In a decision released on March 17, 2009, the Connecticut Appellate Court denied an appeal from a determination by the Connecticut Banking Commissioner (Commissioner) that the promoter of the hedge fund Criterion Investment Fund I L.P., Eddie Papic, violated various provisions of Connecticut securities laws. Papic appealed the agency decision to the Connecticut Supreme Court, which affirmed the agency determination. Papic appealed the latter decision to the Connecticut Appellate Court. A panel of that Court affirmed the Supreme Court’s decision, finding that the Commissioner’s claims were not preempted by federal securities laws, that the agency findings were supported by substantial evidence and that all requisite administrative procedures had been followed. The full Connecticut Appellate Court similarly rejected Papic’s claims. We review in depth the Connecticut Appellate Court’s decision.