|* * * * * * * * * * * * * * * * * *
ANDREW GLEN SATELL
* * * * * * * * * * * * * * * * * *
WHEREAS, the Banking Commissioner (the “Commissioner”) is responsible for administering 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, Andrew Glen Satell (“Satell”) was previously associated with H. Beck, Inc. (“HBI”) (CRD number 1763) as a broker-dealer agent, and was employed at an HBI branch office located at 30 Avon Meadow Lane, Avon, Connecticut;
WHEREAS, on July 7, 2010, HBI filed a Form U-5 (Uniform Termination Notice for Securities Industry Registration) seeking to terminate the registration of Satell as a broker-dealer agent of HBI under the Act. Such withdrawal request is not yet effective;
WHEREAS, Section 36b-15(e)(1) of the Act provides, in part, that: “Withdrawal from registration as a broker-dealer, agent . . . becomes effective ninety days after receipt of an application to withdraw such registration . . . unless a . . . proceeding to . . . revoke, suspend or impose conditions upon the withdrawal is instituted within ninety days after the application or notice is filed. If a proceeding is pending or instituted, withdrawal becomes effective at such time and upon such conditions as the commissioner by order determines”;
WHEREAS, on July 12, 2010, Satell d/b/a Portfolio Consulting Group (IARD number 153848) filed an application to register as an investment adviser under the Act;
WHEREAS, the Commissioner, through the Securities and Business Investments Division (the “Division”) of the Department of Banking, had conducted an examination of HBI’s books and records pursuant to Section 36b-14(d) of the Act and 36b-31-14f of the Regulations and a subsequent investigation into Satell’s activities pursuant to Section 36b-26(a) of the Act to determine whether Satell had violated, was violating or was about to violate any provision of the Act or any regulation or order under the Act (the “Investigation and Examination”);
WHEREAS, the Commissioner, as a result of the Investigation and Examination, alleges that, from January 2001 to August 2009, Satell transacted business as an investment adviser absent registration in contravention of Section 36b-6(c) of the Act;
WHEREAS, such conduct, if proven, would support the initiation of administrative proceedings against Satell under Sections 36b-27 and 36b-15 of the Act;
WHEREAS, an administrative proceeding initiated under Sections 36b-27 and 36b-15 of the Act would constitute a “contested case” within the meaning of Section 4-166(2) of the Connecticut General Statutes;
WHEREAS, the Commissioner acknowledges that Satell’s filing of an application for investment adviser registration was in response to concerns raised by the Division during the Investigation and Examination;
WHEREAS, Chapter 54 of the Connecticut General Statutes permits the resolution of a contested case by stipulation or agreed settlement;
WHEREAS, Satell desires to settle the matters described herein and voluntarily enters into this Stipulation and Agreement, acknowledging that this Stipulation and Agreement is in lieu of any court action or administrative proceeding adjudicating any issue of fact or law on the matters described herein;
WHEREAS, Satell, through his execution of this Stipulation and Agreement, voluntarily waives any rights he may have to seek judicial review or otherwise challenge or contest the terms and conditions of this Stipulation and Agreement;
NOW THEREFORE, THE PARTIES HERETO DO MUTUALLY AGREE AS FOLLOWS:
No later than the date this Stipulation and Agreement is executed by the Commissioner, Satell shall remit to the department by check made payable to “Treasurer, State of Connecticut” the sum of three thousand dollars ($3,000), one thousand five hundred dollars ($1,500) of which shall constitute an administrative fine, and one thousand five hundred dollars ($1,500) of which shall represent reimbursement for past due investment adviser registration fees;
Satell shall not engage, directly or indirectly, or through any corporate or other device, in conduct constituting or which would constitute a violation of the Act or any regulation or order under the Act, including, without limitation, transacting business as an unregistered investment adviser in contravention of Section 36b-6(c) of the Act;
|(3)||Execution of this Stipulation and Agreement by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against Satell based upon a violation of this Stipulation and Agreement or the basis for its entry if the Commissioner determines that compliance is not being observed with the terms hereof;|
|(4)||Contemporaneously with the execution of this Stipulation and Agreement by the Commissioner, the name “Andrew G. Satell d/b/a Portfolio Consulting Group” shall be entered on the Register of Investment Advisers pursuant to Section 36b-8 of the Act; and|
|(5)||This Stipulation and Agreement shall become binding when executed by all parties hereto.|
IN WITNESS WHEREOF, the undersigned have executed this Stipulation and Agreement on the dates indicated.
|Dated at Hartford, Connecticut||_______/s/_________|
|this 15th day of October 2010.||Howard F. Pitkin|
I, Andrew Glen Satell, state that I have read the foregoing Stipulation and Agreement; that I know and fully understand its contents; and that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
|Andrew Glen Satell|
On this the 6 day of October 2010, before me, the undersigned officer, personally appeared Andrew Glen Satell, 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.
Notary Public/Commissioner of the Superior Court
Date Commission Expires: June 30, 2012