DOB: Olojugba, Eric - Fine; CD Perm

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IN THE MATTER OF:

ERIC OLOJUGBA
a/k/a OLUFEMI OLOJUGBA
a/k/a ERIC OLUWAROTIMI OLOJUGBA

CRD No. 2925026

("Respondent")
 

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ORDER TO CEASE AND DESIST

AND

ORDER IMPOSING FINE

DOCKET NO. CF-12-7891-S


I.  PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (“Act”), and Sections 36b-31-2 to 36b-31-33, inclusive, of the Regulations of Connecticut State Agencies (“Regulations”) promulgated under the Act;

WHEREAS, the Commissioner, through the Securities and Business Investments Division of the Department of Banking (“Department”), conducted an investigation into the activities of Respondent, pursuant to Section 36b-26(a) of the Act, to determine if Respondent had violated, was violating or was about to violate provisions of the Act or Regulations;

WHEREAS, on May 3, 2012, the Commissioner, acting pursuant to Sections 36b-27(a) and 36b-27(d) of the Act, issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Respondent (collectively “Notice”), which Notice is incorporated by reference herein;

WHEREAS, in the Notice, the Commissioner ordered that Respondent cease and desist from directly or indirectly violating the provisions of the Act and Regulations, including without limitation, failing to promptly file correcting amendments to his application for registration as a broker-dealer agent and as an investment adviser agent;

WHEREAS, in the Notice, the Commissioner found with respect to the activity described therein, that Respondent committed at least one violation of Section 36b-31-14e(a) of the Regulations and that the Commissioner intended to impose a maximum fine upon Respondent not to exceed One Hundred Thousand Dollars ($100,000) per violation;

WHEREAS, in the Notice the Commissioner notified Respondent that he could request a hearing concerning the allegations set forth in the Notice;

WHEREAS, on May 3, 2012, the Notice was sent to Respondent by certified mail, return receipt requested, and via e-mail;

WHEREAS, by facsimile dated May 11, 2012, Respondent requested a hearing on the Notice;

WHEREAS, on May 14, 2012, the Commissioner issued a Notification of Hearing and Designation of Hearing Officer stating that the hearing would be held on June 28, 2012, at 10 a.m. (“Hearing”), at the Department and appointing Attorney Stacey Serrano as Hearing Officer;

WHEREAS, by e-mail dated May 18, 2012, the Hearing Officer granted Respondent’s request for a continuance and rescheduled the Hearing to July 20, 2012;

WHEREAS, on July 20, 2012, both the Department and Respondent appeared before the Hearing Officer and requested a continuance for settlement purposes to August 29, 2012;

WHEREAS, by August 29, 2012, no settlement had been reached and the Hearing proceeded as scheduled;

WHEREAS, on August 29, 2012, Attorney Paul A. Bobruff represented the Department at the Hearing and Respondent failed to appear at the Hearing;

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.  Without further proceedings or notice to the party, the presiding officer shall submit to the commissioner a proposed final decision containing the relief sought in the notice, provided the presiding officer may, if deemed necessary, receive evidence from the department, as part of the record, concerning the appropriateness of the amount of any . . . fine . . . sought in the notice”;

WHEREAS, during the Hearing, the Department requested that a fine of Twenty-Five Thousand Dollars ($25,000) be imposed on Respondent;

WHEREAS, Section 36b-27(d)(2) of the Act 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 fine not exceeding one hundred thousand dollars per violation be imposed upon such person”;

WHEREAS, Section 36b-31(a) of the Act provides, in pertinent 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-34, inclusive”;

AND WHEREAS, Section 36b-31(b) of the Act provides, in pertinent part, that “[n]o . . . order may be made . . . unless the commissioner finds that the action 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 sections 36b-2 to 36b-34, inclusive.”

II. FINDINGS OF FACT AND CONCLUSIONS OF LAW

1. The Commissioner finds that the facts as set forth in paragraphs 7 through 18, inclusive, 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 paragraph 20 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 committed one violation of Section 36b-31-14e(a) of the Regulations, which forms the basis to issue a permanent order to cease and desist against Respondent pursuant to Section 36b-27(a) of the Act and to impose a fine against Respondent pursuant to Section 36b-27(d) of the Act.
  
3. The Commissioner finds that the Notice was given in compliance with Sections 36b-27(a) and 36b-27(d) of the Act and Section 4-177 of the Connecticut General Statutes.
  
4.
The Commissioner finds that the issuance of an order to cease and desist and the imposition of a fine against Respondent are necessary and appropriate in the public interest and for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of Sections 36b-2 to 36b-34, inclusive, of the Act.

III.  ORDER

Having read the record, I hereby ORDER, pursuant to Sections 36b-27(a) and 36b-27(d) of the Act, that:

1. The Order to Cease and Desist issued against Eric Olojugba a/k/a Olufemi Olojugba a/k/a Eric Oluwarotimi Olojugba on May 3, 2012, shall be and is hereby made PERMANENT;
  
2. A FINE of Twenty-Five Thousand Dollars ($25,000) be imposed against Eric Olojugba a/k/a Olufemi Olojugba a/k/a Eric Oluwarotimi Olojugba, 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 thirty (30) days from the date the Order is mailed; and
  
3. This Order shall become effective when mailed.

Dated at Hartford, Connecticut,       ________/s/________ 
this 30th day of November 2012.   Howard F. Pitkin 
    Banking Commissioner 


This Order was sent by certified mail,
return receipt requested, and via email
to Respondent on November 30, 2012.


Eric Olojugba 
a/k/a Eric Oluwarotimi Olojugba
a/k/a Olufemi Olojugba
295 Greenwich Street #139
New York, NY 10007
Certified Mail No. 7011 0470 0002 2572 9427

eric.olojugba at gmail.com
 


Administrative Orders and Settlements