DOB: Ronald Anthony Gagliardi, Settlement Agreement

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IN THE MATTER OF:

RONALD ANTHONY GAGLIARDI

    ("Gagliardi")

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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 to 36a-534c, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking (“Division”), conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Gagliardi 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, on December 17, 2008, Gagliardi requested renewal of his mortgage loan originator license;
 
WHEREAS, on April 9, 2009, the Commissioner, acting pursuant to Sections 36a-494(a)(2) and 36a-51 of the Connecticut General Statutes, issued a Notice of Intent to Refuse to Renew Mortgage Loan Originator License and Notice of Right to Hearing (collectively “Notice”) against Gagliardi, which Notice is incorporated herein by reference;
 
WHEREAS, the Notice alleged that Gagliardi made material misstatements in his current application for renewal of his mortgage loan originator license and in a prior application for renewal of his loan originator registration with respect to his criminal history;
 
WHEREAS, the Notice also alleged that the material misstatement in the current renewal application would be sufficient grounds to deny the requested renewal under Section 36a-489(b) of the Connecticut General Statutes, and constitutes sufficient grounds to refuse to renew Gagliardi’s license to act as a mortgage loan originator in Connecticut pursuant to Sections 36a-494(a)(2) and 36a-51 of the Connecticut General Statutes;
 
WHEREAS, the Notice further alleged that the material misstatements in the current and previous renewal applications demonstrate that Gagliardi’s character, integrity and general fitness are not such as to warrant belief that granting Gagliardi a mortgage loan originator license would be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, and Sections 36a-760a to 36a-760h, inclusive, of the Connecticut General Statutes, which constitutes sufficient grounds to refuse to renew Gagliardi’s license to act as a mortgage loan originator in Connecticut pursuant to Sections 36a-494(a)(2) and 36a-51 of the Connecticut General Statutes;
 
WHEREAS, on April 14, 2009, the Notice was received by Gagliardi, and on April 22, 2009, the Commissioner received a request for a hearing, which is presently scheduled for July 21, 2009;
 
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, both the Commissioner and Gagliardi acknowledge the possible consequences of formal administrative proceedings;
 
WHEREAS, Gagliardi agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations contained in the Notice and set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegations described above;
 
WHEREAS, Gagliardi, through his execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in the Notice and this Settlement Agreement, and waive 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 Gagliardi based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Gagliardi enter into this Settlement Agreement as follows:

1. Effective on the date this Settlement Agreement is executed by the Commissioner, Gagliardi is BARRED for a period of two (2) years from acting in or from Connecticut as a mortgage broker, mortgage correspondent lender, mortgage lender or mortgage loan originator as such terms are defined in Section 36a-485 of the Connecticut General Statutes; provided that, after eighteen (18) months from the date this Settlement Agreement is executed by the Commissioner, Gagliardi may apply to the Commissioner for a license pursuant to Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes;
2. Upon entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Gagliardi based upon the allegations contained in the Notice; provided that entry of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Gagliardi based on the allegations contained in the Notice if any representations made by Gagliardi in this Settlement Agreement are subsequently discovered to be untrue or if Gagliardi is not fully complying with any term or condition stated herein.  For purposes of this paragraph, a violation of this Settlement Agreement shall be deemed to be a violation of an order of the Commissioner; and
3. Notwithstanding paragraph 2 herein, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Gagliardi to enforce this Settlement Agreement if the Commissioner determines that Gagliardi is not fully complying with any term or condition stated herein.  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 24th day of August 2009.        

________/s/_________
Howard F. Pitkin
Banking Commissioner


I, Ronald Anthony Gagliardi, state that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; and that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.

                                          By:  ________/s/_________
                                                 Ronald Anthony Gagliardi

State of:  Connecticut

County of:  Fairfield


On this the 17th day of August 2009, before me, Colleen M. Cofek, the undersigned officer, personally appeared Ronald Anthony Galiardi, known to me (or satisfactorily proven) to be the person whose name Ronald Anthony Gagliardi 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/_________
                                        Colleen M. Cofek
                                        Notary Public
                                        Date Commission Expires:  3/31/14


Administrative Orders and Settlements