(a) A license may only be issued if the department determines that each director, officer, and controlling person of the applicant is
Terms Used In Alaska Statutes 10.13.050
Conviction: A judgement of guilt against a criminal defendant.
Fraud: Intentional deception resulting in injury to another.
Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
(1) of good character and sound financial standing;(2) competent to perform the director’s or officer’s functions for the applicant; and(3) when considered collectively with the other directors, officers, and controlling persons, adequate to manage the business of the applicant as a BIDCO.(b) The department may determine that a director, officer, or controlling person of an applicant is not of good character. Bases the department may use to make that determination include proof that the director, officer, or controlling person, or a director or officer of a controlling person has
(1) had an administrative sanction imposed under 31 U.S.C. § 3801 – 3812 (Program Fraud Civil Remedies Act of 1986) for an offense under 15 U.S.C. § 645; or(2) been convicted of a crime involving fraud or dishonesty, including a conviction for an offense under 15 U.S.C. § 645; in this paragraph, “conviction” includes a conviction based on a guilty plea or plea of nolo contendere.
