* * * * * * * * * * * * * * * * * *  IN THE MATTER OF: ROGERS FORMAN III * * * * * * * * * * * * * * * * * *

* * * * * * * * *

ORDER IMPOSING FINE DOCKET NO. CF-2010-7554-S

I. PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (“Act”), and Sections 36b-31-2 to 36b-31-33, inclusive, of the Regulations of Connecticut State Agencies (“Regulations”) promulgated under the Act;

WHEREAS, the Commissioner, through the Securities and Business Investments Division of the Department of Banking (“Department”), conducted an investigation into the activities of Rogers Forman III (“Respondent”), pursuant to Section 36b-26(a) of the Act, to determine if Respondent had violated, was violating or was about to violate provisions of the Act or Regulations (“Investigation”);

WHEREAS, on February 26, 2010, based on the Investigation, the Commissioner, acting pursuant to Section 36b-27(a) of the Act and Section 36b-27(d) of the Act, as amended by Public Act 09-160, issued an Order to Cease and Desist (“Order”), Notice of Intent to Fine and Notice of Right to Hearing against Respondent (collectively “Notice”), which Notice is incorporated by reference herein;

WHEREAS, the Commissioner alleged in the Notice that Respondent offered and sold unregistered securities to at least two Connecticut investors, which securities were not registered in Connecticut under the Act.  The offer and sale of such securities absent registration constitutes violations of Section 36b-16 of the Act, which forms a basis for an order to cease and desist to be issued to Respondent under Section 36b-27(a) of the Act, and for the imposition of a fine against Respondent under Section 36b-27(d) of the Act, as amended;

WHEREAS, the Commissioner alleged in the Notice that Respondent acted as an agent of issuer on at least two occasions, absent registration.  Such conduct constitutes violations of Section 36b-6(a) of the Act, which forms a basis for an order to cease and desist to be issued to Respondent under Section 36b-27(a) of the Act, and for the imposition of a fine against Respondent under Section 36b-27(d) of the Act, as amended;

WHEREAS, the Notice stated, inter alia, that the Commissioner intended to impose a fine against Respondent, that Respondent would be afforded an opportunity for a hearing on the allegations set forth in the Notice if a written request for a hearing was received by the Department within fourteen (14) days following Respondent’s receipt of the Notice, and that if Respondent failed to appear at such hearing the Commissioner may order that the maximum fine be imposed upon Respondent;

WHEREAS, on March 1, 2010, the Notice was sent by registered mail, return receipt requested, to Respondent;

WHEREAS, on March 4, 2010, Respondent received the Notice;

WHEREAS, Respondent has failed to request a hearing on the allegations set forth in the Notice within fourteen (14) days of its receipt;

WHEREAS, on May 18, 2010, a Certification was issued rendering the Order permanent as of March 19, 2010, which Certification is incorporated by reference herein;

WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that:

WHEREAS, Section 36b-31(a) of the Act, as amended by Public Act 10-141, provides, in pertinent part, that “[t]he commissioner may from time to time make . . . such . . . orders as are necessary to carry out the provisions of sections 36b-2 to 36b-34, inclusive”;

AND WHEREAS, Section 36b-31(b) of the Act, as amended by Public Act 10-141, provides, in pertinent part, that “[n]o . . . order may be made . . . 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 sections 36b-2 to 36b-34, inclusive.”

II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.	The Commissioner finds that the facts as set forth in paragraphs 6 through 12, inclusive, of the Notice, shall constitute findings of fact within the meaning of Section 4-180(c) of the General Statutes of Connecticut and Section 36a-1-52 of the Regulations of Connecticut State Agencies, and that the Statutory Basis for Order to Cease and Desist and Order Imposing Fine Against Respondent set forth in paragraphs 13 through 17, inclusive, of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the General Statutes of Connecticut and Section 36a-1-52 of the Regulations of Connecticut State Agencies.
2.	The Commissioner finds that Respondent committed two violations of Section 36b-16 of the Act, and two violations of Section 36b-6(a) of the Act.
3.	The Commissioner finds that the facts require the imposition of a fine against Respondent.
4.	The Commissioner complied with Section 36b-27 of the Act, as amended, and Section 4-177 of the General Statutes of Connecticut.
5.	The Commissioner finds that the imposition of a fine against Respondent is necessary and appropriate in the public interest and for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of Sections 36b-2 to 36b-34, inclusive, of the Act.

III.  ORDER

Having read the record, I hereby ORDER, pursuant to Section 36b-27(d) of the 2010 Supplement to the General Statutes, as amended by Public Act 10-141, that:

Dated at Hartford, Connecticut,		______/s/__________
this 8th day of July 2010.		Howard F. Pitkin
	Banking Commissioner

This Order was sent by certified mail,
return receipt requested, to
Respondent on July 9, 2010.

Rogers Forman III
125 Seymour Avenue 
West Hartford, CT 06119
Certified mail no. 7008 1140 0002 4974 3589                          

Administrative Orders and Settlements