DOB: Alpine Securities Corp-DEN-BD

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IN THE MATTER OF:

ALPINE SECURITIES CORPORATION
CRD NO. 14952

    ("Respondent")

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ORDER DENYING REGISTRATION
AS BROKER-DEALER

DOCKET NO. ND-2006-7246-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 the regulations promulgated thereunder (Sections 36b-31-2 to 36b-31-33, inclusive, of the Regulations of Connecticut State Agencies) (“Regulations”);

WHEREAS, Section 36b-15(a) of the 2006 Supplement to the General Statutes provides, in pertinent part, that “[t]he commissioner may, by order, deny . . . any registration . . . if the commissioner finds that (1) the order is in the public interest, and (2) the applicant . . . or, in the case of a broker-dealer . . . any . . . officer . . . (F) is the subject of any of the following sanctions that are currently effective or were imposed within the past ten years:  . . . (iii) a . . . 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(f) of the 2006 Supplement to the General Statutes provides, in pertinent part, that “[n]o order may be entered under this section . . . without (1) appropriate prior notice to the applicant . . . , (2) opportunity for hearing, and (3) written findings of fact and conclusions of law”;

WHEREAS, Section 36b-31(a) of the 2006 Supplement to the General Statutes 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 2006 Supplement to the General Statutes 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 January 7, 2005, Respondent filed an application with the Commissioner for registration as a broker-dealer in Connecticut (“Application”);

WHEREAS, the Commissioner, through the Securities and Business Investments Division (“Division”) of the Department of Banking, conducted an investigation of Respondent pursuant to Section 36b-8 of the Act;

WHEREAS, on October 12, 2005, Respondent filed an application with the Commissioner to withdraw the Application (“Withdrawal”), and on January 10, 2006, the Withdrawal became effective;

WHEREAS, on May 19, 2006, based on the investigation by the Division, the Commissioner, acting pursuant to Sections 36b-15(a) and 36b-15(e)(1) of the 2006 Supplement to the General Statutes, issued a Notice of Intent to Deny Registration as Broker-dealer and Notice of Right to Hearing against Respondent (“Notice”), which Notice is incorporated by reference herein;

WHEREAS, the Notice stated that the Commissioner intended to deny 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 denying its registration as a broker-dealer in Connecticut;

WHEREAS, on May 31, 2006, Respondent received the Notice;
 
WHEREAS,
on June 12, 2006, Respondent requested a hearing on the matters set forth in the Notice;

WHEREAS, on June 16, 2006, the Commissioner issued a Notification of Hearing and Designation of Hearing Officer scheduling the hearing for July 7, 2006 (“Hearing”);

WHEREAS, on June 29, 2006, Respondent withdrew its request for the Hearing, pursuant to Section 36a-1-55(b) of the Regulations;

AND WHEREAS, the Commissioner alleged in the Notice that Respondent and Respondent’s principal were the subject of sanctions issued by a self-regulatory organization registered with the Securities and Exchange Commission (“SEC”) within the last ten years, the effects of which have not been stayed or overturned, and such sanctions form a basis for denial of Respondent’s registration as a broker-dealer in Connecticut pursuant to Section 36b-15(a)(2)(F)(iii) of the 2006 Supplement to the General Statutes.


II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The Commissioner finds that the facts as set forth in paragraphs 4 through 14, inclusive, of the Notice shall constitute findings of fact, and that the statutory basis for the denial of Respondent’s registration as a broker-dealer in Connecticut set forth in paragraphs 15 and 16 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.
 
3. The Commissioner finds that the Notice was given in compliance with Section 36b-15(f) of the 2006 Supplement to the General Statutes.
 

III.  ORDER
 
Having read the record, I HEREBY ORDER, pursuant to Sections 36b-15 and 36b-31 of the 2006 Supplement to the General Statutes, that:
 
1.
On the date of entry of this Order, the registration of Alpine Securities Corporation as a broker-dealer in Connecticut is hereby DENIED; and
 
2.
This Order shall become final when entered.

Entered at Hartford, Connecticut
this 14th day of July 2006.                 ________/s/_________
                                                    John P. Burke
                                                    Banking Commissioner

 

This Order was sent by certified
mail, return receipt requested, to
Respondent and Respondent’s Attorney
on July 14, 2006.

Alpine Securities Corporation    Certified mail no. 7099 3400 0009 4782 2130
440 East 400 South, Suite 200
Salt Lake City, UT 84111

Sara R. Ziskin, Esq.                Certified mail no. 7099 3400 0009 4782 2147
7319 N. 16th Street, Suite 201
Phoenix, AZ 85020
 


Administrative Orders and Settlements