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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
_______________________________________
IN THE MATTER OF: )
)
Butler, Wick & Co., Inc. )
CONSENT AGREEMENT
(CRD #120) ) No. 05-013-CAG
_______________________________________)
This Agreement is entered into between the State of
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.
3.
On
April 21, 2000, the Office of Securities sent a letter to
4.
In
April, 2003, and again in July, 2003,
5.
The
Office of Securities received a response to its April 21, 2000, inquiry on
November 24, 2003.
6.
By
letter dated December 12, 2003, the Office of Securities requested additional
information in connection with
7.
By
letter dated July 21, 2004, Butler, Wick informed the Office of Securities that
the firm has eleven Maine accounts and that Butler, Wick had effected at least
ninety (90) transactions from August, 1997, to present.
8.
It
is the Office of Securities’ position that
9.
10. Both parties desire an expeditious
resolution of this matter.
NOW, THEREFORE,
without trial or adjudication of any issue of fact or law, and without Butler,
Wick admitting or denying that their conduct violated the Revised Maine
Securities Act, it is agreed that:
1.
Butler,
Wick will comply with all licensing and other legal requirements governing
persons acting as securities sales representatives 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, Butler, Wick will pay the sum of $10,000.00 to
the Office of Securities upon Butler, Wick’s execution of this Agreement; and
3.
The
Office of Securities will not take further action against
September
13, 2004 s/Thomas
J. Cavalier, President & CEO
Date Thomas
J. Cavalier, President & CEO
Butler,
Wick & Co.
September
16, 2004 s/Christine
A. Bruenn
Date Christine
A. Bruenn
Securities
Administrator
Reviewed by:
September
16, 2004 s/Bonnie
E. Russell
Date Bonnie
E. Russell
Assistant
Securities Administrator
Presented by:
September
16, 2004 s/Cathy
J. Williams
Date Cathy
J. Williams
Licensing
Coordinator