Bulletin # 2711 - Week Ending February 5, 2016

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications.  Any observations you may have are solicited.  Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten days from the date of this bulletin.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Consent Order

On February 2, 2016, the Banking Commissioner entered a Consent Order (No. CO-15-8269-S) with respect to Thomas E. Seiler, formerly of Darien, Connecticut.   In 2009 and 2010, Thomas E. Seiler was the general manager and director of sales for the Sono Field House, a Norwalk-based commercial recreation sports facility developed by Q 350 Ely LLC.  The Consent Order alleged that between September 2008 and September 2010, Thomas E. Seiler violated Sections 36b-16 and 36b-6(a) of the Connecticut Uniform Securities Act by offering and selling unregistered securities issued by Q 350 Ely LLC and transacting business as an unregistered agent of issuer.

The Consent Order directed Thomas E. Seiler to cease and desist from regulatory violations and prohibited him for ten years from transacting business in or from Connecticut as a broker-dealer, agent, investment adviser or investment adviser agent.  The Consent Order also fined Thomas E. Seiler $1,500.

Stipulation and Agreement

On February 3, 2016, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-16-8266-S) with Peter R. Mack & Co., Inc. and with Peter Richard Mack, president and chief compliance officer of the firm.  The firm, which is located in Westport, Connecticut, is currently registered as a broker-dealer and an investment adviser under the Connecticut Uniform Securities Act.  The Stipulation and Agreement alleged that between January 2013 and January 2016, the firm transacted business as an unregistered investment adviser and engaged one or more unregistered investment adviser agents in violation of Section 36b-6(c) of the Act.  Prior to January 2013, the firm’s principal office was located at 515 Madison Avenue, 27th Floor, New York, New York 1002.

In resolution of the matter, the firm took curative steps to register as an investment adviser in Connecticut and to register the affected investment adviser agent.  The firm also agreed to refrain from regulatory violations.  In addition, the firm and Peter Richard Mack agreed to remit $3,870, jointly and severally, to the department.  Of that amount, $3,000 constituted an administrative fine and $870 represented reimbursement for past due investment adviser and investment adviser agent registration fees.