DOB: Charles F. Cacioppo, Denial of Originator Registration

January 9, 2008
 
FIRST CLASS AND REGISTERED MAIL
 

Mr. Charles F. Cacioppo
2051 Seaman’s Neck Road
Seaford, NY 11783
 
Re: Denial of Originator Registration
 
Dear Mr. Cacioppo:
 
On June 14, 2007, Homebridge Mortgage Bankers Corp. d/b/a Refinance.com (“Refinance.com”) filed a New Application for Registration of Loan Originators (“Application”) with the Consumer Credit Division (“Division”) of this department seeking to register you as a loan originator.  Refinance.com is currently a licensee under Section 36a-489 of Part I(A) of Chapter 668 of the Connecticut General Statutes, “Nondepository First Mortgage Lenders, Brokers and Originators”, and Section 36a-513 of Part I(B) of Chapter 668 of the Connecticut General Statutes, “Secondary Mortgage Lenders, Brokers and Originators”.
 
Section 36a-489(b) of the Connecticut General Statutes requires me to find that the financial responsibility, character, reputation, integrity and general fitness of the originator named in the application are such as to warrant belief that granting such registration would be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes.  If I cannot make such findings, I am prohibited from issuing such registration and must notify the originator and the applicant of the denial and the reasons for such denial.  Any such denial shall, when applicable, be subject to the provisions of Section 46a-80 of the Connecticut General Statutes.
 
Please be advised that, pursuant to Section 36a-489(b) of the Connecticut General Statutes, I hereby deny the Application for the reasons set forth below.
 
Section 46a-80 of the Connecticut General Statutes provides, in pertinent part, that:
(a)  Except as provided in subsection (b) of this section and subsection (b) of section 46a-81, and notwithstanding any other provisions of law to the contrary, a person shall not . . . be disqualified to practice, pursue or engage in any occupation, trade, vocation, profession or business for which a . . . registration is required to be issued by the state of Connecticut or any of its agencies solely because of a prior conviction of a crime.
 
(b)  A person may be denied . . . a . . . registration to pursue, practice or engage in an occupation, trade, vocation, profession or business by reason of the prior conviction of a crime if after considering (1) the nature of the crime and its relationship to the job for which the person has applied; (2) information pertaining to the degree of rehabilitation of the convicted person; and (3) the time elapsed since the conviction or release, the state, or any of its agencies determines that the applicant is not suitable for . . . the specific occupation, trade, vocation, profession or business for which the . . . registration is sought.
(c)  If a conviction of a crime is used as a basis for rejection of an applicant, such rejection shall be in writing and specifically state the evidence presented and reasons for rejection.  A copy of such rejection shall be sent by registered mail to the applicant.
Pursuant to the authority granted to me by Section 36a-17 of the Connecticut General Statutes, I have, through the Division, investigated your activities to determine whether your financial responsibility, character, reputation, integrity and general fitness are such as to warrant belief that granting you registration as an originator would be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes. 
 
As a result of such investigation, I have considered the fact that, in November 1996, you were convicted of a misdemeanor for having an individual impersonate you to take the National Association of Securities Dealers (“NASD”) Series 7 examination on your behalf, for which you were fined $2,000 and placed on a 4-year probation in New York.  In addition, you were censured, barred from association with any NASD member and fined $25,000 by the NASD.  I have considered the criteria contained in Section 46a-80(b) of the Connecticut General Statutes that must be considered prior to rejecting a registration based solely upon a conviction.
 
Based on the nature of the crime mentioned above and its relationship to the registration being sought, I am unable to find that your financial responsibility, character, reputation, integrity and general fitness are such as to warrant belief that granting you a registration as an originator will be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes.
 
Very truly yours,
 
Howard F. Pitkin
Banking Commissioner
 
HFP/SSS/ag
 
Registered Mail No. RB028034344US
 
cc: Homebridge Mortgage Bankers Corp.