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IN THE MATTER OF:
CRD No. 2925026
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ORDER TO CEASE AND DESIST
NOTICE OF INTENT TO FINE
NOTICE OF RIGHT TO HEARING
DOCKET NO. CF-12-7891-S
I. PRELIMINARY STATEMENT
|1.||The Banking Commissioner (“Commissioner”) is charged with the administration of Chapter 672a of the General Statutes of Connecticut, 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.|
Pursuant to Section 36b-26(a) of the Act, the Commissioner, through the Securities and Business Investments Division (“Division”) of the Department of Banking (“Department”), has conducted an investigation into the activities of Respondent to determine if he had violated, is violating or is about to violate provisions of the Act or Regulations (“Investigation”).
|3.||As a result of the Investigation, the Commissioner has reason to believe that Respondent has violated certain provisions of the Act.|
As a result of the Investigation, the Commissioner has the authority to issue a cease and desist order against Respondent pursuant to Section 36b-27(a) of the Act.
As a result of the Investigation, the Commissioner has the authority to impose a fine upon Respondent pursuant to Section 36b-27(d) of the Act.
|6.||Respondent is an individual whose address last known to the Commissioner is 295 Greenwich Street, #139, New York, New York 10007.|
III. STATEMENT OF FACTS
|7.||Respondent was registered in Connecticut under the Act as a broker-dealer agent at various times commencing on January 26, 2006, and as an investment adviser agent at various times commencing on February 26, 2007.|
|8.||Respondent, as part of his registration, made filings with the Commissioner via the Central Registration Depository (“CRD”) on Form U-4 (Uniform Application for Securities Industry Registration or Transfer) listing his residential and business addresses. Respondent moved from the residential address listed on his Form U-4, but failed to amend his Form U-4 to list his current residential address.|
|9.||On December 1, 2010, the Division sent a letter to Respondent (“December Letter”) requesting information regarding his outside business activities with CRG Partners and Discoverpoint Holdings (Group) LLC, and an explanation regarding why these outside business activities were not listed on his Form U-4 as outside business activities.|
|10.||The December Letter was sent to an alternative address not listed on Respondent’s Form U-4 because Respondent had moved without filing an amendment to his Form U-4 with the Commissioner regarding his change of address.|
The December Letter was forwarded to another address, a Post Office Box in New York, New York, that also was not listed on Respondent’s Form U-4.
|12.||The December Letter was received by Respondent on January 7, 2011.|
|13.||Respondent failed to respond to the December Letter’s requests for information.|
|14.||On December 15, 2010, the Division received a Form U-5 (Uniform Termination Notice for Securities Industry Registration) to withdraw Respondent’s registration as a broker-dealer agent and as an investment adviser agent of ING Financial Partners, Inc. (CRD No. 2882).|
|15.||On March 15, 2011, the request to withdraw Respondent’s registration as a broker-dealer agent and as an investment adviser agent of ING Financial Partners, Inc. in Connecticut became effective by operation of law.|
|16.||Respondent is not currently registered in any capacity under the Act.|
|17.||On October 19, 2011, the Commissioner gave Respondent written notice pursuant to Section 4-182(c) of the General Statutes of Connecticut that Respondent failed to make correcting amendments to his Form U-4 to disclose Respondent’s outside business activities and to update his residential address and that Respondent failed to provide a response to the Division’s December Letter.|
|18.||Respondent declined to provide a current residential or other mailing address to the Division, and requested all written communication be sent via E-mail to the E-mail address he provided: eric.olojugba at gmail.com.|
IV. STATUTORY BASIS FOR ORDER TO CEASE AND DESIST
AND ORDER IMPOSING FINE
Violation of Section 36b-31-14e(a) of the Regulations –
Failure to Promptly File a Correcting Amendment
|19.||Paragraphs 1 through 18, inclusive, are incorporated and made a part hereof as if more fully set forth herein.|
Respondent’s failure to update the Commissioner regarding his outside business activities and his residential address, as more fully described in paragraphs 7 through 13, inclusive, constitutes a violation of Section 36b-31-14e(a) of the Regulations, and such violation forms a basis for an order to cease and desist to be issued against Respondent pursuant to Section 36b-27(a) of the Act, and the imposition of a fine upon Respondent pursuant to Section 36b-27(d) of the Act.
V. ORDER TO CEASE AND DESIST, NOTICE OF INTENT TO FINE
AND NOTICE OF RIGHT TO HEARING
WHEREAS, as a result of the Investigation, the Commissioner finds that, with respect to the activity described herein, Respondent has committed at least one violation of Section 36b-31-14e(a) of the Regulations;
WHEREAS, the Commissioner further finds that the issuance of an Order to Cease and Desist against Respondent and the imposition of a fine upon Respondent is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policies and provisions of the Act;
WHEREAS, notice is hereby given to Respondent that the Commissioner intends to impose a maximum fine not to exceed one hundred thousand dollars ($100,000) per violation upon Respondent;
WHEREAS, the Commissioner ORDERS that Respondent CEASE AND DESIST from directly or indirectly violating the provisions of the Act and Regulations, including without limitation, failing to promptly file correcting amendments to its application for registration as a broker-dealer agent and as an investment adviser agent;
THE COMMISSIONER FURTHER ORDERS THAT, pursuant Section 36b-27 of the Act, Respondent will be afforded an opportunity for a hearing on the allegations set forth above if a written request for a hearing is received by the Department of Banking, Securities and Business Investments Division, 260 Constitution Plaza, Hartford, Connecticut 06103-1800 within fourteen (14) days following Respondent’s receipt of this Order. The enclosed Appearance and Request for Hearing Form must be completed and mailed to the above address. If Respondent will not be represented by an attorney at the hearing, please complete the Appearance and Request for Hearing Form as “pro se”. Once a written request for a hearing is received, the Commissioner may issue a notification of hearing and designation of hearing officer that acknowledges receipt of a request for a hearing, designates a presiding officer and sets the date of the hearing in accordance with Section 4-177 of the General Statutes of Connecticut and Section 36a-1-21 of the Regulations of Connecticut State Agencies. If a hearing is requested, the hearing will be held on June 28, 2012 at 10 a.m., at the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut.
The hearing will be held in accordance with the provisions of Chapter 54 of the General Statutes of Connecticut. At such hearing, Respondent will have the right to appear and present evidence, rebuttal evidence and argument on all issues of fact and law to be considered by the Commissioner.
This Order to Cease and Desist shall remain in effect and become permanent against Respondent if Respondent fails to request a hearing within the prescribed time period or fails to appear at any such hearing.
The Commissioner may order that the maximum fine be imposed upon Respondent if Respondent fails to request a hearing within the prescribed time period or fails to appear at any such hearing.
|Dated at Hartford, Connecticut,||________/s/________|
|this 3rd day of May 2012.||Howard F. Pitkin|
I hereby certify that on this 3rd day of May 2012, the foregoing 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 Eric Olojugba at 295 Greenwich Street, #139, New York, New York 10007, certified mail no. 7011 0470 0002 2573 4308; and P.O. Box 735, New York, New York 10108, certified mail no. 7011 0470 0002 2573 4315; and by E-mail with a delivery receipt requested to eric.olojugba at gmail.com.
Paul A. Bobruff