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Winthrop Investment Management Order

Docket No. 17-018-S
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DOCKET NO. 17-018-S




RESPONDENTS.                                     )



Based on the Motion of the Department of Financial Regulation, through its Securities Division, pursuant to 8 V.S.A. § 13 and 9 V.S.A. § 5604, for an Order enforcing the Commissioner’s Order dated July 6, 2017 (the Order), and after a hearing, the Commissioner hereby makes the following findings of fact and conclusions of law and enters the following Order:

                                             FINDINGS OF FACT

     On September 19, 2019, the Department filed a Motion to Enforce (the Motion) an Order dated July 6, 2017 requiring Respondent, among other things, to make certain payments to the Department.
Respondent timely requested a hearing, and the matter was referred to hearing officer Robert Simpson, Esq., designated by the Commissioner to conduct a hearing and to make findings of fact and a recommended order as to penalties.
Respondent did not contest the Department’s allegations that he had failed to make certain payments due under the July 6, 2017 Order.
Final hearing on the merits was held on December 4, 2019, and the hearing officer issued his recommended Findings and Penalty Proposal on December 9, 2019. See Exhibit A.
I hereby adopt the hearing officer’s findings of fact in their entirety.

                                       COMMISSIONER’S AUTHORITY  

 Pursuant to 9 V.S.A. § 5601, the Commissioner is charged with enforcing the securities laws of the State of Vermont. Pursuant to 9 V.S.A. § 5604, the Commissioner is authorized to enforce his prior orders, and pursuant to §5604(d), to impose a civil penalty of up to $15,000 per violation of a prior order.

                                            CONCLUSIONS OF LAW

By failing to make payments due under the July 6, 2017 Order, Respondent violated 8 V.S.A. §5604.
Pursuant to 8 V.S.A. §5604(d), the Commissioner is authorized to impose civil penalties of up to $15,000 per violation.


The Findings and Proposed Penalties issued by Hearing Officer Robert Simpson, attached as Exhibit A, are adopted in their entirety.
The Motion is GRANTED. Respondent is hereby ORDERED to pay the sum of $3750 due under the July 6, 2017 Order, plus a penalty of $7500, on or before April 1, 2020.
Should Respondent fail to make all payments required in ¶ 10 on or before April 1, 2020, the penalty shall increase to $15,000.
Any amount due under this Order shall be considered untimely and subject to civil enforcement if not received by the Department on or before April 1, 2020.


Entered at Montpelier, Vermont this ___ day of January 2020


Michael S. Pieciak, Commissioner

Vermont Department of Financial Regulation