DOB: Puccerella, Albert R III-Consent Order

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CRD NO. 4312521


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DOCKET NO. CF-2007-7407-S


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, the Commissioner, through the Securities and Business Investments Division (“Division”) of the Department of Banking, conducted an investigation pursuant to Section 36b-26(a) of the Act into the activities of Puccerella to determine whether he had violated, was violating or was about to violate any provisions of the Act or Regulations (“Investigation”);
WHEREAS, on October 23, 2007, as a result of the Investigation, the Commissioner, acting pursuant to Section 36b-27(a) of the Act, as amended by Public Act 07-91, and Section 36b-27(d)(1) of the Act, issued an Order to Cease and Desist (“Order”), Notice of Intent to Fine (“Fine Notice”) and Notice of Right to Hearing (collectively “Notice”) against Puccerella, which Notice is incorporated by reference herein;
WHEREAS, the Notice alleges that Puccerella, on one occasion, effected the purchase of 985 shares of stock in American Oil & Gas Inc., and on another occasion, effected the sale of 1,000 shares of stock in ChipMOS Technologies (Bermuda) LTD. in the account of one Connecticut investor, without registration as an agent of a broker-dealer in Connecticut, in violation of Section 36b-6(a) of the Act;
WHEREAS, the Fine Notice stated that the Commissioner intended to impose a fine against Puccerella; that a hearing would be held on December 6, 2007, on the matters alleged in the Fine Notice; and that if Puccerella failed to appear at the hearing the Commissioner may order that a maximum fine of Ten Thousand Dollars ($10,000) be imposed upon Puccerella;
WHEREAS, on December 4, 2007, Puccerella requested a hearing on the matters alleged in the Order (“Hearing”);
WHEREAS, the Hearing and Fine Hearing are currently scheduled for January 28, 2008;
WHEREAS, Section 36b-27(f) of the Act provides, in relevant part, that “[a]ny time after the issuance of an order or notice provided for in subsection (a) . . . or subdivision (1) of subsection (d) of this section, the commissioner may accept an agreement by any respondent named in such order or notice to enter into a written consent order in lieu of an adjudicative hearing”;
WHEREAS, Section 36b-31(a) of the Act provides, in relevant 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 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by agreed settlement, unless precluded by law;
WHEREAS, Puccerella and the Commissioner now desire to resolve the matters alleged in the Notice and agree to the language in this Consent Order;
WHEREAS, Puccerella agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language in this Consent Order.


WHEREAS, Puccerella, through his execution of this Consent Order, voluntarily waives the following rights:

To be afforded an opportunity for a hearing within the meaning of Section 36b-27(a) of the Act, as amended, Section 36b-27(d)(2) and Section 4-177c(a) of the Connecticut General Statutes;
To present evidence and argument and to otherwise avail himself of Section 36b-27(a) of the Act, as amended, Section 36b-27(d)(2) and Section 4-177c(a) of the Connecticut General Statutes;
To present his position in a hearing in which he is represented by counsel;
To have a written record of the hearing made and a written decision issued by a hearing officer; and
To seek judicial review of, or otherwise challenge or contest the matters described herein, including the validity of this Consent Order.


WHEREAS, Puccerella, through his execution of this Consent Order, acknowledges that the Commissioner has made the following allegation, without admitting or denying it:  Puccerella transacted business in Connecticut as an agent of a broker-dealer on two occasions, absent registration, in violation of Section 36b-6(a) of the Act;
WHEREAS, the Commissioner would have the authority to enter findings of fact and conclusions of law after granting Puccerella an opportunity for a hearing;
WHEREAS, the entry of this Consent Order 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 the Act;
WHEREAS, Puccerella acknowledges the possible consequences of an administrative hearing and voluntarily agrees to consent to the entry of the sanctions described below.


WHEREAS, Puccerella, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing on him the following sanctions:

The Order to Cease and Desist set forth in the Notice shall become permanent;
No later than the date this Consent Order is issued by the Commissioner, Puccerella shall remit to the Department of Banking, by cashier’s or certified check made payable to “Treasurer, State of Connecticut”, the sum of Two Thousand Five Hundred Dollars ($2,500) as an administrative fine;
AND WHEREAS, Puccerella specifically assures the Commissioner that none of the violations alleged in the Notice shall occur in the future.


NOW THEREFORE, the Commissioner enters the following:

The Sanctions set forth above be and are hereby entered;
Entry of this Consent Order by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against Puccerella if the Commissioner determines that compliance with the terms herein is not being observed or if any representations made by Puccerella and reflected herein are subsequently discovered to be untrue; and
This Consent Order shall become final when issued.

Issued at Hartford, Connecticut
this 29th day of January 2008.               ________/s/_________
                                                        Howard F. Pitkin
                                                        Banking Commissioner



I, Albert Robert Puccerella III, state that I have read the foregoing Consent Order; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and I consent to the issuance of this Consent Order, expressly waiving any right to a hearing on the matters described herein.

                                                    Albert Robert Puccerella III

State of:  New York

County of:  Richmond

On this the 25 day of January 2008, before me, Marian C. Dezelich, the undersigned officer, personally appeared Albert Robert Puccerella III, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained.
In witness whereof I hereunto set my hand.

                                                    Notary Public
                                                    Date Commission Expires:  12/2/09

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