DOB: Worldwide Financial Resources, Inc., Order to Cease and Desist and Order Imposing Civil Penalty

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IN THE MATTER OF:

WORLDWIDE FINANCIAL
RESOURCES, INC.

    ("Respondent")

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ORDER TO CEASE AND DESIST

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-534c, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”, and Sections 9 and 19 to 21, inclusive, of Public Act 09-209;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking (“Department”), conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17(a) 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 September 14, 2009, the Commissioner, acting pursuant to Section 36a-494(b) of the Connecticut General Statutes, as amended by Public Act 09-209, and Sections 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on September 14, 2009, the Notice was sent by registered mail, return receipt requested, to Respondent and to Respondent’s registered agent (Registered Mail Nos. RB027869095US and RB027869055US);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing, and stated that if a hearing was not requested within 14 days of its receipt, the Commissioner would issue an order that Respondent cease and desist from violating Section 36a-486(a) of the Connecticut General Statutes, Section 36a-486(a), as amended by Public Act 09-209, and Section 36a-758 of the Connecticut General Statutes, and may order that the maximum civil penalty of One Hundred Ten Thousand Dollars ($110,000) be imposed upon Respondent;
 
WHEREAS, on September 16, 2009, Respondent’s registered agent received the Notice and no request for a hearing has been received by the Commissioner;
 
WHEREAS, Section 36a-52(a) of the Connecticut General Statutes provides, in pertinent part, that “[i]f 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-50(a)(2) of the Connecticut General Statutes provides, in pertinent part, that “[i]f 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, Section 36a-50(a)(3) of the Connecticut General Statutes provides, in pertinent part, that “[e]ach action undertaken by the commissioner under this subsection shall be in accordance with the provisions of chapter 54”;
 
AND WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”.


II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The Commissioner finds that the matters asserted, as set forth in paragraphs 1 to 7, 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 that the conclusions, as set forth in 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 Respondent has engaged in acts or conduct which, pursuant to Section 36a-494(b) of the Connecticut General Statutes, as amended, and Section 36a-52(a) of the Connecticut General Statutes, forms the basis to issue an order to cease and desist against Respondent, and pursuant to Section 36a-494(b) of the Connecticut General Statutes, as amended, and Section 36a-50(a) of the Connecticut General Statutes, forms the basis to impose a civil penalty against Respondent.
3.
The Commissioner finds that the Notice was given in compliance with Sections 36a-52(a), 36a-50(a) and 4-177 of the Connecticut General Statutes.
 

III.  ORDER

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

1.
Worldwide Financial Resources, Inc. CEASE AND DESIST from violating Section 36a-486(a) of the Connecticut General Statutes, Section 36a-486(a) of the Connecticut General Statutes, as amended, and Section 36a-758 of the Connecticut General Statutes;
2.
A CIVIL PENALTY of One Hundred Ten Thousand Dollars ($110,000) be imposed against Worldwide Financial Resources, 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 ninety (90) days from the date this Order is mailed; and
3.
This Order shall become effective when mailed.
 

Dated at Hartford, Connecticut
this 2nd day of November 2009.                   ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner



This order was sent by certified mail,
return receipt requested, to
Respondent and Respondent’s agent
on November 3, 2009.


Worldwide Financial Resources, Inc.   
50 Route 9 North, Building B
Morganville, New Jersey 07751        Certified Mail No. 7007 1490 0004 3509 7284

Worldwide Financial Resources, Inc.   
c/o National Registered Agents, Inc.
12 Old Boston Post Road
Old Saybrook, Connecticut 06475    Certified Mail No. 7007 1490 0004 3509 7291


Administrative Orders and Settlements