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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
AUGUSTA, ME
04333-0121
IN RE: Bolton Securities Corp.
CONSENT
AGREEMENT
No.
06-075-CAG
This Agreement is entered into between the State of
Maine Office of Securities (the “Office”) and Bolton Securities Corp. (“
WHEREAS, the parties agree as follows:
1.
Bolton is
incorporated under the laws of
2.
At all times
relevant to this matter, Bolton was licensed as an investment adviser in the
States of Massachusetts and Georgia, but was not licensed as an investment
adviser in
3.
By letter dated
May 31, 2006, the Office notified Bolton that it had come to the Office’s
attention that Bolton may be conducting investment advisory activity in
4.
5.
By letter dated
June 14, 2006, Bolton disclosed to the Office that it had entered into an
investment advisory agreement with a
6.
7.
At all relevant
times, it has been unlawful for a person to transact business in Maine as an
investment adviser unless the person is licensed or exempt from licensing under
the Maine Uniform Securities Act (“Uniform Act”), 32 M.R.S.A. §16403.
8.
At all relevant
times, it has been unlawful for an investment adviser to employ an individual
required to be licensed as an investment adviser representative who transacts
business in this State on behalf of the investment adviser unless the
individual is licensed or exempt from licensing, 32 M.R.S.A. §16403(4).
9.
It is the
Office’s position that Bolton has acted as an investment adviser in Maine
without being licensed or exempt from such licensing and employed at least two
individuals as investment adviser representatives who were not properly
licensed in Maine or exempt from licensing in violation of 32 M.R.S.A. §§16403
and 16403(4), respectively.
10.
11. All parties desire an expeditious resolution of this
matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without
1.
Bolton will
comply with all licensing and other legal requirements governing persons acting
as federally covered investment advisers or investment adviser representatives
in the State of Maine at all times from the date hereof;
2.
In lieu of the
Office seeking the imposition of a penalty for the allegations contained
herein, Bolton will pay the sum of $8,000 to the Office upon
3.
The Office will
not take further action against Bolton based solely upon its unlicensed status or
the unlicensed status of the two individual investment adviser representatives during
the period preceding and including the date of execution of the Agreement,
PROVIDED, however, that this paragraph applies only to transactions previously
disclosed to the Office by
September 6, 2006 s/Martha
J. Moore, President
Date Martha
J. Moore, President
Bolton
Securities Corp.
September 8, 2006 s/Michael
J. Colleran
Date Michael
J. Colleran
Securities
Administrator
Reviewed by:
September 8, 2006 s/Bonnie
E. Russell
Date Bonnie
E. Russell
Assistant
Securities Administrator
Presented by:
September 8, 2006 s/Cathy
J. Williams
Date Cathy
J. Williams
Investigator/Examiner