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WATERFORD LOAN * * * * * * * * * * * * * * * * * * |
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CONSENT ORDER DOCKET NO. CF-11-7719-S |
I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Respondent, 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-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 itself of Section 36b-27 of the Act 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 ALLEGATIONS
WHEREAS, Respondent, through its execution of this Consent Order, acknowledges the following allegations of the Commissioner, without admitting or denying them:
1. | Respondent offered and sold securities to at least one Connecticut investor on at least three occasions, which securities were not registered in Connecticut under the Act. The offer and sale of such securities absent registration constitutes a violation of Section 36b-16 of the Act; and |
2. | Respondent employed an unregistered agent of issuer in this state on at least three occasions in violation of Section 36b-6(b) of the Act. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Respondent an opportunity for a hearing;
AND WHEREAS, Respondent 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, Respondent, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:
Respondent, its representatives, agents, employees, affiliates, assigns, or successors in interest 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. |
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; and |
3. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | _______/s/_________ | |
this 10th day of November 2011. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, Gil A. Miller, as duly appointed Chapter 11 trustee for the consolidated estate of Waterford Funding, LLC and Water Loan Fund, state on behalf of Waterford Loan Fund, LLC, that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this Consent Order on behalf of Waterford Loan Fund, LLC; that Waterford Loan Fund, LLC, agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Waterford Loan Fund, LLC consents to the entry of this Consent Order.
Waterford Loan Fund, LLC | |
By: | ___/s/________________ |
Gil A. Miller | |
Chapter 11 trustee |
State of: Utah
County of: Salt Lake
On this the 28th day of October 2011, before me, Gil Miller [sic], the undersigned officer, personally appeared Gil A. Miller, who acknowledged himself to be the duly appointed Chapter 11 trustee of Waterford Loan Fund, LLC, a limited liability company, and that he, as such Chapter 11 trustee, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself as Chapter 11 trustee.
_____/s/________________________
Raani Erekson
Notary Public
Date Commission Expires: 9-15-2015