Steve Funk's involvement here raises an eyebrow......
He's agreed to buy a ton of the convertible Preferred shares.
Litchfield Man Fined $25,000, Barred from Securities Business in Connecticut for 5 Years in Connection With Promissory Note Sales
On January 29, 2003, the Banking Commissioner entered a Consent Order against Stephen P. Funk of 196 Fern Avenue, Litchfield, Connecticut. The respondent had been the subject of a September 25, 2002 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing alleging that, from at least January 1999 to June 2001, the respondent offered and sold unregistered non- exempt promissory notes of Wellesley Services, LLC to Connecticut investors in violation of Section 36b-16 of the Connecticut Uniform Securities Act; and that, in so doing, the respondent transacted business as an unregistered agent of the issuer in violation of Section 36b-6(a) of the Act. The action had also alleged that the respondent violated Section 36b-23 of the Act by making a false statement during the course of the department's investigation with respect to the respondent's involvement in the promissory note sales.
In entering the Consent Order, the Commissioner found that the respondent had violated Sections 36b-16 and 36b-6(a) of the Act but withdrew the department's allegation that the respondent had violated Section 36b-23 of the Act. The Consent Order fined the respondent $25,000 and barred him from acting as a broker-dealer, agent, investment adviser or investment adviser agent in Connecticut for five years. In addition, the Consent Order rendered the September 25, 2002 Order to Cease and Desist permanent.
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