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IN THE MATTER OF:
MICHAEL J. ROTH
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WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Title 36a of the Connecticut General Statutes (“C.G.S.”), known as “The Banking Law of Connecticut”;
WHEREAS, the Commissioner, through the Financial Institutions Division of the Department of Banking, conducted an investigation pursuant to C.G.S. § 36a-17(a) into the activities of Michael J. Roth (“Roth”) to determine whether he had violated, was violating or was about to violate any provision of The Banking Law of Connecticut;
WHEREAS, Roth, at all times relevant to this matter, was an employee of New England Bank, then a Connecticut bank, and, as such, was a “related person” within the meaning of C.G.S. § 36a-53(a)(1);
WHEREAS, as a result of such investigation, the Commissioner finds that Roth has been charged in an information with one count of larceny in the first degree, a class B felony, under C.G.S. § 53a-122, and has pled guilty to such count;
WHEREAS, under C.G.S. § 53a-35a the sentence of imprisonment for such class B felony is a term not less than one (1) year or more than twenty (20) years;
WHEREAS, C.G.S. § 36a-53 authorizes the Commissioner to take enforcement action against a related person who has been charged in an information, indictment or complaint with a crime which is punishable with imprisonment for a term exceeding one year under state or federal law, and continued service or participation by such related person may pose a threat to the interest of the depositors or threatens to impair confidence in any bank;
WHEREAS, an administrative proceeding initiated under C.G.S. § 36a-53 would constitute a “contested case” within the meaning of C.G.S. § 4-166(2);
WHEREAS, C.G.S. § 4-177(c) and § 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, both the Commissioner and Roth acknowledge the possible consequences of formal administrative proceedings, and Roth voluntarily agrees to consent to the entry of the Sanction imposed below without admitting or denying any allegation set forth herein and solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegations set forth herein;
WHEREAS, Roth, in consultation with his attorney, agrees to the language of this Consent Order;
AND WHEREAS, Roth, through his execution of this Consent Order, voluntarily agrees to waive his procedural rights, including the right to notice and an opportunity for a hearing on the allegations 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 SANCTIONS
WHEREAS, Roth, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:
- Commencing on the date that this Consent Order is executed by Roth, Roth may not, without the consent of the Commissioner, hold any position as a director, officer, employee or independent contractor with any bank, Connecticut credit union or federal credit union, as defined in C.G.S. § 36a-2, or with a holding company that holds a subsidiary that is a bank, as defined in C.G.S. § 36a-2; or as licensee or registrant under C.G.S. Titles 36a or 36b.
NOW THEREFORE, the Commissioner enters the following:
- The Sanction set forth above be and is hereby entered;
- 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 Roth based upon the allegations set forth herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Roth 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 Roth and reflected herein is subsequently discovered to be untrue; and
- This Consent Order shall become final when issued.
So ordered at Hartford, Connecticut
this 30th day of December, 2015.
I, Michael J. Roth, 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 sanctions 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.
Michael J. Roth
On this the 4th day of December 2015, before me, Leslie J. Cunningham the undersigned officer, personally appeared Michael J. Roth, 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/