DOB: Apex Financial Group, Inc., Order to Cease and Desist, Revoking First Mortgage Correspondent Lender, First Mortgage Lender/Broker, Secondary Mortgage Correspondent Lender and Secondary Mortgage Lender/Broker Licenses and Imposing Civil Penalty

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IN THE MATTER OF:

APEX FINANCIAL GROUP, INC.

    ("Apex")



 

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ORDER TO CEASE AND DESIST

ORDER REVOKING FIRST MORTGAGE
CORRESPONDENT LENDER,
FIRST MORTGAGE LENDER/BROKER,
SECONDARY MORTGAGE
CORRESPONDENT LENDER AND

SECONDARY MORTGAGE
LENDER/BROKER LICENSES

AND

ORDER IMPOSING CIVIL PENALTY


I.  PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 to 36a-534a, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Brokers and Originators”;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation of the activities of Apex, pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on July 24, 2007, the Commissioner, acting pursuant to Sections 36a-50(a) and 36a-492(b) of the Connecticut General Statutes and Sections 36a-52, 36a-494, 36a-517 and 36a-51(a) of the Connecticut General Statutes, as amended by Public Act 07-91, issued a Notice of Automatic Suspension; Temporary Order to Cease and Desist; Notice of Intent to Issue Order to Cease and Desist; Notice of Intent to Revoke First Mortgage Correspondent Lender, First Mortgage Lender/Broker, Secondary Mortgage Correspondent Lender and Secondary Mortgage Lender/Broker Licenses; Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) against Apex, which Notice is incorporated herein by reference;
 
WHEREAS, on July 25, 2007, the Notice was sent by registered mail, return receipt requested, to Apex (Registered Mail No. RB028034106US);
 
WHEREAS, on July 30, 2007, Apex received the Notice;
 
WHEREAS, the Notice provided Apex with the opportunity for a hearing and stated that if a hearing was not requested within 14 days of its receipt the Commissioner intends to:  (1) Issue an order that Apex cease and desist from violating Sections 36a-490(a), 36a-486(b), 36a-511(b), 36a-515(a), 36a-17(d), 36a-493(a) and 36a-516(a) of the Connecticut General Statutes; (2) revoke Apex’s first mortgage correspondent lender, first mortgage lender/broker, secondary mortgage correspondent lender and secondary mortgage lender/broker licenses in Connecticut; and (3) impose a civil penalty upon Apex not to exceed Four Hundred Thirty-nine Thousand Dollars ($439,000);
 
WHEREAS, the Commissioner alleged in the Notice that Apex’s failure to maintain a bond that runs concurrently with the period of its first mortgage correspondent lender license, in violation of Section 36a-492(a) of the Connecticut General Statutes, constitutes grounds to revoke Apex’s first mortgage correspondent lender, first mortgage lender/broker, secondary mortgage correspondent lender and secondary mortgage lender/broker licenses pursuant Sections 36a-494(a)(1)(C) and 36a-517(a)(1)(C) of the Connecticut General Statutes, as amended, respectively, and Section 36a-51 of the Connecticut General Statutes, as amended;

WHEREAS, the Commissioner alleged in the Notice that Apex’s acting as a first mortgage correspondent lender without obtaining the required licenses, in violation of Section 36a-490(a) of the Connecticut General Statutes, forms the basis to issue an order to cease and desist against Apex pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, to revoke Apex’s first mortgage correspondent lender, first mortgage lender/broker, secondary mortgage correspondent lender and secondary mortgage lender/broker licenses pursuant to Sections 36a-494(a)(1)(C) and 36a-517(a)(1)(C) of the Connecticut General Statutes, as amended, respectively, and Section 36a-51 of the Connecticut General Statutes, as amended, and to impose a civil penalty pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;

WHEREAS, the Commissioner alleged in the Notice that Apex’s failure to register 114 loan originators who originated first mortgage loans, in violation of Section 36a-486(b) of the Connecticut General Statutes, forms the basis to issue an order to cease and desist against Apex pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, to revoke Apex’s first mortgage correspondent lender and first mortgage lender/broker licenses pursuant Section 36a-494(a)(1)(C) and 36a-51 of the Connecticut General Statutes, as amended, and to impose a civil penalty pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, the Commissioner alleged in the Notice that Apex’s failure to register 25 loan originators who originated secondary mortgage loans, in violation of Section 36a-511(b) of the Connecticut General Statutes, forms the basis to issue an order to cease and desist against Apex pursuant to Sections 36a-517(b) and 36a-52(a) of the Connecticut General Statutes, to revoke Apex’s secondary mortgage correspondent lender and secondary mortgage lender/broker licenses pursuant to Sections 36a-517(a)(1)(C) and 36a-51 of the Connecticut General Statutes, as amended, and to impose a civil penalty pursuant to Sections 36a-517(b) and 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, the Commissioner alleged in the Notice that Apex’s use of a name other than the name stated on the licenses issued by the Commissioner, in violation of Sections 36a-490(a) and 36a-515(a) of the Connecticut General Statutes, forms the basis to issue an order to cease and desist against Apex pursuant to Sections 36a-494(b), 36a-517(b) and 36a-52(a) of the Connecticut General Statutes, to revoke Apex’s first mortgage correspondent lender, first mortgage lender/broker, secondary mortgage correspondent lender and secondary mortgage lender/broker licenses pursuant to Sections 36a-494(a)(1)(C) and 36a-517(a)(1)(C) of the Connecticut General Statutes, as amended, respectively, and Section 36a-51 of the Connecticut General Statutes, as amended, and to impose a civil penalty pursuant to Sections 36a-494(b), 36a-517(b) and 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, the Commissioner alleged in the Notice that Apex’s failure to provide loan files that had been requested by the Commissioner, in violation of Sections 36a-17(d), 36a-493(a) and 36a-516(a) of the Connecticut General Statutes, forms the basis to issue an order to cease and desist against Apex pursuant to Sections 36a-494(b), 36a-517(b) and 36a-52(a) of the Connecticut General Statutes, to revoke Apex’s first mortgage correspondent lender, first mortgage lender/broker, secondary mortgage correspondent lender and secondary mortgage lender/broker licenses pursuant to Sections 36a-494(a)(1)(C) and 36a-517(a)(1)(C) of the Connecticut General Statutes, as amended, respectively, and Section 36a-51 of the Connecticut General Statutes, as amended, and to impose a civil penalty pursuant to Sections 36a-494(b), 36a-517(b) and 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, the Commissioner alleged in the Notice that Apex’s conduct that gave rise to an order to Cease and Desist being issued against Apex by the Georgia Department of Banking and Finance on March 23, 2007, and Findings of Fact and Temporary Order to Cease and Desist issued against Apex by the Massachusetts Commissioner of Banks on March 13, 2007, illustrates that the financial responsibility, character, reputation, integrity and general fitness of Apex are not such as to warrant belief that Apex’s business will be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, and Sections 36a-510 to 36a-524, inclusive, of the Connecticut General Statutes, which constitutes grounds to revoke Apex’s first mortgage correspondent lender, first mortgage lender/broker, secondary mortgage correspondent lender and secondary mortgage lender/broker licenses pursuant to Sections 36a-494(a) and 36a-517(a) of the Connecticut General Statutes, as amended, respectively, and Section 36a-51 of the Connecticut General Statutes, as amended;
 
WHEREAS, Section 36a-486 of the Connecticut General Statutes provides, in pertinent part, that:
(a) No person shall engage in the business of making first mortgage loans or act as a first mortgage broker in this state unless such person has first obtained the required license in accordance with the provisions of sections 36a-485 to 36a-498a, inclusive. . . .
 
(b)  No licensee shall employ or retain an originator without first registering such originator under sections 36a-485 to 36a-498a, inclusive, provided such registration shall not be required for any originator who is registered by such licensee under sections 36a-510 to 36a-524, inclusive.
WHEREAS, Section 36a-489(a) of the Connecticut General Statutes provides, in pertinent part, that:
If the commissioner finds, upon the filing of an application for a license, that the applicant meets the requirements of subsection (a) of section 36a-488, and that the financial responsibility, character, reputation, integrity and general fitness of the applicant . . . and of the officers, directors and principal employees if the applicant is a corporation, are such as to warrant belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of sections 36a-485 to 36a-498a, inclusive, the commissioner may thereupon issue the applicant the license.  If the commissioner fails to make such findings, . . . the commissioner shall not issue a license, and shall notify the applicant of the denial and the reasons for such denial.
WHEREAS, Section 36a-490(a) of the Connecticut General Statutes provides, in pertinent part, that:
Each license shall state the location at which the business is to be conducted and shall state fully the name of the licensee.  If the licensee desires to make first mortgage loans in more than one location or to act as a first mortgage broker in more than one location, the licensee shall procure a license for each location where the business is to be conducted. . . . No licensee shall use any name other than the name stated on the license issued by the commissioner.
WHEREAS, Section 36a-492 of the Connecticut General Statutes provides, in pertinent part, that:
(a) No such [first mortgage correspondent lender or first mortgage lender/broker] license, and no renewal thereof, shall be granted unless the applicant has filed a bond with the commissioner written by a surety authorized to write such bonds in this state, in the sum of forty thousand dollars . . . .  The bond shall run concurrently with the period of the license granted to the applicant, and the aggregate liability under the bond shall not exceed the penal sum of the bond.
(b)  The surety company shall have the right to cancel the bond at any time by a written notice to the licensee stating the date cancellation shall take effect.  Such notice shall be sent by certified mail to the licensee at least thirty days prior to the date of cancellation.  A surety bond shall not be cancelled unless the surety company notifies the commissioner in writing not less than thirty days prior to the effective date of cancellation.  The commissioner shall automatically suspend the license on the date the cancellation takes effect, unless the surety bond has been replaced or renewed.  The commissioner shall give the licensee notice of the automatic suspension pending proceedings for revocation . . . and an opportunity for a hearing on such actions in accordance with section 36a-51.
 
WHEREAS, Section 36a-493(a) of the Connecticut General Statutes provides, in pertinent part, that:
Each licensee shall maintain adequate records of each loan transaction at the location named in the license, or shall make such records available at such location not later than five business days after requested by the commissioner to do so.
WHEREAS, Section 36a-494(a)(1) of the Connecticut General Statutes, as amended, provides, in pertinent part, that:
The commissioner may . . . revoke . . . any license . . . in accordance with the provisions of section 36a-51, . . . for any reason which would be sufficient grounds for the commissioner to deny an application for a license under sections 36a-485 to 36a-498a, inclusive, . . . or if the commissioner finds that the licensee or any proprietor, director, officer, member, partner, shareholder, trustee, employee or agent of such licensee has done any of the following: . . . (C) violated any of the provisions of this title . . . .
WHEREAS, Section 36a-494(b) of the Connecticut General Statutes provides, in pertinent part, that:
Whenever it appears to the commissioner that any person has violated, is violating or is about to violate any of the provisions of sections 36a-485 to 36a-498a, inclusive, . . . the commissioner may take action against such . . . licensee . . . in accordance with sections 36a-50 and 36a-52.
WHEREAS, Section 36a-511 of the Connecticut General Statutes provides, in pertinent part, that:
(a) No person shall engage in the business of making secondary mortgage loans or act as a secondary mortgage broker unless such person has first obtained the required license under sections 36a-510 to 36a-524, inclusive. . . .
(b)  No licensee shall employ or retain an originator without first registering such originator under sections 36a-510 to 36a-524, inclusive, provided such registration shall not be required for any originator who is registered by such licensee under sections 36a-485 to 36a-498a, inclusive.
WHEREAS, Section 36a-513(c) of the Connecticut General Statutes provides, in pertinent part, that:
If the commissioner finds, upon the filing of an application for a license, that the applicant meets the requirements of subsection (a) of this section, and that the financial responsibility, character, reputation, integrity and general fitness of the applicant . . . and of the officers, directors and principal employees if the applicant is a corporation, are such as to warrant belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of sections 36a-510 to 36a-524, inclusive, the commissioner may thereupon issue the applicant the license.  If the commissioner fails to make such findings, . . . the commissioner shall not issue a license, and shall notify the applicant of the denial and the reasons for such denial.
WHEREAS, Section 36a-515(a) of the Connecticut General Statutes provides, in pertinent part, that:
Each license shall state the location at which the business is to be conducted and shall state fully the name of the licensee.  If the licensee desires to make secondary mortgage loans in more than one location or to act as a mortgage broker in more than one location, the licensee shall procure a license for each location where the business is to be conducted. . . . No licensee shall use any name other than the name stated on the license issued by the commissioner.
WHEREAS, Section 36a-516(a) of the Connecticut General Statutes provides, in pertinent part, that:
Each licensee shall maintain adequate records of each loan transaction at the place of business named in the license or shall make such records available at such place of business not later than five business days after requested by the commissioner to do so.
WHEREAS, Section 36a-517(a)(1) of the Connecticut General Statutes, as amended, provides, in pertinent part, that:
The commissioner may . . . revoke . . . any license . . . in accordance with section 36a-51, . . . for any reason which would be sufficient grounds for the commissioner to deny an application for a license under sections 36a-510 to 36a-524, inclusive, . . . or if the commissioner finds that the licensee or any proprietor, director, officer, member, partner, shareholder, trustee, employee or agent of such licensee has done any of the following: . . . (C) violated any of the provisions of this title . . . .
WHEREAS, Section 36a-517(b) of the Connecticut General Statutes provides, in pertinent part, that:
Whenever it appears to the commissioner that any person has violated, is violating or is about to violate any of the provisions of sections 36a-510 to 36a-524, inclusive, . . . the commissioner may take action against such . . . licensee . . . in accordance with sections 36a-50 and 36a-52.
WHEREAS, Section 36a-17 of the Connecticut General Statutes provides, in pertinent part, that:
(a) The commissioner, in the commissioner’s discretion, may make such public or private investigations or examinations within or outside this state, concerning any person subject to the jurisdiction of the commissioner, as the commissioner deems necessary to carry out the duties of the commissioner.
 
. . .
(d)  Any person who is the subject of any such investigation . . . shall make its records available to the commissioner in readable form . . . and otherwise cooperate with the commissioner.
WHEREAS, Section 36a-52(a) of the Connecticut General Statutes provides, in pertinent part, that:
Whenever it appears to the commissioner that any person has violated, is violating or is about to violate any provision of the general statutes within the jurisdiction of the commissioner, . . . the commissioner may send a notice to such person by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt.  The notice shall be deemed received by the person on the earlier of the date of actual receipt, or seven days after mailing or sending.  Any such notice shall include:  (1) A statement of the time, place, and nature of the hearing; (2) a statement of the legal authority and jurisdiction under which the hearing is to be held; (3) a reference to the particular sections of the general statutes . . . alleged to have been violated; (4) a short and plain statement of the matters asserted; and (5) a statement indicating that such person may file a written request for a hearing on the matters asserted within fourteen days of receipt of the notice. . . . If the person does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner shall issue an order to cease and desist against the person.  No such order shall be issued except in accordance with the provisions of chapter 54.
WHEREAS, Section 36a-51(a) of the Connecticut General Statutes, as amended, provides, in pertinent part, that:
The commissioner may . . . revoke . . . any license issued by the commissioner under any provision of the general statutes by sending a notice to the licensee by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt.  The notice shall be deemed received by the licensee on the earlier of the date of actual receipt or seven days after mailing or sending.  Any such notice shall include:  (1) A statement of the time, place, and nature of the hearing; (2) a statement of the legal authority and jurisdiction under which the hearing is to be held; (3) a reference to the particular sections of the general statutes . . . involved; (4) a short and plain statement of the matters asserted; and (5) a statement indicating that the licensee may file a written request for a hearing on the matters asserted within fourteen days of receipt of the notice.
WHEREAS, Section 36a-51(b) of the Connecticut General Statutes provides, in pertinent part, that
If the licensee does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner shall . . . revoke . . . the license.  No such license shall be . . . revoked except in accordance with the provisions of chapter 54.
WHEREAS, Section 36a-50(a)(1) of the Connecticut General Statutes provides, in pertinent part, that:
Whenever the commissioner finds as the result of an investigation that any person has violated any provision of the general statutes within the jurisdiction of the commissioner, . . . the commissioner may send a notice to such person by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt.  The notice shall be deemed received by the person on the earlier of the date of actual receipt or seven days after mailing or sending.  Any such notice shall include:  (A) A statement of the time, place, and nature of the hearing; (B) a statement of the legal authority and jurisdiction under which the hearing is to be held; (C) a reference to the particular sections of the general statutes . . . alleged to have been violated; (D) a short and plain statement of the matters asserted; (E) the maximum penalty that may be imposed for such violation; and (F) a statement indicating that such person may file a written request for a hearing on the matters asserted within fourteen days of receipt of the notice.
WHEREAS, Section 36a-50(a)(2) of the Connecticut General Statutes provides, in pertinent part, that:
If such person does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner may, as the facts require, order that a civil penalty not exceeding one hundred thousand dollars per violation be imposed upon such person.
WHEREAS, on August 23, 2007, Roy Williams filed an Appearance and Request for Hearing dated August 21, 2007, on behalf of the Apex;
 
WHEREAS, on August 30, 2007, the Commissioner issued a Notification of Hearing and Designation of Hearing Officer which appointed Attorney Paul A. Bobruff as Hearing Officer and stated that the hearing would be held on September 11, 2007, at 9 a.m., at the Department of Banking;
 
WHEREAS, on September 7, 2007, Roy Williams requested a postponement of the hearing scheduled for September 11, 2007;
 
WHEREAS, on September 11, 2007, Hearing Officer Bobruff rescheduled the hearing to October 23, 2007, at 9 a.m.;
 
WHEREAS, on October 23, 2007, Attorney Doniel Kitt and Attorney Jesse B. Silverman represented the Department of Banking at the hearing;
 
WHEREAS, on October 23, 2007, Apex failed to appear at the hearing;
 
AND WHEREAS, Section 36a-1-31(b) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to appear at a scheduled hearing, the allegations against the party may be deemed admitted.”


II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The facts as set forth in paragraphs 1 through 15, inclusive, of Section II of the Notice shall constitute findings of fact within the meaning of Section 4-180(c) of the Connecticut General Statutes, and the conclusions set forth in paragraphs 1 through 7, inclusive, of Section III of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the Connecticut General Statutes and Section 36a-1-52 of the Regulations of Connecticut State Agencies.
2.
The Commissioner finds that Apex has engaged in acts or conduct which, pursuant to Section 36a-52(a) of the Connecticut General Statutes, constitute sufficient grounds to issue an order to cease and desist against Apex.
3.
The Commissioner finds that Apex has engaged in acts or conduct which, pursuant to Sections 36a-494(a)(1)(C) and 36a-517(a)(1)(C) of the Connecticut General Statutes, as amended, respectively, and Section 36a-51 of the Connecticut General Statues, as amended, constitute sufficient grounds to revoke Apex’s fist mortgage correspondent lender, first mortgage lender/broker, secondary mortgage correspondent lender and secondary mortgage lender/broker licenses in Connecticut.
4.
The Commissioner finds that Apex has engaged in acts or conduct which, pursuant to Section 36a-50(a)(2) of the Connecticut General Statutes, constitute sufficient grounds to issue an order imposing a civil penalty against Apex.  Section 36a-50(a)(2) of the General Statutes provides, in pertinent part, that “[i]f such person . . . fails to appear at the hearing, the commissioner may, as the facts require, order that a civil penalty not exceeding one hundred thousand dollars per violation be imposed upon such person.”  The Notice provided Apex with the opportunity for a hearing and stated that the Commissioner intends to impose a civil penalty upon Apex not to exceed Four Hundred Thirty-nine Thousand Dollars ($439,000).  Pursuant to Section 36a-1-31(b) of the Regulations of Connecticut State Agencies, the allegations in the Notice are be deemed admitted due to Apex’s failure to appear at the scheduled hearing.  The record establishes that Apex has violated Sections 36a-490(a), 36a-486(b), 36a-511(b), 36a-515(a), 36a-17(d), 36a-493(a) and 36a-516(a) of the Connecticut General Statutes, which forms the basis for the issuance of an order imposing civil penalty against Apex for each violation pursuant to Sections 36a-494(b), 36a-517(b) and 36a-50(a) of the Connecticut General Statutes.  The Connecticut Supreme Court has stated that “[t]he assessment of civil penalties is a fact-specific and broadly discretionary determination.”  Rocque v. Light Sources, 275 Conn. 420, 450 (2005).
 
The record establishes that Apex acted as a first mortgage correspondent lender without obtaining the required licenses in violation of Section 36a-490(a) of the Connecticut General Statutes which, pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes, forms the basis for the Commissioner to impose a civil penalty in the amount of One Hundred Thousand Dollars ($100,000) for one violation.
 
The record establishes that Apex failed to register 114 loan originators who originated first mortgage loans in violation of Section 36a-486(b) of the Connecticut General Statutes which, pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes, forms the basis for the Commissioner to impose a civil penalty in the amount of One Hundred Fourteen Thousand Dollars ($114,000) for 114 violations.
 
The record establishes that Apex failed to register 25 loan originators who originated secondary mortgage loans in violation of Section 36a-511(b) of the Connecticut General Statutes which, pursuant to Sections 36a-517(b) and 36a-50(a) of the Connecticut General Statutes, forms the basis for the Commissioner to impose a civil penalty in the amount of Twenty-five Thousand Dollars ($25,000) for 25 violations.
 
The record establishes that Apex used of a name other than the name stated on the licenses issued by the Commissioner in violation of Sections 36a-490(a) and 36a-515(a) of the Connecticut General Statutes which, pursuant to Sections 36a-494(b), 36a-517(b) and 36a-50(a) of the Connecticut General Statutes, forms the basis for the Commissioner to impose a civil penalty in the amount of One Hundred Thousand Dollars ($100,000) for two violations.
 
The record establishes that Apex’s failed to provide loan files that had been requested by the Commissioner, in violation of Sections 36a-17(d), 36a-493(a) and 36a-516(a) of the Connecticut General Statutes which, pursuant to Sections 36a-494(b), 36a-517(b) and 36a-50(a) of the Connecticut General Statutes, forms the basis for the Commissioner to impose a civil penalty in the amount of One Hundred Thousand Dollars ($100,000) for three violations.
5.
The Commissioner finds that the Notice was given in compliance with Sections 36a-52 and 36a-51(a) of the Connecticut General Statutes, as amended, and Sections 36a-50(a), 4-177 and 4-182(c) of the Connecticut General Statutes.
 

III.  ORDER

Having read the record, I hereby ORDER, pursuant to Sections 36a-52(a), 36a-51(b) and 36a-50(a)(2) of the Connecticut General Statutes and Sections 36a-494 and 36a-517 of the Connecticut General Statutes, as amended, that:

1.
Apex Financial Group, Inc., CEASE AND DESIST from violating Sections 36a-490(a), 36a-486(b), 36a-511(b), 36a-515(a), 36a-17(d), 36a-493(a) and 36a-516(a) of the Connecticut General Statutes;
2.
The licenses of Apex Financial Group, Inc., to engage in the business of a first mortgage correspondent lender, first mortgage lender/broker, secondary mortgage correspondent lender and secondary mortgage lender/broker in Connecticut be and are hereby REVOKED;
3. A CIVIL PENALTY of Four Hundred Thirty-nine Thousand Dollars ($439,000) be imposed against Apex Financial Group, Inc., to be remitted to the Department of Banking by cashier’s check, certified check or money order, made payable to “Treasurer, State of Connecticut”, no later than 45 days from the date the Order is mailed; and
4.
This Order shall become effective when mailed.
 

Dated at Hartford, Connecticut
this 14th day of May 2008.                        ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner



This Order was mailed by registered mail,
return receipt requested, to Respondent
on May 14, 2008.


Roy Williams                                            Registered Mail No. RB027867655US
Apex Financial Group, Inc.
213 W Bloomingdale Avenue
Brandon, FL 33511


Administrative Orders and Settlements