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IN THE MATTER OF:
JOHN VINCENT GRECO
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, Greco is an individual whose unique identifier on the Nationwide Mortgage Licensing System and Registry (“NMLS”) is 29701;
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking (Department”), conducted an investigation, pursuant to Section 36a-17 of the Connecticut General Statutes, into the activities of Greco, to determine if he has violated, is violating or is about to violate any provision of the Connecticut General Statutes;
WHEREAS, on January 10, 2011, the Department received a complaint regarding Greco in his role as President of Darien Financial Services, Inc., which was licensed as a mortgage correspondent lender in Connecticut at the time the complaint was received, concerning possible violations of a rate lock (“Complaint”);
WHEREAS, on January 11, 2011 and March 31, 2011, the Department sent letters to Greco requesting a response to the Complaint. The Department did not receive any response to such letters;
WHEREAS, on June 23, 2011, the Department sent another letter to Greco, by certified mail, return receipt requested, asking for a response to the Complaint and above-referenced letters by July 7, 2011. The Department did not receive a response to the Complaint or letters by July 7, 2011;
WHEREAS, as a result of such investigation, the Commissioner alleges that Greco failed to cooperate with the Commissioner, in violation of Section 36a-17(d) of the Connecticut General Statutes;
WHEREAS, the Commissioner believes that such allegation would support initiation of enforcement proceedings against Greco, including proceedings to issue a cease and desist order against Greco pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation on Greco pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;
WHEREAS, initiation of such enforcement proceedings would constitute a “contested case” within the meaning of Section 4-166(2) of the Connecticut General Statutes;
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, on November 1, 2011, Greco provided a response to the Complaint;
WHEREAS, both the Commissioner and Greco acknowledge the possible consequences of formal administrative proceedings, and Greco voluntarily agrees to consent to the entry of the sanction described below without admitting or denying any allegation contained herein and solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegation contained herein;
WHEREAS, Greco acknowledges that the Consent Order is a public record and, notwithstanding the foregoing paragraph, constitutes a finding by the Commissioner that Greco has been involved in a violation of a financial services-related regulation or statute required to be disclosed in response to regulatory disclosure questions on the MU1 Form, MU2 Form or MU4 Form on NMLS, as such forms are applicable;
WHEREAS, Greco specifically assures the Commissioner that the violation described herein shall not occur in the future;
AND WHEREAS, Greco, through his execution of this Consent Order, voluntarily agrees to waive his procedural rights, including a right to notice and an opportunity for hearing as it pertains to the allegation set forth herein, and voluntarily waives his right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTION
WHEREAS, Greco, through his 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 Greco, Greco 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 Five Hundred Dollars ($500) as a civil penalty.
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 Greco based upon the allegation contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Greco based upon a violation of 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 Greco and reflected herein is subsequently discovered to be untrue;|
|3.||So long as this Consent Order is promptly disclosed by Greco on NMLS, nothing in the issuance of the Consent Order shall adversely affect the ability of Greco 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, provided all applicable legal requirements for such license are satisfied; and|
This Consent Order shall become final when issued.
Dated at Hartford, Connecticut
this 21st day of December 2011. ________/s/_________
Howard F. Pitkin
I, John Vincent Greco, 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 sanction entered and terms and conditions ordered herein; and that I voluntarily agree to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
John Vincent Greco
State of: Connecticut
County of: Hartford
On this the 19th day of December 2011, before me, Robert F. Shea, Jr., the undersigned officer, personally appeared John Vincent Greco, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained.
In witness whereof I hereunto set my hand.
Commissioner of the Superior Court