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IN THE MATTER OF: ALFANO WEALTH ADVISORS, LLC |
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CONSENT ORDER |
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;
WHEREAS, Alfano Wealth Advisors is a Connecticut limited liability company that was licensed as a mortgage broker under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes during the January 1 to December 31, 2012 licensing period, which such license is now expired;
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, pursuant to the authority granted by Section 36a-17(a) of the 2012 Supplement to the General Statutes, as amended by Public Act 12-96, and Section 36a-498f of the Connecticut General Statutes, investigated the activities of Alfano Wealth Advisors to determine if it had violated, was violating, or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
WHEREAS, on December 10, 2012, as a result of the investigation, the Commissioner, acting pursuant to Sections 36a-494(b) of the 2012 Supplement to the General Statutes, as amended by Public Act 12-96, Section 36a-52(a) of the Connecticut General Statutes and Section 36a-50(a) of the Connecticut General Statutes, as amended by Public Act 12-96, issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) against Alfano Wealth Advisors, which Notice is incorporated herein by reference;
WHEREAS, the Commissioner alleged in the Notice that Alfano Wealth Advisors failed to timely file its MCR – standard financial condition report for 2011 that was due on March 30, 2012, in violation of Section 36a-534b(c)(3) of the 2102 Supplement to the General Statutes and/or Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes, as amended by Public Act 12-96, which such violation forms the basis to issue an order to cease and desist pursuant to Section 36a-494(b) of the 2012 Supplement to the General Statutes, as amended, and Section 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty pursuant to Section 36a-494(b) of the 2012 Supplement to the General Statutes, as amended, and Section 36a-50(a) of the Connecticut General Statutes, as amended;
WHEREAS, on December 13, 2012, the Notice was sent by certified mail, return receipt requested, to Alfano Wealth Advisors (Certified Mail No. 70112000000247316734);
WHEREAS, on December 15, 2012, Alfano Wealth Advisors received the Notice;
WHEREAS, Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by consent order, unless precluded by law;
WHEREAS, the Commissioner and Alfano Wealth Advisors now desire to resolve the matters alleged in the Notice and set forth herein;
WHEREAS, Alfano Wealth Advisors admits that it did not file the report described in the Notice and set forth herein on its due date, and acknowledges that this Consent Order is a public record and is a reportable event for purposes of the regulatory disclosure questions on the Nationwide Mortgage Licensing System and Registry (“NMLS”), as applicable;
WHEREAS, Alfano Wealth Advisors voluntarily agrees to consent to the entry of the sanction described below, solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegation contained in the Notice and set forth herein;
WHEREAS, Alfano Wealth Advisors agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language of this Consent Order;
AND WHEREAS, Alfano Wealth Advisors, through execution of this Consent Order, voluntarily agrees to waive any applicable procedural rights, including Alfano Wealth Advisors’ right to a hearing as it pertains to the allegation contained in the Notice and set forth herein, and voluntarily waives any right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTION
WHEREAS, Alfano Wealth Advisors through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:
No later than the date this Consent Order is executed by Alfano Wealth Advisors, Alfano Wealth Advisors and any other company with David Alfano as a control person, shall not be eligible to reapply for licensure as a mortgage lender, mortgage correspondent lender or mortgage broker before June 30, 2013.
CONSENT ORDER
NOW THEREFORE, the Commissioner enters the following:
| 1. | The Sanction set forth above be and is hereby entered; |
| 2. | Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against Alfano Wealth Advisors based upon the allegation set forth in the Notice and set forth herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Alfano Wealth Advisors 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 representation made by Alfano Wealth Advisors and reflected herein is subsequently discovered to be untrue; |
| 3. | So long as this Consent Order is promptly disclosed by Alfano Wealth Advisors and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Alfano Wealth Advisors any other company with David Alfano as a control person to apply for or obtain licenses or renewal licenses under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes on or after June 30, 2013, provided all applicable legal requirements for such license are satisfied; |
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This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut
this 18th day of January 2013. ________/s/_________
Howard F. Pitkin
Banking Commissioner
I, David Alfano, state on behalf of Alfano Wealth Advisors, 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 Alfano Wealth Advisors, LLC; that Alfano Wealth Advisors, LLC agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Alfano Wealth Advisors, LLC voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
By: ________/s/_________
Name: David Alfano
Title: Managing Member
Alfano Wealth Advisors, LLC
State of: Connecticut
County of: Fairfield
On this the 11th day of January 2013, before me, Domingo Rafael Cardona, the undersigned officer, personally appeared David Alfano, who acknowledged himself/herself to be the Managing Member of Alfano Wealth Advisors, LLC, a limited liability company, and that he/she as such Managing Member, 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/herself as Managing Member.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: 9/30/2016