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IN THE MATTER OF:
GREGORY RICHARD IMBRUCE
CRD No. 4392235
HUNTON OIL PARTNERS LP
HUNTON OIL GENPAR LLC
GIDDINGS OIL & GAS LP
GIDDINGS GENPAR LLC
ASYM ENERGY FUND III LP
ASYM CAPITAL III LLC
(Collectively "Respondents")
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AMENDMENT TO
ORDER TO CEASE AND DESIST
NOTICE OF INTENT TO FINE
AND
NOTICE OF RIGHT TO HEARING
DOCKET NO. CF-13-8064-S
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AMENDMENT
| 1. |
On December 17, 2013, the Banking Commissioner, acting pursuant to Chapter 672a of the General Statutes of Connecticut and Section 36b-27 of the Connecticut Uniform Securities Act, issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing (collectively “Order”), which Order is incorporated by reference herein. |
| 2. |
On December 27, 2013, Respondents requested a hearing on the allegations set forth in the Order, which is currently scheduled (after the grant of two continuances by the Hearing Officer) for June 25, 2014 and June 26, 2014. |
| 3. |
Paragraph 40 of the Order is amended by replacing paragraph 40 with the below paragraphs 40a and 40b:
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40a. |
In approximately March 2010, in connection with the offer and/or sale of Giddings LP units to investors, Imbruce directed his accountant to pay a finder’s fee to an entity (the “Giddings Finder”) that introduced two individuals to Imbruce. The investors ultimately purchased Giddings LP units. In approximately September 2010, in connection with the offer and/or sale of Asym LP units, Asym Genpar entered into an Introducer Agreement (finder’s agreement) with an individual non-respondent (the “Asym Finder”). Pursuant to the Introducer Agreement, Asym Genpar agreed to pay the Asym Finder a percentage of Asym Genpar’s management fee in exchange for the Asym Finder referring and soliciting potential investors for the purchase of Asym LP units. Asym Genpar, as the general partner of Asym LP, paid the Asym Finder approximately $5,000 for soliciting and referring at least one investor to Asym LP.
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| 40b. |
In connection with the Division’s Investigation into Respondents’ activities, the Division obtained on-the-record, sworn testimony from Imbruce, wherein Imbruce gave misleading statements regarding whether or not a finder’s fee was paid to anyone for the sale of Giddings LP units to investors. | |
| 4. |
Paragraph 52 of the Order is amended as follows:
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52. |
Imbruce made statements to the Division that were, at the time and in light of the circumstances under which they were made, misleading in a material respect, as more fully described in paragraphs 39 and 40b. Such conduct constitutes a violation of Section 36b-23 of the Act, which forms a basis for an order to cease and desist to be issued against Imbruce pursuant to Section 36b-27(a) of the Act and the imposition of a fine upon Imbruce pursuant to Section 36b-27(d) of the Act. | |
| Dated at Hartford, Connecticut, |
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______/s/________ |
| this 10th day of June 2014. |
Howard F. Pitkin |
| Banking Commissioner |
CERTIFICATION
I hereby certify that on this 10th day of June 2014, the foregoing Amendment to Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing was sent by certified mail, return receipt requested, to Gregory Richard Imbruce and the other Respondents, c/o Alfred Pavlis, Esq., 177 Broad Street, Stamford, Connecticut 06901-2048, certified mail no. 70123050000216926491.
| ______/s/__________ |
| Elena Zweifler |
| Prosecuting Attorney |
| cc: |
Stacey Serrano, Esq. |
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Hearing Officer |
Administrative Orders and Settlements
