D.M. Becker Investment Management Co., Inc. Consent Agreement

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                                                              STATE OF MAINE

                                                        OFFICE OF SECURITIES

                                                    121 STATE HOUSE STATION

                                                       AUGUSTA, MAINE 04333

 

________________________________

                                                                        )

IN THE MATTER OF:                                   )

                                                                        )

D. M. Becker Investment Management      )

Company, Inc. (CRD #119860)                   )

and                                                                  )                       CONSENT AGREEMENT  

Douglas Becker                                            )

(CRD #862225)                                            )                              No. 04-043-CAG

                                                                        )

________________________________)

 

This Agreement is entered into by the State of Maine Office of Securities ("Securities"), D. M. Becker Investment Management Company, Inc. (“D. M. Becker, Inc.”) (CRD #119860), an investment adviser company incorporated pursuant to the laws of Maine with a principal place of business at Thirty-three Silver Street, Portland, Maine 04101, and Douglas Becker (“Becker”), CRD # 862225), an investment adviser representative affiliated with D. M. Becker, Inc.

 

 

            WHEREAS, the parties agree as follows:

 

1.                  Pursuant to 32 M.R.S.A. § 10303(1), a person may not act in Maine as an investment adviser representative unless licensed or exempt from licensing under the Revised Maine Securities Act;

 

2.                  Pursuant to 32 M.R.S.A. § 10303(3) it is unlawful for an investment adviser licensed or required to be licensed under the Revised Maine Securities Act to employ or contract with an individual as a representative of the investment adviser in Maine unless the individual is licensed;

 

3.                  Securities has reviewed Becker’s licensing record and has found that Becker has not held an investment adviser representative’s license in Maine from September 2002 to the present, during which time investment adviser representatives have been required to be licensed in Maine.

 

4.                  It is Securities’ position that Becker has acted as an investment adviser representative in Maine without being licensed or exempt from licensing;

 

5.                  It is Securities’ position that D. M. Becker Inc. has employed Becker as an investment adviser representative of D. M. Becker Inc. while Becker has not been licensed as an investment adviser representative;

 

6.                  All parties desire an expeditious resolution of this matter.

 

 

NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without D. M. Becker, Inc. and Becker admitting or denying that their conduct violated the Revised Maine Securities Act, it is agreed that:

 

            D. M. Becker, Inc. and Becker will comply with all licensing and other legal requirements governing persons acting as investment advisers and investment adviser representatives in the State of Maine at all times from the date hereof;

 

            In lieu of Securities seeking the imposition of a penalty for the allegations contained herein, D. M. Becker, Inc. and Becker shall pay the sum of $1,500.00 to Securities upon D. M. Becker, Inc.’s and Becker’s execution of this Agreement; and

 

            Securities will not take further action against D. M. Becker, Inc. and Becker

based upon the unlicensed status of Becker during the period preceding and including the date of execution of the Agreement.

 

 

                                                                       

                                                                        By:

                                   

12/17/03                                                         /s/ Douglas Becker

Date                                                                Signature

 

D. M. Becker Investment Management Company, Inc.

(printed name)

 

                                                                        Its President

 

 

12/17/03                                                         /s/ Douglas Becker

Date                                                                Douglas Becker

 

 

12/17/03                                                         /s/ Christine A. Bruenn

Date                                                                Christine A. Bruenn

                                                                        Securities Administrator


Reviewed by:

 

12/17/03                                                         /s/ Christina V. Breen

Date                                                                Christina V. Breen

                                                                        Assistant Securities Administrator

 

Submitted by:

 

12/17/03                                                         /s/ Christian D. Van Dyck

Date                                                                Christian D. Van Dyck

                                                                        Investigator/Examiner