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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
_______________________________________
IN THE MATTER OF: )
)
RDSC, LLC )
CONSENT AGREEMENT
_______________________________________)
This Agreement is entered into
between the State of Maine Office of Securities (“Office of Securities”) and RDSC,
LLC (“RDSC”), 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.
On
June 6, 2004, RDSC filed an application with the Office of Securities for
licensing as a broker-dealer;
3.
On
June 17, 2004, RDSC notified the Office of Securities that, through a review of
its accounts, the firm discovered that one of its clients was located in the
State of
4.
On
June 17, 2004, the Office of Securities faxed a request to RDSC for specific
information with respect to the transactions effected in
5.
By
letter dated July 9, 2004, RDSC informed the Office of Securities that the firm
had effected at least forty-six (46) transactions for the accounts of one
6.
It
is the Office of Securities’ position that RDSC has acted as a broker-dealer in
Maine without being licensed or exempt from licensing; and
7.
RDSC
has represented to the Office of Securities that the violations were an
inadvertent oversight due to an error in its registration review process and that
RDSC took immediate steps to become licensed in the State of Maine when the unlicensed
activity was discovered;
8.
Both
parties desire an expeditious resolution of this matter.
NOW, THEREFORE, without trial or adjudication of
any issue of fact or law, and without RDSC admitting or denying that its
conduct violated the Revised Maine Securities Act, it is agreed that:
1.
RDSC
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, RDSC will pay the sum of $10,000 to the Office of
Securities upon RDSC’s execution of this Agreement;
and
3.
The
Office of Securities will not take further action against RDSC, 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 RDSC.
August
31, 2004 s/Louis
B. DeTemple
Date Louis
B. DeTemple, President
RDSC,
LLC
September
2, 2004 s/Christine
A. Bruenn
Date Christine
A. Bruenn
Securities
Administrator
Reviewed by:
September
2, 2004 s/Bonnie
E. Russell
Date Bonnie
E. Russell
Assistant
Securities Administrator
Presented by:
September
2, 2004 s/Cathy
J. Williams
Date Cathy
J. Williams
Licensing Coordinator