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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
_______________________________________
)
IN THE MATTER OF: )
)
American Research & Management Company ) CONSENT AGREEMENT
_______________________________________)
This Agreement is entered into
between the State of Maine Office of Securities (“Office of Securities”) and
American Research & Management Company (“American”), a broker-dealer
located in
WHEREAS,
the parties agree as follows:
1.
At
all relevant times, it has been unlawful in Maine for a person to act as a
broker-dealer unless licensed or exempt from licensing under the Revised Maine
Securities Act, Title 32 Maine Revised Statutes Annotated § 10101 et seq.;
2.
American
filed an application with the Office of Securities for licensing as a
broker-dealer on
3.
On
4.
In
response to the
5.
It
is the Office of Securities’ position that American has acted as a
broker-dealer in
6.
American
has represented to the Office of Securities that the violations were
unintentional and that the unlicensed activity had only recently come to the
firm’s attention as a result of an internal compliance review undertaken by the
firm; and
7.
Both
parties desire an expeditious resolution of this matter.
NOW, THEREFORE, without trial or adjudication of
any issue of fact or law, and without American admitting or denying that its conduct
violated the Revised Maine Securities Act, it is agreed that:
1.
American
will comply with all licensing and other legal requirements governing persons
acting as securities broker-dealers in the State of Maine at all times from the
date hereof;
2.
In
lieu of the Office of Securities seeking the imposition of a penalty for the
allegations contained herein, American will pay the sum of $4,062.97 to the Office
of Securities upon American’s execution of this Agreement; and
3.
The
Office of Securities will not take further action against American, based upon
its unlicensed status during the period preceding and including the date of
execution of this Agreement, PROVIDED,
however, that this paragraph applies only to those transactions previously
disclosed to the Office of Securities by American.
August
11, 2003 /s/
Charles G. Paulsen, President
Date Charles
G. Paulsen, President
American
Research & Management Company
Date Christine
A. Bruenn
Securities
Administrator
Reviewed by:
August
12, 2003 /s/
Bonnie E. Russell
Date Bonnie
E. Russell
Assistant
Securities Administrator
Presented by:
August
12, 2003 /s/
Cathy J. Williams
Date Cathy
J. Williams
Licensing
Coordinator