DOB: Brennan, Kevin Consent


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IN THE MATTER OF:

Kevin Patrick Brennan

(CRD No. 3009014)

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   CONSENT ORDER

   CO-07-7428-S

PRELIMINARY STATEMENT

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 promulgated under the Act (the “Regulations”);

WHEREAS, Kevin Patrick Brennan (“Brennan”) has been registered under the Act as a broker-dealer agent of New Castle Financial Services LLC (CRD No. 102380) since February 28, 2006;

WHEREAS, New Castle Financial Services LLC maintains or has maintained an unregistered branch office 4 Old Mill Plain Road, Danbury, Connecticut (the “Danbury Office”);

WHEREAS, the Commissioner, through the Securities and Business Investments Division (the “Division”) of the Department of Banking, has conducted an investigation (the “Investigation”) pursuant to Section 36b-26(a) of the Act into the activities of Brennan to determine whether Brennan had violated, was violating or was about to violate any provision of the Act or the Regulations;

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 provides, in relevant part, that “[u]nless precluded by law, a contested case may be resolved by . . . consent order”;

WHEREAS, the Commissioner finds that 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, without holding a hearing and without trial or adjudication of any issue of fact or law, and prior to the initiation of any formal proceeding, the Commissioner and Brennan reached an agreement, the terms of which are reflected in this Consent Order, in full and final resolution of the matters described herein;

WHEREAS, Brennan, without admitting or denying any of the Commissioner’s allegations or findings, expressly consents to the Commissioner’s jurisdiction under the Act and to the terms of this Consent Order;

WHEREAS, Brennan, through his execution of this Consent Order, represents and agrees that none of the violations alleged in this Consent Order shall occur in the future;

ALLEGATIONS

WHEREAS, as a result of the Investigation, the Division obtained evidence that Brennan, as one of the agents charged with exercising supervisory authority on behalf of New Castle Financial Services LLC, failed to reasonably supervise agents of New Castle Financial Services LLC working from the firm’s Danbury, Connecticut location;

FINDINGS OF THE COMMISSIONER AS TO EVIDENTIARY SUFFICIENCY TO INITIATE ADMINISTRATIVE PROCEEDINGS

WHEREAS, the Commissioner finds that the foregoing allegations would support the initiation of administrative proceedings under Section 36b-15(a)(2)(K) of the Act to revoke Brennan’s registration as an agent under the Act;

CONSENT TO WAIVER OF PROCEDURAL RIGHTS

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

1.
To be afforded written notice and an opportunity for a hearing within the meaning of Section 36b-15(f) of the Act and Sections 4 177(a) and 4-177(b) of the Connecticut General Statutes;
2.
To present evidence and argument and to otherwise avail himself of Section 4-177c(a) of the Connecticut General Statutes;
3. To present his position in a hearing in which he is represented by counsel;
4. To have a written record of the hearing made and a written decision issued by a hearing officer; and
5. To seek judicial review of, or otherwise challenge or contest the matters described herein, including the validity of this Consent Order.

CONSENT TO ENTRY OF SANCTIONS

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

1. Effective on the date this Consent Order is entered by the Commissioner, Brennan’s registration as an agent in Connecticut is hereby REVOKED;
2. For a period of seven (7) years commencing on the date this Consent Order is issued by the Commissioner, Brennan is BARRED from acting in Connecticut as a broker-dealer, agent, investment adviser, investment adviser agent or agent of issuer as such terms are defined in Section 36b-3 of the Act;
3. Notwithstanding paragraph 2 of this Consent to Entry of Sanctions, after five (5) years have elapsed from the date this Consent Order is entered by the Commissioner, Brennan may apply for registration as a broker-dealer, broker-dealer agent, investment adviser, investment adviser agent or agent of issuer under the Act, provided, until full expiration of the seventh year from the date of entry of this Consent Order, the Commissioner, in the Commissioner’s sole discretion, may enter Brennan’s name on the appropriate register, or deny Brennan’s registration, or restrict or impose conditions on any such registration without making the findings required by Section 36b-15(a) of the Act or complying with the requirements of Sections 36b 15(f) and (g) of the Act;
4. Effective on the date this Consent Order is entered by the Commissioner, Brennan shall refrain from supervising any Connecticut-registered broker-dealer agents of New Castle Financial Services LLC; and
 5.
Brennan shall cease and desist from engaging in conduct constituting or which would constitute a violation of the Act or any regulation or order under the Act.

CONSENT ORDER

 NOW THEREFORE, the Commissioner enters the following:

1.
The Sanctions set forth above be and are hereby entered;
2.
If Brennan fails to comply with any terms of this Consent Order or if any representation made by Brennan and set forth herein is subsequently determined to be untrue, the Commissioner may initiate administrative or judicial proceedings against Brennan to enforce this Consent Order or to sanction Brennan for violating an order of the Commissioner, or may take any other action authorized under the Act or any other applicable law, including the issuance of fines or penalties as provided by the Act;
3. This Consent Order shall not preclude additional proceedings by the Commissioner against Brennan for acts or omissions not specifically addressed in this Consent Order or for acts and/or omissions that do not arise from the facts or transactions addressed herein; and
4. This Consent Order shall become final when issued.


            ________/s/_________
            Howard F. Pitkin
            Banking Commissioner


So ordered at Hartford, Connecticut
this 24th day of March 2008.

CONSENT TO ENTRY OF ORDER

I, Kevin P. Brennan, 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 that I voluntarily consent to the entry of this Consent Order, expressly waiving any right to a hearing on the matters described herein.


_________/s/_________________ 
Kevin P. Brennan 



On this the 18th day of March 2008, before me, Bradford A. Miller, the undersigned officer, personally appeared Kevin P. Brennan, 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.

____________/s/___________________
Notary Public
Date Commission Expires:  February 28, 2010


Administrative Orders and Settlements