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WILLIAM F. WADSWORTH, JR. * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER DOCKET No. CFNR-10-7779-S |
I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Respondent, 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 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 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, Respondent, through his execution of this Consent Order, acknowledges the allegations of the Commissioner contained in the Amended Notice, without admitting or denying such allegations;
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Respondent an opportunity for a hearing;
WHEREAS, Respondent acknowledges the possible consequences of an administrative hearing and voluntarily consents to the entry of the sanctions described below;
AND WHEREAS, Respondent, through his execution of this Consent Order, specifically represents to the Commissioner that none of the violations alleged against him in the Amended Notice or this Consent Order shall occur in the future.
IV. CONSENT TO ENTRY OF SANCTIONS
WHEREAS, Respondent, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing on him the following sanctions:
1. | Respondent 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 organizational or other device, including, without limitation: (a) using, or directing others to use, false names and holding himself out, or directing others to hold themselves out, to third party mutual funds as employees of other registered broker-dealers in order to gain access to client account information which otherwise would have been denied to them; and (b) making statements to the Division which are, at the time and in light of the circumstances under which they were made, false or misleading in a material respect. The Order to Cease and Desist set forth in the Amended Notice shall become permanent upon the entry of this Consent Order by the Commissioner; and |
2. | No later than the date this Consent Order is entered by the Commissioner, Respondent shall remit to the Department, by certified or cashier’s check payable to “Treasurer, State of Connecticut”, the sum of Five Thousand Dollars ($5,000) 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 Respondent 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 or if any representations made by Respondent and reflected herein are subsequently discovered to be untrue; |
3. | In addition to any other legal remedies or sanctions available to the Department under law, if Respondent fails to comply with the sanctions imposed by this Consent Order, the Department may impose a monetary penalty of up to $100,000 per violation, and Respondent, through his execution of this Consent Order, knowingly waives notice and an opportunity for a hearing in connection with the imposition of any such sanction. Prior to imposing sanctions pursuant to this paragraph, the Division shall provide Respondent with an informal opportunity to demonstrate his compliance with this Consent Order. This paragraph does not constitute a waiver of any rights of appeal under the General Statutes of Connecticut and, for the purposes of Section 4-183 of the General Statutes of Connecticut, any sanction imposed pursuant to this section shall be considered a final decision; and |
4. | This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut, | _______/s/_________ | |
this 19th day of September 2011. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, William F. Wadsworth, Jr., 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 issuance of this Consent Order.
______/s/______________ |
William F. Wadsworth, Jr. |
State of: Connecticut
_____/s/__________________________________
Notary Public/Commissioner of the Superior Court
Date Commission Expires: Feb. 28, 2013