Consent Agreement and Order: Commonwealth of Pennsylvania v. Century Financial Services LLC

COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF BANKING AND SECURITIES
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COMMONWEALTH OF PENNSYLVANIA :
DEPARTMENT OF BANKING AND
SECURITIES, BUREAU OF SECURITIES
COMPLIANCE AND EXAMINATIONS v.
CENTURY FINANCIAL SERVICES LLC
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: DOCKET No. 240008 (SEC-CAO)
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d/b/a CENTURY BUSINESS & FINANCIAL :
SERVICES :
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CONSENT AGREEMENT AND ORDER
The Commonwealth of Pennsylvania, acting through the Department of Banking and Securities (“Department”), Bureau of Securities Compliance and Examinations (“Bureau”), has conducted an investigation of the business practices of Century Financial Services LLC d/b/a Century Business & Financial Services (“CBFS”). Based on the results of its investigation, the Bureau has concluded that CBFS has operated in violation of the Pennsylvania Securities Act of 1972, 70 P.S. § 1-101 et seq. (“1972 Act”). CBFS, in lieu of litigation, and without admitting or denying the allegations herein, and intending to be legally bound, hereby agrees to the terms of this Consent Agreement and Order (“Order”). BACKGROUND

1. The Department is the Commonwealth of Pennsylvania’s administrative agency
   authorized and empowered to administer and enforce the 1972 Act.

2. The Bureau is primarily responsible for administering and enforcing the 1972 Act
   for the Department.
   FILED
   2024 FEB 6 AM 11:18
   PA DEPARTMENT OF
   BANKING AND SECURITIES

3. CBFS (CRD # 328164) was, at all times material herein, a New Jersey limited
   liability company with an address at 595 Bay Isles Rd, Suite 120-J, Longboat Key, Florida 34228.

4. From in or about December 2023 until the present, CBFS transacted business in
   Pennsylvania as an investment adviser while neither registered nor exempt from registration pursuant to Section 301 of the 1972 Act, 70 P.S. § 1-301. VIOLATION

5. By engaging in the acts and conduct set forth in paragraph 4 above, CBFS
   transacted business as an investment adviser in Pennsylvania in violation of Section 301(c) of the 1972 Act, 70 P.S. § 1-301(c). RELIEF

6. CBFS shall pay the Department an administrative assessment in the amount of
   $1,410.22. Payment shall be made by certified check or money order made payable to the “Department of Banking and Securities” and shall be mailed or delivered in person to the Bureau of Securities Compliance and Examinations located at 17 N. Second Street, Suite 1300, Harrisburg, Pennsylvania 17101. The assessment shall be paid on or before March 15, 2024.

7. CBFS is ORDERED to comply with the 1972 Act and Regulations adopted by the
   Department, and in particular Section 301(c) of the 1972 Act, 70 P.S. § 1-301(c).

8. Should CBFS fail to pay the assessment as set forth in paragraph 6 above, the
   sanctions set forth elsewhere in the Order shall continue in full force and effect until full payment is made. However, this provision shall not be construed as affording CBFS the option of either paying the assessment or being indefinitely subject to the sanctions.

9. Should CBFS fail to comply with any and/or all provisions of this Order, the
   Department may impose additional sanctions and costs and seek other appropriate relief subject to CBFS’s right to a hearing pursuant to the 1972 Act. FURTHER PROVISIONS

10. Consent. CBFS hereby knowingly, willingly, voluntarily and irrevocably consents
    to the entry of this Order pursuant to the Bureau’s authority under the 1972 Act and agrees that it understands all of the terms and conditions contained herein. CBFS, by voluntarily entering into this Order, waives any right to a hearing or appeal concerning the terms, conditions, and/or penalties set forth in this Order.

11. Entire Agreement. This Order contains the entire agreement between the
    Department and CBFS. There are no other terms, obligations, covenants, representations, statements, conditions, or otherwise, of any kind whatsoever concerning this Order. This Order may be amended in writing by mutual agreement by the Department and CBFS.

12. Binding Nature. The Department, CBFS, and all officers, owners, directors,
    employees, heirs and assigns of CBFS intend to be and are legally bound by the terms of this Order.

13. Counsel. This Order is entered into by the parties upon full opportunity for legal
    advice from legal counsel.

14. Effectiveness. CBFS hereby stipulates and agrees that the Order shall become
    effective on the date the Bureau executes the Order (“Effective Date”).

15. Other Enforcement Action.

(a) The Department reserves all of its rights, duties, and authority to enforce all statutes, rules, and regulations under its jurisdiction against CBFS in the future regarding all matters not resolved by this Order. (b) CBFS acknowledges and agrees that this Order is only binding upon the Department and not any other local, state or federal agency, department, or office regarding matters within this Order.
16. Authorization. The parties below are authorized to execute this Order and legally
bind their respective parties.
17. Counterparts. This Order may be executed in separate counterparts, by facsimile
and/or by PDF.
18. Titles. The titles used to identify the paragraphs of this document are for the
convenience of reference only and do not control the interpretation of this document.
19. Finding. The Department finds that it is necessary and appropriate in the public
interest and for the protection of investors, and consistent with the purposes fairly intended by the policy and provisions of the 1972 Act to issue this Order. WHEREFORE, in consideration of the foregoing, including the recital paragraphs, the Commonwealth of Pennsylvania, Department of Banking and Securities, Bureau of Securities Compliance and Examinations and Century Financial Services LLC d/b/a Century Business & Financial Services, intending to be legally bound, do hereby execute this Consent Agreement and Order.

FOR THE COMMONWEAL TH OF PENNSYLVANIA
DEPARTMENT OF BANKING AND SECURITIES
BUREAU OF SECURITIES COMPLIANCE AND EXAMINATIONS Eric Pistilli, Deputy Secretary for Securities Date: ---------------- CENTURY FINANCIAL SERVICES LLC D/B/A CENTURY BUSINESS & FINANCIAL SERVICES Managing Member/CC Date: ~F (d-ro ~1 02/06/2024 Redacted Redacted