DOB: Vennie L. Watts a/k/a Vincent LaVoid, Settlement Agreement

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IN THE MATTER OF:

VENNIE L. WATTS
a/k/a VINCENT LAVOID

    ("Watts")

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SETTLEMENT AGREEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, “Mortgage Lenders, Brokers and Originators”;
 
WHEREAS, the Commissioner, through the Consumer Credit Division (“Division”) of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Watts to determine if he had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, from October 1, 2002 to September 30, 2006, Watts was registered as a loan originator under Chapter 668 of the Connecticut General Statutes and was retained or employed by L & S Mortgage, LLC, a licensed first mortgage broker and secondary mortgage broker;
 
WHEREAS, as a result of the investigation, the Commissioner alleges that, during all times relevant hereto, Watts was the President/Treasurer of Innoventures Management, LLC (“Innoventures”) and between September 7, 2005, and February 6, 2006, issued, through Innoventures, false verifications of rent, in connection with at least two loans that were made by licensed first and secondary mortgage lenders, in violation of Sections 36a-53b and 36a-56 of the Connecticut General Statutes;
 
WHEREAS, the Commissioner believes that the Commissioner’s allegations support the initiation of enforcement proceedings against Watts, pursuant to Section 36a-494(b) of the 2008 Supplement to the General Statutes, as amended by Public Acts 07-156 and 08-176, including proceedings to issue a cease and desist order pursuant to Section 36a-52(a) of the 2008 Supplement to the General Statutes and to impose a civil penalty of up to $100,000 per violation pursuant to Section 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, Watts has provided documentation to the Division evidencing that his financial resources are insufficient to pay the fine that otherwise would have been assessed against him pursuant to this Settlement Agreement;
 
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, Watts voluntarily agrees to enter into this Settlement Agreement without admitting or denying any allegations set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegations contained herein;
 
WHEREAS, Watts, through his execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in this Settlement Agreement, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;
 
AND WHEREAS, upon the entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Watts based upon the allegations contained herein.
 
NOW THEREFORE, the Commissioner and Watts enter into this Settlement Agreement as follows:

1. Watts shall cease and desist from violating any provisions of Title 36a of the Connecticut General Statutes, including Sections 36a-53b and 36a-56;
2.
For a period of one year from August 13, 2008, Watts shall not:

(a) 
Apply for a mortgage lender, mortgage correspondent lender, mortgage broker or mortgage loan originator license, pursuant to Part I of Chapter 668 of the Connecticut General Statutes; or
 
(b)  Serve as an officer or director of any mortgage lender, mortgage correspondent lender or mortgage broker; and
3. Notwithstanding anything to the contrary in this Settlement Agreement, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Watts to enforce this Settlement Agreement, if the Commissioner determines that Watts is not fully complying with any term or condition stated herein or if any representations made by Watts and reflected herein are subsequently discovered to be untrue.  For purposes of this paragraph, a violation of this Settlement Agreement shall be deemed to be a violation of an order of the Commissioner.

IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed by each of them or their duly authorized representatives on the dates hereinafter subscribed.


Dated at Hartford, Connecticut
this 9th day of January 2009.        

________/s/_________
Howard F. Pitkin
Banking Commissioner


I Vennie Watts a/k/a Vincent LaVoid, state that I have read the foregoing Settlement Agreement; 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 agree to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.

                                           By:  ________/s/_________
                                                 Vennie Watts a/k/a Vincent LaVoid
                                                 
                                         

State of:  CT

County of:  New Haven

On this the 2 day of January, 2009, before me, Debra A. Collins the undersigned officer, personally appeared Vennie Watts, known to me (or satisfactorily proven) to be the person whose name Vennie Watts subscribed to the within instrument and acknowledged that he/she executed the same for the purposes therein contained.

In witness whereof I hereunto set my hand.

                                                 ________/s/_________
                                                 Notary Public
                                                 Date Commission Expires:  March 31, 2011


Administrative Orders and Settlements