* * * * * * * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * |
* * * * * * * * * * |
CONSENT ORDER No. CO-13-8073-S |
I. PRELIMINARY STATEMENT
II. CONSENT TO WAIVER OF PROCEDURAL RIGHTS
WHEREAS, Vista, through its execution of this Consent Order, voluntarily waives the following rights:
1. | To be afforded notice and an opportunity for a hearing within the meaning of Sections 36b-15(f) and 36b-27 of the Act and Section 4-177(a) of the General Statutes of Connecticut; |
2. | To present evidence and argument and to otherwise avail itself of Sections 36b-15(f) and 36b-27 of the Act and Section 4-177c(a) of the General Statutes of Connecticut; |
3. | To present its position in a hearing in which it is represented by counsel; |
4. | To have a written record of the hearing made and a written decision issued by a hearing officer; and |
5. | To seek judicial review of, or otherwise challenge or contest the matters described herein, including the validity of this Consent Order. |
III. ACKNOWLEDGEMENT OF THE COMMISSIONER'S ALLEGATIONS
WHEREAS, Vista, through its execution of this Consent Order, acknowledges the following allegations of the Commissioner, without admitting or denying them:
At various times between April 13, 2004 and December 31, 2012, Vista engaged unregistered investment adviser agents in contravention of Section 36b-6(c)(3) of the Act as more fully described above. |
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Vista an opportunity for a hearing;
AND WHEREAS, Vista acknowledges the possible consequences of an administrative hearing and voluntarily agrees to consent to the entry of the sanctions described below.
IV. CONSENT TO ENTRY OF SANCTIONS
WHEREAS, Vista, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:
1. | No later than the date this Consent Order is entered by the Commissioner, Vista shall remit to the department by certified bank check payable to “Treasurer, State of Connecticut” the sum of two thousand five hundred dollars ($2,500), one thousand five hundred dollars ($1,500) of which shall constitute an administrative fine; and one thousand dollars ($1,000) of which shall be applied to reimburse the department for past due registration fees; and |
2. | Vista, its officers, members, representatives, agents, employees, affiliates, and successors in interest shall refrain from engaging, directly or indirectly, in conduct constituting or which would constitute a violation of the Act or any regulation or order under the Act; |
V. CONSENT ORDER
NOW THEREFORE,
the Commissioner enters the following:1. | The Sanctions set forth above be and are hereby entered; |
2. | Entry of this Consent Order by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against Vista 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; and |
3. | This Consent Order shall become final when entered. |
So ordered at Hartford, Connecticut | _______/s/_________ | |
this 26th day of March, 2013. | Howard F. Pitkin | |
Banking Commissioner |
CONSENT TO ENTRY OF ORDER
I, William D. Donaldson, state on behalf of Vista Investment Advisors LLC, 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 Vista Investment Advisors LLC; and that Vista Investment Advisors LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
Vista Investment Advisors LLC | |
By | ______/s/________________ |
William D. Donaldson | |
Chief Compliance Officer |
On this 19th day of March 2013, personally appeared William D. Donaldson, signer of the foregoing Consent Order, who, being duly sworn, did acknowledge to me that he was authorized to execute the same on behalf of Vista Investment Advisors LLC, a limited liability company, and acknowledged the same to be his free act and deed, before me.
_____/s/________________________________
Notary Public/Commissioner of the Superior Court
My Commission Expires: 5/31/2017