Source: http://www.state.me.us/pfr/insurance/orders/02-782.htm
Timestamp: 2014-04-24 10:25:07
Document Index: 783811111

Matched Legal Cases: ['§ 10401', '§10301', '§10604', '§10201', '§1417', '§1420', '§5301', '§5303', '§1417', '§1420', '§1033', '§1033', '§1417', '§1420']

> Administrative & Enforcement Actions > Licensee Discipline > INS-02-782
IN RE: RICHARD H. WALLS
Docket No. INS 02-782
1) This matter is before the Superintendent of Insurance, after notice and opportunity for hearing, pursuant to a Petition to REVOKE the nonresident insurance producer license of Richard H. Walls, dated August 13, 2002, and filed by the Staff of the Maine Bureau of Insurance.
3) Richard H. Walls is licensed in Maine as an insurance sales person ("producer"). His current license authority is for Life and Health insurance. His license number in Bureau records is PRN 04298.
4) Mr. Walls's last known business address, as reflected in Bureau records, is: Richard H. Walls
5) In June of 2002, Mr. Walls was convicted of the following criminal offenses in Maine Superior Court, Franklin County, under Docket Number CR-01-141:
Count 1 - Class C - Sale of unregistered securities 32 M.R.S.A. §§ 10401 and 10604
Count 2 - Class C - Unlicensed sale of securities
32 M.R.S.A. §10301
Count 3 - Class C - Violation of an Order of the Securities Administrator 32 M.R.S.A. §10604
Count 4 - Class C - Fraud and deception in the sale of securities 32 M.R.S.A. §10201 and 10604
6) The Bureau provided notice to Mr. Walls of the Petition to revoke, and opportunity for hearing, by certified mail, return receipt. The Bureau received the return receipt for this documentation, evidencing delivery on August 15, 2002 to the above referenced address.
7) Mr. Walls has not requested a hearing on this matter, and the time period allotted for the filing of any such request has expired.
8) Under 24-A M.R.S.A. §1417 and §1420-K(1)(F), the superintendent may, after notice and opportunity for hearing, revoke a producer's license based upon a conviction in court of any offense under Title 5 M.R.S.A. §5301, which includes among the convictions for which such actions are authorized, "Convictions for which incarceration for one year or more may be imposed."
9) Mr. Walls's convictions as referenced above each constitute a conviction for which incarceration for one year or more may be imposed, and the convictions have occurred within the time limits established under 5 M.R.S.A. §5303.
10) Mr. Walls's convictions establish statutory grounds for revoking his producer license under 24-A M.R.S.A. §1417 and §1420-K(1)(F).
11) Title 18 United States Code §1033 prohibits any individual who has ever been convicted of a felony involving dishonesty or breach of trust from engaging in or participating in the business of insurance unless the person has secured a waiver from an appropriate insurance regulatory official, and provides for Federal criminal and civil penalties for violations of this prohibition.
12) Mr. Walls's convictions involve dishonesty or breach of trust. The Bureau's records therefore reflect that, lacking a specific waiver from this prohibition, Mr. Walls is prohibited from engaging or participating in the business of insurance under 18 USC §1033, and accordingly is, under Federal law, ineligible to maintain an insurance producer license under State law.
ORDER REVOKING LICENSE of Richard H. Walls
The Superintendent of Insurance, after notice and opportunity for hearing, hereby finds that Richard H. Walls has been convicted of criminal offenses which constitute statutory grounds for revoking his producer license under the Maine Insurance Code as specifically stated in the above Findings of Fact and Conclusions of Law, and that, due to the nature of the convictions, Richard H. Walls is, under Federal law, ineligible to maintain an insurance producer license under State law.
Therefore, the insurance producer license of Richard H. Walls, # PRN 04298, is hereby REVOKED pursuant to 24-A M.R.S.A. §1417 and 24-A M.R.S.A. §1420-K.
The effective date of this Order is September 23, 2002.