. Perez | |
| Banking Commissioner |
This Order was sent by certified mail,
return receipt requested, to Tricarico
on July 27, 2016.
Robert Neil Tricarico
11 Cloverly Circle
Norwalk, Connecticut 06855
Certified mail no. 7012 3050 0000 6999 9963
Harbor Vista Wealth Management LLC
46 Southfield Avenue
3 Stamford Landing, Suite 205
Stamford, Connecticut 06902
Certified mail no. 7012 3050 0000 6999 9987