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DOCKET NO. 13-030-I
IN RE: Alicia Maria Goodman a/k/a Lisa Goodman;
David Charles Goodman
ORDER SUSPENDING RESIDENT PRODUCER LICENSES #787057 AND #787058
Based upon the Ex Parte Motion for Order Suspending Resident Producer Licenses
#787057 and #787058 filed by the Department of Financial Regulation (the "Department") on March 7, 2014, the Commissioner makes the following Findings of Fact and Conclusions of Law and issues the following Order:
FINDINGS OF FACT
1. Respondents Lisa Goodman and David Goodman are Vermont residents. They are members of Respondent Mountain Group Financial, LLC, a Vermont limited liability company with a principal place of business at 825 Swinginton Hill Rd, Leicester, VT 05733 and a business address at P.O. Box 100, Brandon, VT 05733.
2. Respondents are licensed insurance producers. Respondent Lisa Goodman was issued resident producer license #787057, and Respondent David Goodman was issued resident producer license #787058.
3. On September 27,2013, after an investigation by the Department's Securities Division revealed that Respondents engaged in unregistered activity as investment advisors, the Commissioner issued an Order ordering Respondents to Cease and Desist from transacting business in this state as unregistered investment advisers in violation of9 V.S.A. § 5403 (the "Order").
4. Also on September 27, 2013, Respondents were notified of their right to request a hearing within 30 days of the execution of the Order. At no time did Respondents request a hearing.
5. An ongoing investigation by the Department has revealed that Respondents have engaged in unregistered activity as investment advisors after the date of the Order, September 27, 2013, by advising at least two clients to liquidate securities in order to purchase annuities.
CONCLUSIONS OF LAW
6. Pursuant to the provisions of 8 V.S.A. § 4804(a)(3), the Commissioner may suspend a resident producer license issued under Chapter 131 of Title 8 if the Commissioner finds that the licensee has violated any order of the Commissioner.
7. Pursuant to the authority contained in Section 13 of the Department Regulation 82-1 (Revised), where the Commissioner is authorized by law to issue an order suspending a license, she may do so without written or oral notice to the Respondent if the Commissioners finds that the public health, safety or welfare imperatively requires emergency action before a hearing can be held upon proper notice.
8. By continuing to advise clients to liquidate securities in order to purchase annuities after September 27,2013, Respondents are in violation of the Order ordering Respondents to Cease and Desist from transacting business in this state as unregistered investment advisers in violation of 9 V.S.A. § 5403.
9. Respondents have disregarded a lawful order of the Commissioner, and emergency action suspending Respondents' resident producer licenses is necessary to prevent Respondents from continuing to violate Vermont law, which endangers the welfare of Vermonters.
PURSUANT TO 8 V.S.A. § 4804 AND SECTION 13 OF DEPARTMENT REGULATION 82-1 (REVISED), IT IS HEREBY ORDERED THAT:
The resident producer licenses of Respondents Alicia Maria Goodman alk/a Lisa Goodman (#787057) and David Charles Goodman (#787058) be suspended.