DOB: Baffa, Brett Consent Order


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IN THE MATTER OF:

BRETT ANTHONY BAFFA

(CRD No. 4703434)

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   CONSENT ORDER

   CO-2007-7403-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, the Commissioner, through the Securities and Business Investments Division (“Division”) of the Department of Banking, conducted an investigation (the “Investigation”) pursuant to Section 36b-26(a) of the Act into the alleged activities of Brett Anthony Baffa (“Baffa”), to determine whether Baffa 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 Baffa reached an agreement, the terms of which are reflected in this Consent Order, in full and final resolution of the matters described herein;

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

WHEREAS Baffa, 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 has obtained evidence that on November 7, 2005, while associated with Great Eastern Securities, Inc. (CRD No. 2061), Baffa violated Section 36b-6(a) of the Act by effecting a transaction in the account of a Connecticut resident absent registration as an agent under the Act;

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

WHEREAS, the Commissioner finds that sufficient grounds would exist to initiate administrative proceedings under Sections 36b-27(a) and 36b-27(d) of the Act against Baffa based on the following, all of which are more fully described above, and which Baffa neither admits nor denies:

• Baffa violated Section 36b-6(a) of the Act by transacting business as an agent absent registration under the Act;

CONSENT TO WAIVER OF PROCEDURAL RIGHTS

WHEREAS, Baffa, 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-27 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 36b-27 of the Act and 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, Baffa, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing on him the following sanctions:

1. Baffa 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; and
2. No later than the date this Consent Order is entered by the Commissioner, Baffa shall remit to the department, by certified check made payable to "Treasurer; State of Connecticut," the sum of five hundred dollars ($500) which shall constitute an administrative fine;

CONSENT ORDER

 NOW THEREFORE , the Commissioner enters the following:

1.
The Sanctions set forth above be and are hereby entered;
2.
If Baffa fails to comply with any terms of this Consent Order or if any representation made by Baffa and set forth herein is subsequently determined to be untrue, the Commissioner may initiate administrative or judicial proceedings against Baffa to enforce this Consent Order or to sanction Baffa 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 Baffa 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


Dated at Hartford, Connecticut
this 22nd day of February 2008.

CONSENT TO ENTRY OF ORDER

I, Brett Anthony Baffa, 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/_________________ 
Brett Anthony Baffa 



On this the 30 day of January 2008, before me, Robert Baffa, the undersigned officer, personally appeared Brett Anthony Baffa, 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:  Jan. 31, 2011


Administrative Orders and Settlements