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WILBANKS SECURITIES, INC.
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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, pursuant to Section 36b-26(a) of the Act, the Commissioner, through the Securities and Business Investments Division (“Division”) of the Department of Banking, has conducted an investigation into the activities of Respondent to determine if Respondent had violated, is violating or is about to violate provisions of the Act or Regulations (“Investigation”).
WHEREAS, on June 7, 2018, based on the Investigation by the Division, the Commissioner acting pursuant to subsections (a), (d) and (f) of Section 36b-15 of the Act and Section 4-182(c) of the General Statutes of Connecticut, issued a Notice of Intent to Revoke and Cancel Registration as Broker-dealer and Notice of Right to Hearing against Respondent (collectively, “Notice”), which Notice is incorporated by reference herein and made a part hereof;
WHEREAS, the Notice stated that (i) the Commissioner had reason to believe that grounds existed for revoking and canceling Respondent’s registration as a broker-dealer in Connecticut pursuant to subsections (a) and (d) of Section 36b-15 of the Act, (ii) Respondent’s registration as a broker-dealer in Connecticut would be revoked and canceled, subject to Respondent’s right to request a hearing on the allegations set forth in the Notice, and (iii) if Respondent did not request a hearing within fourteen (14) days following Respondent’s receipt of the Notice or if Respondent failed to appear at any such hearing, the allegations in the Notice against Respondent would be deemed admitted and the Commissioner would issue an order revoking and canceling Respondent’s registration as a broker-dealer in Connecticut;
WHEREAS, on June 8, 2018, the Notice was mailed to Respondent at 4334 Northwest Expressway, Suite 222, Oklahoma City, Oklahoma 73116;
WHEREAS, on June 14, 2018, Respondent received the Notice;
WHEREAS, Respondent has failed to request a hearing on the allegations set forth in the Notice within 14 days of its receipt or at any other time;
WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut States Agencies provides, in pertinent part, that:
| When a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted. Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies . . . . |
WHEREAS, Section 36b-31(a) of the Act 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 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 4 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 Revocation and Cancelation of Registration as Broker-dealer set forth in paragraphs 13 through 18, 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 the Financial Industry Regulatory Authority’s cancellation of Respondent’s membership forms a basis for the revocation of Respondent’s registration as a broker-dealer in Connecticut pursuant to Section 36b-15(a)(2)(F)(iii) of the Act. |
| 3. | The Commissioner finds that the suspension and revocation orders issued by the State of South Carolina form a basis for revoking Respondent’s registration as a broker-dealer in Connecticut pursuant to Section 36b-15(a)(2)(F)(i) of the Act; |
| 4. | The Commissioner finds that Respondent's apparent cessation of business as a broker-dealer forms a basis for the cancellation of Respondent’s registration as a broker-dealer in Connecticut pursuant to Section 36b-15(d) of the Act. |
| 5. | The Commissioner finds that the Notice was given in compliance with Section 36b-15(f) of the Act and Section 4-182(c) of the Connecticut General Statutes. |
| 6. | The Commissioner finds that this action 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 Sections 36b-15 and 36b-31 of the Act, that:
1.
On the date of entry of this Order, the registration of Wilbanks Securities, Inc. as a broker-dealer in Connecticut is hereby REVOKED and CANCELED; and
2.
This Order shall become final when entered.
| Entered at Hartford, Connecticut | _____/s/____________ | |
| this 13th day of July 2018. | Jorge L. Perez | |
| Banking Commissioner |
This Order was sent by certified mail,
return receipt requested, to Respondent
on July 23, 2018.
Wilbanks Securities, Inc.
4334 Northwest Expressway, Suite 222
Oklahoma City, Oklahoma 73116
Certified Mail No. 7013 3020 0000 4226 6936