DOB: Miller, David - Revocation Order

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IN THE MATTER OF:

DAVID MILLER
CRD No. 2570012

    ("Respondent")

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ORDER REVOKING
REGISTRATION AS AN AGENT

DOCKET NO. NR-13-8093-S

I. PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Chapter 672a of the General Statutes of Connecticut, 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, on July 8, 2013, the Commissioner, acting pursuant to Section 36b-15 of the Act and Sections 46a-80 and 4-182(c) of the General Statutes of Connecticut, issued a Notice of Intent to Revoke Registration as an Agent and Notice of Right to Hearing against Respondent (collectively “Notice”), which Notice is incorporated by reference herein;
 
WHEREAS, the Commissioner alleged in the Notice that Respondent’s conviction of a felony forms a basis for the revocation of Respondent’s registration as an agent in Connecticut pursuant to Section 36b-15(a)(2)(C) of the Act;
 
WHEREAS, the Commissioner alleged in the Notice that the entry of a permanent injunction against Respondent by the U.S. District Court for the District of Connecticut prohibiting Respondent from engaging in conduct proscribed by the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933, forms a basis for the revocation of Respondent’s registration as an agent in Connecticut pursuant to Section 36b-15(a)(2)(D) of the Act;
 
WHEREAS, the Commissioner alleged in the Notice that the Securities and Exchange Commission’s entry of an order barring Respondent from association with any broker, dealer or investment adviser forms a basis for the revocation of Respondent’s registration as an agent in Connecticut pursuant to Section 36b-15(a)(2)(F)(ii) of the Act;
 
WHEREAS, the Notice stated, inter alia, that the Commissioner has reason to believe that grounds exist to revoke Respondent’s registration as an agent in Connecticut pursuant to Sections 36b-15(a)(2)(C), 36b-15(a)(2)(D) and 36b-15(a)(2)(F)(ii) of the Act, that notice is hereby given to Respondent that Respondent’s registration as an agent in Connecticut shall be revoked, subject to Respondent’s right to request a hearing on the allegations set forth in the Notice, that Respondent would be afforded an opportunity for a hearing on the allegations set forth in the Notice if a written request for a hearing was received by the Department within fourteen (14) days following Respondent’s receipt of the Notice, and that the Commissioner shall issue an order revoking Respondent’s registration as an agent in Connecticut if Respondent fails to request a hearing within the prescribed time period or fails to appear at any such hearing;
 
WHEREAS, on July 8, 2013, the Notice was sent by certified mail, return receipt requested, to Respondent;
 
WHEREAS, on July 10, 2013, delivery of the Notice was attempted, but the Notice was not claimed by Respondent;
 
WHEREAS, in accordance with Section 36b-33(g) of the Act, on July 24, 2013, the Notice was served on the Commissioner, and on July 25, 2013, Notice of Service on the Banking Commissioner In the Matter of:  David Miller dated July 25, 2013 (“Notice of Service”) was sent by registered mail, return receipt requested, to Respondent;
 
WHEREAS, on August 20, 2013, the Notice of Service was returned to the Department of Banking marked “Return to Sender-Unclaimed”;
 
WHEREAS, Respondent has failed to request a hearing on the matters set forth in the Notice within 14 days of the date of the Notice of Service;
 
WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that:

      When 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;

WHEREAS, Section 36b-15 of the Act provides, in pertinent part, that:
 
     (a)        The commissioner may, by order . . . revoke any registration . . . if the commissioner finds that (1) the order is in the public interest, and (2) the . . . registrant . . . (C) has been convicted, within the past ten years, of any misdemeanor involving a security, any aspect of a business involving securities, commodities, investments, franchises, business opportunities, insurance, banking or finance, or any felony, provided any . . . revocation of such registration shall be in accordance with the provisions of section 46a-80; (D) is permanently or temporarily enjoined by any court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of a business involving securities, commodities, investments, franchises, business opportunities, insurance, banking or finance . . . (F) is the subject of any of the following sanctions that are currently effective or were imposed within the past ten years . . . (ii) an order of the Securities and Exchange Commission . . . suspending or expelling such . . . registrant or person from a national securities or commodities exchange or national securities or commodities association registered under the Securities Exchange Act of 1934 . . . or, in the case of an individual, an order of the Securities and Exchange Commission . . . barring such individual from association with a broker dealer or an investment adviser . . . .
          
     
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  (f)  No order may be entered under this section except as provided in subsection (c) of this section without (1) appropriate prior notice to the . . . registrant and to the employer or prospective employer if such . . . registrant is an agent . . . (2) opportunity for hearing, and (3) written findings of fact and conclusions of law[;] 
 
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 4 through 12, inclusive, of the Notice, shall constitute findings of fact within the meaning of Section 4-180(c) of the General Statutes of Connecticut and Section 36a-1-52 of the Regulations, and that the Statutory Basis for Revocation of Registration as an Agent set forth in paragraphs 13 through 18, inclusive, of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the General Statutes of Connecticut and Section 36a-1-52 of the Regulations.
2. The Commissioner finds that grounds exist to revoke Respondent’s registration as an agent in Connecticut pursuant to Sections 36b-15(a)(2)(C), 36b-15(a)(2)(D) and 36b-15(a)(2)(F)(ii) of the Act.
3. The Commissioner finds that the facts require the issuance of an order revoking Respondent’s registration as an agent in Connecticut.
4. The Commissioner finds that the Notice complied with the requirements of Section 36b-15(f) of the Act and Sections 4-177 and 4-182(c) of the General Statutes of Connecticut.
5. The Commissioner finds that the issuance of an order revoking Respondent’s registration as an agent in Connecticut is 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 Section 36b-15 of the Act, that:

1. The registration of David Miller as an agent in Connecticut is hereby REVOKED; and
2. This Order shall become effective when mailed.



Dated at Hartford, Connecticut,       _______/s/____________
this 6th day of September 2013.      Howard F. Pitkin 
         Banking Commissioner 


This Order was sent by certified
mail, return receipt requested, to
Respondent on September 6, 2013.

David Miller
9 Vernon Avenue
Rockville Centre, NY 11570
Certified mail no. 7012 3050 0002 1692 6156

Rochdale Securities, LLC
One Landmark Square, 15th Floor
Stamford, CT 06901
Certified mail no. 7012 3050 0002 1692 6163


Administrative Orders and Settlements