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IN THE MATTER OF: BARRY FREDRIC SCHECHTMAN ("Schechtman") |
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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, Schechtman is an individual who was previously licensed as a mortgage loan originator under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes and currently has an application pending;
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Schechtman 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, as a result of such investigation, the Commissioner alleges that during the period of January 1, 2009 through the present, Schechtman acted as a mortgage loan originator without the required license, in violation of Section 36a-486(b) of the 2010 Supplement to the General Statutes;
WHEREAS, the Commissioner believes that such allegations would support initiation of enforcement proceedings against Schechtman, including proceedings to issue a cease and desist order against Schechtman pursuant to Section 36a-494(b) of the 2010 Supplement to the General Statutes and Section 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation on Schechtman pursuant to Section 36a-494(b) of the 2010 Supplement to the General Statutes and Section 36a-50(a) of the Connecticut General Statutes;
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 Schechtman acknowledge the possible consequences of formal administrative proceedings;
WHEREAS, Schechtman voluntarily agrees to enter into this Settlement Agreement without admitting or denying any allegations set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegations described above;
AND WHEREAS, Schechtman, through his execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in this Settlement Agreement, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement.
NOW THEREFORE, the Commissioner and Schechtman enter into this Settlement Agreement as follows:
| 1. | No later than the date this Settlement Agreement is executed by Schechtman, Schechtman shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Four Thousand Dollars ($4,000) as a civil penalty; |
| 2. | Upon entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Schechtman based upon the allegations contained herein; provided that entry of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Schechtman based on the allegations contained herein if any representations made by Schechtman in this Settlement Agreement are subsequently discovered to be untrue or if Schechtman is not fully complying with any term or condition stated herein; |
| 3. | Nothing in the entry of this Settlement Agreement shall adversely affect the ability of Schechtman to apply for or obtain a mortgage loan originator license or renewal license under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes; |
| 4. | Notwithstanding paragraph 2 herein, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Schechtman to enforce this Settlement Agreement if the Commissioner determines that Schechtman 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 2nd day of November 2010. ________/s/_________
Howard F. Pitkin
Banking Commissioner
I, Barry Fredric Schechtman, state that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that I voluntarily agree to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.
By: ________/s/_________
Name: Barry Fredric Schechtman
State of: Connecticut
County of: Fairfield
On this the 22 day of November 2010, before me, Philip Berns, the undersigned officer, personally appeared Barry Fredric Schechtman, known to me (or satisfactorily proven) to be the person whose name 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/_________
Commissioner of the Superior Court