| * * * * * * * * * * * * * * * * * * * * * * * IN THE MATTER OF: ASSET MANAGING GROUP, INC. | * * * * * * * * * * | CONSENT ORDER |
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Sections 36a-671 to 36a-671e, inclusive, of the Connecticut General Statutes, contained in Part II of Chapter 669 of the Connecticut General Statutes, “Debt Adjusters and Debt Negotiation”;
WHEREAS, Asset Managing Group is a purported Florida corporation with an office at 435 Clark Road, Suite 403, Jacksonville, Florida;
WHEREAS, the Commissioner, through the Consumer Credit Division (“Division”) of the Department of Banking, conducted an investigation pursuant to Section 36a-17(a) of the Connecticut General Statutes into the activities of Asset Managing Group 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 January 23, 2014, the Commissioner, acting pursuant to Sections 36a-52(b), 36a-50(c), 36a-671a(b), 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Order and Notice”) against Asset Managing Group, which Order and Notice is incorporated herein by reference;
WHEREAS, on January 24, 2014, the Order and Notice was sent by certified mail, return receipt requested, to Asset Managing Group (Certified Mail No. 70121010000173173547);
WHEREAS, on January 27, 2014, Asset Managing Group received the Order and Notice and no request for a hearing has been received by the Commissioner;
WHEREAS, the Notice provided Asset Managing Group with the opportunity for a hearing, and stated that if a hearing was not requested by Asset Managing Group within 14 days of Asset Managing Group’s receipt, the Order to Make Restitution shall remain in effect and become permanent, and the Commissioner would issue an order that Asset Managing Group cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes in effect prior to October 1, 2011, and may order a civil penalty in an amount not to exceed One Hundred Thousand Dollars ($100,000) per violation be imposed upon Asset Managing Group;
WHEREAS, the Commissioner alleged in the Order and Notice, with respect to the activity described therein, that Asset Managing Group engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes in effect prior to October 1, 2011;
WHEREAS, as part of the Order to Make Restitution contained in the Order and Notice, the Commissioner order that not later than thirty (30) days from the date the Order to Make Restitution becomes permanent, Asset Managing Group repay identified amounts plus interest to a certain identified Connecticut resident and repay to any other Connecticut resident who entered into an agreement for debt negotiation services with Asset Managing Group, on or after October 1, 2009, any fees plus interest and, among other things, provide evidence of such repayments to the Director of the Consumer Credit Division;
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 Asset Managing Group now desire to resolve the matters alleged in the Order and Notice and set forth herein;
WHEREAS, Asset Managing Group voluntarily agrees to consent to the entry of the sanctions described below without admitting or denying any allegation contained in the Order and Notice and set forth herein and solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegation contained in the Order and Notice and set forth herein;
WHEREAS, Asset Managing Group herein represents that on or about December 10, 2012, Asset Managing Group ceased and desisted from engaging and offering to engage in debt negotiation in this state or taking on any new Connecticut-based clients for debt negotiation services;
WHEREAS, by e-mail dated March 5, 2014, Asset Managing Group represented that it refunded all fees to the Connecticut resident identified in Exhibit A attached hereto, which representation is incorporated herein;
WHEREAS, Asset Managing Group specifically assures the Commissioner that the alleged violation contained in the Order and Notice and set forth herein shall not occur in the future;
WHEREAS, Asset Managing Group agrees that the Order and Notice may be used in construing the terms of this Consent Order and agrees to the language of this Consent Order;
AND WHEREAS, Asset Managing Group, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a hearing as it pertains to the allegation contained in the Order and Notice and set forth herein, and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTIONS
WHEREAS, Asset Managing Group, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:
| 1. | Asset Managing Group shall immediately cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes in effect prior to October 1, 2011; |
| 2. | No later than April 15, 2014, Asset Managing Group shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of One Thousand Dollars ($1,000) as a civil penalty. |
CONSENT ORDER
NOW THEREFORE, the Commissioner enters the following:
| 1. | The Sanctions set forth above be and are 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 Asset Managing Group based upon the allegation contained in the Order and 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 Asset Managing Group 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 Asset Managing Group and reflected herein is subsequently discovered to be untrue; |
| 3. | Upon issuance of this Consent Order by the Commissioner, and so long as Asset Managing Group complies with the terms of this Consent Order, nothing in the issuance of this Consent Order shall adversely affect the ability of Asset Managing Group to apply for or obtain renewal licenses under Sections 36a-671 to 36a-671e, inclusive, of the Connecticut General Statutes, contained in Part II of Chapter 669 of the Connecticut General Statutes, provided all applicable legal requirements for such license are satisfied; and |
| 4. | This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut
this 20th day of March 2014. _______/s/_________
Howard F. Pitkin
Banking Commissioner
I, Paul Moise, state on behalf of Asset Managing Group, Inc., 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 Asset Managing Group, Inc.; that Asset Managing Group, Inc., agrees freely and without threat or coercion of any kind to comply with the provisions of this Consent Order; and that Asset Managing Group, Inc., 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: Paul Moise
Title: President
Asset Managing Group, Inc.
State of: Florida
County of: Duval
On this the 17th day of March 2014, before me, Laura Nieves Bouton, the undersigned officer, personally appeared Paul Moise who acknowledged himself/herself to be the President of Asset Managing Group, Inc., a corporation, and that he/she as such President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as President.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: April 21, 2015