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To Her Excellency M. Jodi Rell, Governor - page 21 / 25





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First Degree, was sentenced in Norwalk Superior Court to six years in prison. The individual had previously been fined $230,000 by the department for committing securities fraud.

In conjunction with the division's enforcement program, a total of 147 securities and business opportunity investigations were opened in 2008, 105 investigations were closed and 132 investigations were in progress as of December 31, 2008. Sixteen cease and desist orders were entered.

Of all the securities and business opportunity-related complaints and investigations handled, most were resolved at the administrative level prior to being closed. Many administrative resolutions of enforcement matters took the form of remedial stipulation and agreements and consent orders wherein the division sought corrective measures as well as monetary fines. Thirteen consent orders and six stipulation and agreements were executed in calendar year 2008. Six matters involved activity restrictions or the barring of affected individuals from securities- related activity in Connecticut. The division found the use of stipulation and agreements and consent orders to be an effective supplement to its array of enforcement tools.

During 2008, the division continued to monitor regulatory developments at the federal level, including proposals to restructure the regulation of the financial services industry.

In addition, the Securities and Business Investments Division streamlined the filing requirements for securities private placements in light of SEC Release No. 33-8891 which mandates electronic filing at the federal level by March 15, 2009. The Division communicated the new requirements to affected filers via the agency’s website.

The Securities and Business Investments Division also continued publication of its quarterly Securities Bulletin, now delivered electronically, to advise the industry of new regulatory developments.

The division is assisted by a Securities Advisory Council, comprised of industry representatives, academics and members of the bar, all of whom serve without compensation, that offers the Commissioner and staff insight on proposed regulatory initiatives. On October 23 , annual Securities Forum in Stamford, Connecticut. 2008, the Department held its 20th

Presentations by Department speakers, Securities Advisory Council members and others kept securities industry members abreast of critical regulatory and compliance developments. Nearly 300 attendees from the securities industry and the private bar attended the event which featured six panel presentations and an opening general session on New Directions for the Financial

Services Industry. Solution: How the keynote address.

Yale University Global Financial

Professor Robert Crisis Happened

Shiller, author and What to Do

of the About

book Subprime It, delivered the

On September 24, 2008, the department and AARP Connecticut co-sponsored a “Safe Investing” Seminar for mature investors at the Four Points by Sheraton hotel in Meriden, Connecticut. The seminar featured tips on protecting investors from fraud and abusive sales

practices. The Division also speaking engagements at senior

continued centers and

its investor other venues

outreach program through throughout the state.


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