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Gilman Ciocia Inc. - Settlement Agreement

State of New York Banking Department


In the Matter of

Gilman Ciocia Inc.

A Mortgage Broker registered pursuant to
Article XII-D of the of the New York
Banking Law

-Respondent-

 

SETTLEMENT AGREEMENT


Whereas, Gilman Ciocia, Inc. ("GC", "Registrant"), with headquarters at 35-30 Francis Lewis Boulevard, Suite 205, Flushing, NY 11358, was granted a registration on September 11, 1987 to engage in business as a registered mortgage broker pursuant to Article XII-D of the New York Banking Law (the "Banking Law") by the Superintendent of Banks (the "Superintendent") of the State of New York;

Whereas, GC received authority to engage in business from the New York Secretary of State as a corporation on November 4, 1981.

Whereas, another corporation named Gilman Ciocia Inc. (“GC Delaware”) was incorporated in the State of Delaware on September 3, 1993.

Whereas, on September 15, 1993, the New York Corporation was merged into the Delaware Corporation pursuant to a Certificate of Ownership and Merger filed with the State of Delaware Secretary of State.

Whereas, a Certificate of Merger was filed with the New York Secretary of State on February 14, 1994;

Whereas, on December 8, 1994, GC Delaware filed with the New York Secretary of State an application for Authority to do business in New York State.

Whereas, on May 13, 2009 a review of the New York Secretary of State’s records indicated that the New York Corporation was merged out of existence on February 14, 1994.

Whereas, GC failed to notify the New York State Banking Department (the “Department”) about the merger of the New York registered corporation into the Delaware entity.

Whereas, GC Delaware failed to submit an application to effectively register the Delaware entity pursuant to Section 590.2(b) of the New York Banking Law and comply with Supervisory Procedure 102.4.

Whereas, the Superintendent and the registrant mutually agree to resolve such violation by the imposition of a fine in the aggregate amount of $5,000 and the registrant agrees to submit an application for the Delaware entity pursuant to Banking Law.

NOW, THEREFORE IT IS STIPULATED AND AGREED BY THE PARTIES HERETO AS FOLLOWS:

THAT, the registrant agrees as follows:

GC fully understands the terms and conditions of the Settlement Agreement (the “Agreement”), freely and voluntarily waives its right to a hearing on the violation cited and any and all appeal relating to this matter;

  1. GC fully understands the terms and conditions of the Settlement Agreement (the “Agreement”), freely and voluntarily waives its right to a hearing on the violation cited and any and all appeal relating to this matter;
  2. GC will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business; 
  3. GC agrees to pay a fine in the amount of $5,000 payable upon execution of this Agreement.  Payment shall be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department;
  4. GC agrees to file an application for the Delaware entity with an application fee of $1,500.  In addition, it must file all required documents for all officers and directors of GC;
  5. GC fully understands the requirements of this Agreement and that failure to meet the above conditions and timeframes shall result in the Banking Department suspending its mortgage broker registration and scheduling a hearing for revocation;
  6. All communication regarding this Agreement shall be sent to:
  7. Ms. Rholda L. Ricketts                                                     Mr. Ted Finkelstein  
    Deputy Superintendent of Banks                                        Vice President
    Mortgage Banking Division                                                Gilman Ciocia Inc.
    New York State Banking Department                                 35-30 Francis Lewis Blvd.,
    One State Street                                                              Suite 205
    New York, NY 10004                                                        Flushing, NY 11358

  8. The provisions of this Agreement shall not bar, stop or otherwise prevent the Superintendent, or any state or federal agency or department, from taking any other action affecting the Registrant, any of its current or former officers, directors, employees, or insiders, or their successors or assigns.
  9. No extension or waiver of the terms of this Agreement shall be binding on the Banking Department unless it is in writing and signed by the Superintendent or her Deputy.
  10. Each provision of this Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent or her Deputy.
  11. The effective date of this Agreement is the date on which it is executed by the Superintendent or her Deputy.
  12. The provisions of this Agreement are not confidential.

Agreed to and accepted by:

Date: __________________                           By: ___________________________
                                                                                    Ted Finkelstein  
                                                                                    Vice President
                                                                                    Gilman Ciocia Inc.

Date: _________________                             By: ___________________________
                                                                                    Rholda L. Ricketts
                                                                                    Deputy Superintendent of Banks
                                                                                    New York State Banking Department

_________________________________________________

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