To protect the health and safety of the public and our employees, the Department of Banking has limited the number of employees at our office at 260 Constitution Plaza in Hartford. When contacting the Department, please use electronic communication whenever possible. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to Department.Banking@ct.gov and it will be routed appropriately. Thank you for your patience during this time.

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IN THE MATTER OF:

ROBERT BOBAK FALLAH
(CRD No. 1069032)

   

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ORDER VACATING
REVOCATION

SANCTION

No. NR-95-2624-S

PRELIMINARY STATEMENT
WHEREAS, the Banking Commissioner (the “Commissioner”) is charged with the administration of Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (the “Act”) and Sections 36b-31-2 et seq. of the Regulations of Connecticut State Agencies (the “Regulations”) promulgated under the Act;
WHEREAS, on September 28, 1995, the Commissioner, acting pursuant to Section 36b-15(a)(2)(K) of the Act, entered Findings of Fact, Conclusions of Law and an Order (the “1995 Order”) revoking the broker-dealer agent registration of Robert Fallah (“Fallah”) based upon findings that Fallah failed reasonably to supervise employees and agents of Robert Todd Financial Corporation (CRD number 7423), a broker-dealer with whom Fallah was associated;
WHEREAS, for sixteen years following the 1995 Order, Fallah did not pursue registration under the Act in any capacity;
WHEREAS, since the date of the 1995 Order, the Commissioner has not imposed any additional sanctions against Fallah for violations of the Act, the Regulations or any order under the Act, nor does Fallah’s securities record report any sanctions by any other state or federal regulatory body against Fallah;
WHEREAS, Section 36b-15(a)(2)(E) of the Act gives the Commissioner discretion to deny, suspend or revoke any registration if the Commissioner finds that the order is in the public interest and that the applicant or registrant “is the subject of . . . an order of the commissioner . . . revoking registration as . . . [an] agent . . . . ”
WHEREAS, on June 17, 2011, Fallah applied for registration as a broker-dealer agent of Halcyon Cabot Partners, Ltd. under the Act.  Following a review, the Commissioner declared such registration effective on June 20, 2011.  Fallah remained registered as an agent of Cabot Partners, Ltd. in Connecticut until April 10, 2012;
WHEREAS, on June 12, 2013, Fallah applied for registration as a broker-dealer agent of Olympus Securities, LLC under the Act.  The Commissioner declared such registration effective on June 14, 2013;
WHEREAS, Fallah is currently registered as a broker-dealer agent of Olympus Securities, LLC in Connecticut;
WHEREAS, the department has received from Fallah’s legal counsel correspondence expressing concern about the revocation sanction in the 1995 Order and the incongruity of Fallah’s current registration status;
WHEREAS Section 36b-31(a) of the Act provides, in part, that:  “The commissioner may from time to time make, amend and rescind such . . . orders as are necessary to carry out the provisions of sections 36b 2 to 36b 34, inclusive, [of the Act];
WHEREAS Section 36b-31(b) of the Act states, in part, that:  “No . . . order may be made, amended or rescinded unless the commissioner finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of . . . [the Act]”;
WHEREAS the Commissioner finds that the issuance of this Order is appropriate, in the public interest and consistent with the purposes fairly intended by the policy and provisions of the Act;

ORDER

THE COMMISSIONER THEREFORE ORDERS THAT:
  1. The revocation sanction contained in the September 28, 1995 Order is hereby VACATED retroactive to June 20, 2011;
      
  2. A copy of this Order shall be mailed forthwith to Robert Fallah and to Olympus Securities, LLC; and
      
  3. This Order shall become final when issued.     
        

So ordered at Hartford, Connecticut       ______/s/__________ 
this 16th day of May, 2014. Howard F. Pitkin 
Banking Commissioner 



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