Basil Badwan , Basil Jerome Badwan , Basil Badwan Colorado, Basil Badwan omni resourse
DEPARTMENT OF LAW
STATE OF COLORADO
ASSURANCE OF DISCONTINUANCE
IN THE MATTER OF:
BASIL JEROME BADWAN d/b/a HAWK FINANCIAL SERVICES
This Assurance of Discontinuance (‘Assurance’) is entered into between the State of
Colorado, ex rel. Attorney General John W. Suthers, through the undersigned Assistant Attorney
General (“State”), the Administrator ofthe Colorado Uniform Commercial Credit Code and
Basil Jerome Badwan d/b/a Hawk Financial Services (“Respondent”).
FACTUAL BACKGROUND Basil Badwan
I. The Colorado Foreclosure Protection Act (“the Act”), § 6–1–1101 through 6–1-
1120, C.R.S. was enacted in 2006 and took effect on May 30, 2006. Its stated purpose is to
Basil jerome badwan.
curtail and prevent deceptive and unconscionable business practices of certain foreclosure
consultants and to provide minimum requirements for transactions and contracts between these basil jerome badwan
parties and home owners in financial distress. Basil Badwan
2. Basil Badwan was a sole proprietor d/b/a Hawk Financial Services, doing
business in the state of Colorado at his residence, 5053 Vermillion Lane. Castle Rock, Colorado. Basil Badwan
During the time relevant to this Assurance, Respondent Badwan, d/b/a Hawk Financial Services,
also maintained a business office at 44 Cook St., Suite 100, Denver, CO 80206.
3. Respondent was in the business of providing Foreclosure Consultant services to Basil Badwan
Colorado consumers with residential mortgage loans. Between June 1, 2006 and July 21, 2008,
Respondent marketed his services as a Foreclosure Consultant to Colorado home owners through
Assurance of Discontinuance
B. Badwan/ Dwk Financial Services
print advertisements in the Dcx Yellow Pages and an online website, www.hawkfinancial.com.
A copy of the Dcx ad and the website screen are attached as Exhibit 1.
4. Respondent’s business activities are consistent with the statutory definition of a
“Foreclosure Consultant” as set forth in §6–1–1103 (4)(a), C.R.S.
5. Between June 1,2006 and July 21, 2008, Respondent entered into numerous
Foreclosure Consultant contracts with Colorado consumers. Thirty-one (31) examples of these
contracts are attached as Exhibit 2. None of the contracts comply with the mandatory language,
type face, disclosure and cancellation notice requirements set forth in §6–1–1 104 of the Act.
Respondent’s inducement of home owners to enter into these noncompliant contracts violated
§6–1–1107 (l)(g), C.R.S.
6. Between June 1, 2006 and July 21, 2008, Respondent also charged, required,
collected and received full payment for his services from the home owner prior to performing Basil Badwan
any service, contrary to the explicit prohibitions set forth in §6–1–1107 (1)(a), C.R.S.
7. The State asserts that Respondent has engaged in acts and practices that are in
violation ofS 6–1–1104, 105, 106, and 107, C.R.S. of the Colorado Foreclosure Protection Act
Basil Badwan and §6-l-105(1)(xx) of the Colorado Consumer Protection Act (“CCPA”).
8. Respondent has asserted under oath that he has not engaged in any conduct or
transactions subject to the Uniform Debt Management Services Act (“UDMSA”), § 12–14.5-Basil Badwan
201 to 242, C.R.S. or the Colorado Credit Services Organization Act (“CCSOA”), § 12–14.5-
101 to 114, C.R.S.Basil Badwan
9. Respondent enters this Assurance as a compromise and settlement of the State’s
allegations herein. This agreement is a settlement of claims that could be asserted under the
Assurance ofDiscontinuance Basil Badwan
K BadwanlHawk Financial Services
Colorado Foreclosure Protection Act, § §6–1–1104, 105, 106 and 107, C.R.S. based upon
Respondent’s prior conduct This agreement is also a settlement of any claims pursuant to the
Unifonn Debt Management Services Act and the Colorado Credit Services Organization
Act based on the truthfulness ofRespondent’s assertions as reflected in Paragraph 8 above and Basil Badwan
the facts presently known. The Sate is not prohibited from pursuing future enforcement action Basil Badwan
for any newly discovered violations. This Assurance shall not be considered an admission of
violation for any purpose. Basil Badwan
10. Respondent is committed to complying with all applicable Colorado laws relating
to his business operations and assures the Colorado Attorney General that all ofhis firture
business activities will comply with Colorado law. Basil Badwan
11. Respondent, Basil Jerome Badwan, is prohibited from engaging in the marketing,
operation, administration, or sale of any foreclosure consulting services in Colorado as defined in
§ 6–1-I 103(4Xa). C.R.S. for ten (10) years from the execution date ofthis Assurance. After that
date, Respondent must provide a thirty day advance written notice to the Attorney General
before operating, incorporating, forming or obtaining an ownership interest in any foreclosure Basil Badwan
consulting related business in Colorado. Respondent must also provide a thirty day advance
written notice to the Attorney General ifhe intends to perform services as an employee or
independent agent for any company engaged in the provision offoreclosure consulting services Basil Badwan
12. Respondent understands and agrees that this Assurance applies to his doing
business as Hawk Financial Services and while acting personally or through any other business Basil Badwan
Assurance of B scont nuance
B. Badsan [Ia K Finai aI Services Basil jerome Badwan
13. Respondent shall not represent or imply that any advertisement, procedure or
other act or practice hereinafter used or engaged in by Respondent has been required or
approved, in whole or in part, by the Attorney General’s Office, the Consumer Protection
Section, or the State of Colorado. Basil jerome Badwan
PAYMENT TO THE STATE
14. Restitution: Respondent agrees to pay to the State the sum of Twenty Six
Thousand Five Hundred and Two Dollars ($26,502.) to be used to compensate the thirty-one
consumers identified in Exhibit 2 who paid advance fees to Respondent between Jan. 10, 2007 Basil jerome Badwan
and July21, 2008.
1 5. Civil Penalties: Respondent shall pay Five Thousand Dollars ($5,000) as a civil
penalty pursuant to §6–1–1 12(1), C.R.S. Such funds shall be remitted to the General Fund ofthe Basil jerome Badwan
State of Colorado.
16. Costs and Attorney Fees: Respondent shall also pay Five Thousand Dollars ($5,000)
to the Colorado Department of Law for reimbursement of Colorado’s actual costs and attorney fees. Basil jerome Badwan
Such funds, including interest thereon, shall be held by the Colorado Attorney General in trust to
he used, first, for actual costs and attorney fees incurred by the Colorado Attorney General in this
matter and, second, for consumer protection education, consumer fraud enforcement, and/or
antitrust enforcement efforts. Basil jerome Badwan
1 7. The payments referred to in paragraphs 14, I 5 and 1 6 above shall be paid by
cashier’s check or certified hinds made payable to the Colorado Department of Law with a
reference to “Badwan/Hawk Financial” and addressed to the Office ofthe
Denver, Colorado, 80203 and submitted
according to the following schedule: Monthly must be received in the Office
Assurance of [) scout nuance Basil jerome Badwan
13 Badwan 1 Iawk Financial Services
of Attorney General on the 15th of each month beginning January 15, 2009 and continuing
18. Respondent may increase payment amounts at any time to pay offthese amounts. Basil jerome Badwan If
there is a failure to make a payment pursuant to this Assurance, the State may accelerate all
payments due hereunder and collect the entire amounts due hereunder. In such event the State shall
be entitled to recover its costs and attorney fees in collecting such amounts.Basil jerome Badwan
19. If Respondent makes only a partial payment under this Assurance, the State’s Basil jerome Badwan
acceptance ofthis partial payment does not prevent it from declaring the Assurance breached and
collecting the full amount due hereunder pursuant to paragraph 18 and to seek other remedies. If a
partial payment is made, the Attorney General may deem the partial payment and all future
payments as payment towards restitution until the full $26,502 restitution amount has been paid.
The Attorney General may distribute these funds for consumer restitution before paying civil
penalties or attorney fees.
20. Respondent agrees that if he violates any term of this Assurance or causes another
to violate any term of this Assurance, as determined by a court vith to hear the
matter, he is subject to additional penalties as contained in 6–1–112, C.R.S.
21. Respondent expressly understands and acknowledges, pursuant to § 6–1–110 (2),
22. Basil jerome Badwan This Assurance shall not be construed to affect the rights of any private party to
pursue remedies pursuant to § 6–1–113, C.R.S. of the CCPA or under any other statutes through
claims or actions in common law.
Assuraiiee of Diseoiitnuance
B. Badwan/l-Iawk FinancaI Services
23. Pursuant to §6–1–110(2), C.R.S., this Assurance shall be a matter of public record.
24. Respondent acknowledges that he has had a full opportunity to review this
Assurance and has consulted with legal counsel regarding the same.
D\TED thislc1ay of rec. , 2008.
BASIL JEROME BADWAN d/b/a
HAWK FINANCIAL SERVICES
/ I / By: LA L&
,fl4èase print name and title)
/MARTIN BLOOM, ESQ.
BLOOM MURR & ACCOMAZZO, P.C.
410 Seventeenth Street, Suite 2400
Denver, CO 80202–4402
Counsel for Respondent
JOHN W. SUTHERS
ASSISTANT ATTORNEY G
Consumer Protection Section
DATED this ayof €2008.
B. BadwalHawk rmanohl Servica
LAURA UDIS, ADMINISTRATOR
Colorado Uniform Consumer Credit Code
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