DOB: UVest Financial Services Stipulation

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IN THE MATTER OF:

UVEST FINANCIAL SERVICES GROUP, INC.

(CRD Number 13787)

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STIPULATION
AND AGREEMENT

No. ST-05-7249-S

 

WHEREAS, the Banking Commissioner (the "Commissioner") is charged with the administration of Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (the "Act") and Sections 36b-31-2 et seq. of the Regulations of Connecticut State Agencies (the "Regulations") promulgated under the Act;

WHEREAS, the Commissioner, through the Securities and Business Investments Division of the Department of Banking, has conducted an investigation pursuant to Section 36b-26 of the Act into the activities of UVest Financial Services Group, Inc. (“UVest”), a broker-dealer registered under the Act and having its principal office located at 200 South College Street, 21st floor, Charlotte, North Carolina 28202 and of UVest’s officers, agents, employees and representatives to determine whether they, or any of them, have violated or are about to violate any provision of the Act or any Regulation or order under the Act;

WHEREAS, the Commissioner, as a result of such investigation, has obtained evidence that, from March 31, 2003 until December 2005, UVest transacted business from 378 New Britain Avenue, Plainville, Connecticut (the “Plainville Office”) at a time when such location was not registered as a branch office as required by Section 36b-6(d) of the Act;

WHEREAS, on December 14, 2005, UVest filed an application to register the Plainville Office as a branch office under Section 36b-6(d) of the Act and such registration has been declared effective under the Act;

WHEREAS, Section 4-177(c) of Chapter 54 of the Connecticut General Statutes permits the resolution of a contested case by stipulation or agreed settlement;

WHEREAS, UVest desires to settle the matters described herein and voluntarily enters into this Stipulation and Agreement, acknowledging that this Stipulation and Agreement is in lieu of any court action or administrative proceeding adjudicating any issue of fact or law on the matters described herein;

WHEREAS, UVest, through its execution of this Stipulation and Agreement, voluntarily waives any rights it may have to seek judicial review or otherwise challenge or contest the terms and conditions of this Stipulation and Agreement;

NOW THEREFORE, THE PARTIES HERETO DO MUTUALLY AGREE AS FOLLOWS:

1. UVest shall revise and implement supervisory and compliance procedures designed to prevent and detect violations of the branch office registration requirements of the Act and the Regulations thereunder;
2.
No later than the date this Stipulation and Agreement is executed by the Commissioner, UVest shall remit to the department via certified bank check payable to “Treasurer, State of Connecticut” the sum of one thousand five hundred dollars ($1,500) as an administrative fine;
3. Execution of this Stipulation and Agreement by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against UVest based upon a violation of this Stipulation and Agreement or the basis for its entry if the Commissioner determines that compliance is not being observed with the terms hereof; and
4. This Stipulation and Agreement shall become binding when executed by both parties hereto.


IN WITNESS WHEREOF, the undersigned have executed this Stipulation and Agreement on the dates indicated.

 

               ________/s/_________
 John P. Burke
            Banking Commissioner

Dated at Hartford, Connecticut                 
this 3rd day of March 2006.                         
 

I, Brent A. Peddy, state on behalf of UVest Financial Services Group, Inc. that I have read the foregoing Stipulation and Agreement; that I know and fully understand its contents; that I am authorized to execute this Stipulation and Agreement on behalf of UVest Financial Services Group, Inc. and that UVest Financial Services Group, Inc. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
                                                                   

      UVest Financial Services Group, Inc.

By
       ________/s/_______________
      Brent A. Peddy
      Chief Compliance Officer


On this 10th day of January 2006, personally appeared Brent A. Peddy, signer of the foregoing Stipulation and Agreement, who, being duly sworn, did acknowledge to me that he was authorized to execute the same on behalf of UVest Financial Services Group, Inc., a corporation, and acknowledged the same to be his free act and deed, before me.


_______________/s/_______________________
Notary Public/Commissioner of the Superior Court
My Commission Expires:  3-15-2009




Administrative Orders and Settlements