DOB: Bayou Securities LLC - REV BD

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IN THE MATTER OF:

BAYOU SECURITIES, LLC
CRD NO. 39323

    ("Respondent")

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ORDER REVOKING AND
CANCELING REGISTRATION
AS BROKER-DEALER

DOCKET NO. NRC-2005-7218-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, et seq. of the Regulations of Connecticut State Agencies promulgated under the Act (“Regulations”);

WHEREAS, Section 36b-15(a) of the Act, as amended by Public Act 05-177, provides, in pertinent part, that “[t]he commissioner may, by order, . . . revoke any registration . . . if the commissioner finds that (1) the order is in the public interest, and (2) the . . . registrant or, in the case of a broker-dealer . . . , any partner, officer, or director, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the broker-dealer . . . (B) has wilfully violated or wilfully failed to comply with any provision of sections 36b-2 to 36b-33, inclusive, . . . [or] (F) is the subject of any of the following sanctions that are currently effective or were imposed within the past ten years . . . (iii) a suspension, expulsion or other sanction issued by a national securities exchange or other self-regulatory organization registered under federal laws administered by the Securities and Exchange Commission . . . if the effect of the sanction has not been stayed or overturned by appeal or otherwise”;

WHEREAS, Section 36b-15(d) of the Act provides, in pertinent part, that “[i]f the commissioner finds that any registrant . . . is no longer in existence or has ceased to do business as a broker-dealer, . . . the commissioner may by order cancel the registration”;

WHEREAS, Section 36b-15(f) of the Act provides, in pertinent part, that “[n]o order may be entered under this section . . . without (1) appropriate prior notice to the . . . registrant . . . , (2) opportunity for hearing, and (3) written findings of fact and conclusions of law”;

WHEREAS, Section 36b-31(a) of the Act, as amended by Public Act 05-177, 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-33, inclusive”;

WHEREAS, Section 36b-31(b) of the Act, as amended by Public Act 05-177, 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-33, inclusive”;

WHEREAS, on November 21, 2005, the Commissioner, acting pursuant to Section 36b-15(a) of the Act, as amended, Sections 36b-15(d) and 36b-15(f) of the Act and Section 4-182(c) of the Connecticut General Statutes, 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 and adopted herein;

WHEREAS, the Notice stated that the Commissioner intended to revoke and cancel Respondent’s registration as a broker-dealer in Connecticut subject to its right to request a hearing, and that if Respondent failed to request a hearing within 14 days following its receipt of the Notice, the Commissioner shall issue an order revoking and canceling its registration as a broker-dealer in Connecticut;

WHEREAS, on November 30, 2005, the Notice mailed to Respondent at 40 Signal Road, Stamford, Connecticut, was returned to the Department of Banking marked “Return to Sender – Moved, Left No Address”;

WHEREAS, on December 2, 2005, the Notice was served on the Commissioner, and Notice of Service on the Banking Commissioner dated December 5, 2005, was sent to Respondent, by registered mail, return receipt requested, on December 5, 2005, in accordance with Section 36b-33(g) of the Act, as amended by Public Act 05-177;

WHEREAS, Respondent failed to request a hearing within the prescribed time period;

WHEREAS, the Commissioner alleged in the Notice that suspension of Respondent’s membership by the National Association of Securities Dealers, Inc., 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, as amended;

AND WHEREAS, the Commissioner alleged in the Notice that Respondent’s ceasing to do business as a broker-dealer forms a basis for the cancelation of Respondent’s registration as a broker dealer in Connecticut pursuant to Section 36b-15(d) of the Act.


II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1. The Commissioner finds that the facts as set forth in paragraphs 4 through 10, inclusive, of the Notice shall constitute findings of fact, and that the statutory basis for the revocation and cancelation of registration as broker-dealer in Connecticut set forth in section IV of the Notice shall constitute conclusions of law.
2. 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-33, inclusive, of the Act.
3. 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.


III.  ORDER

Having read the record, I HEREBY ORDER, pursuant to Sections 36b-15 and 36b-31 of the Act, as amended, that:

1. On the date of entry of this Order, the registration of Bayou Securities, LLC as a broker-dealer in Connecticut is hereby REVOKED and CANCELED; and
2. This Order shall become final when entered.

Entered at Hartford, Connecticut
this 9th day of January 2006.               ________/s/_________
                                                      John P. Burke
                                                      Banking Commissioner

This Order was sent by certified mail,
return receipt requested, to Respondent
on January 10, 2006.


Bayou Securities, LLC               Certified Mail No. 7099 3400 0009 4782 2383
40 Signal Road
Stamford, CT 06902


Administrative Orders and Settlements