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STATE
OF
OFFICE
OF SECURITIES
121
STATE HOUSE STATION
________________________________
)
IN THE MATTER OF: )
)
E. E. Powell & Company Inc. and ) CONSENT
AGREEMENT
Robert C. Wagner IV ) No. 03-095-CAG
________________________________)
This Agreement is entered into by
the State of Maine Office of Securities ("Securities"), E.E. Powell
& Company Inc. (“E.E. Powell”), CRD# 3063, a broker-dealer incorporated
pursuant to the laws 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 sales representative unless licensed
or exempt from licensing under the Revised Maine Securities Act, 32 M.R.S.A.
§10301(1)
2.
At all relevant times, it has been
unlawful in Maine for a broker-dealer to employ a person as a sales
representative unless the sales representative is licensed or exempt from
licensing under the Revised Maine Securities Act, 32 M.R.S.A. §10301(2)
3.
On
4.
By letter dated
5.
E.E. Powell did not respond to
Securities’
6.
During the week of
7.
E.E. Powell did not respond to
Securities’ second letter.
8.
Securities received information on
9.
By letter dated
10.
On
11.
In response to a request from
Securities, E.E. Powell’s chief compliance officer confirmed, by letter dated
12.
Securities has reviewed Wagner’s
licensing record and has found that Wagner has never held a sales
representative’s license in
13.
It is Securities’ position that Wagner
has acted as a sales representative in
14.
E.E. Powell has represented verbally,
through its chief compliance officer, that Wagner’s failure to be licensed
before transacting business in Maine was due to the failure of the former
compliance officer to follow up on Securities’ letters notifying E.E. Powell
that it had no sales representatives licensed in Maine, as well as the
company’s misunderstanding of Maine law.
15.
All parties desire an expeditious
resolution of this matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without
E.E. Powell or Wagner admitting or denying that their conduct violated the
Revised Maine Securities Act, it is agreed that:
E.E. Powell and Wagner will comply
with all licensing and other legal requirements governing persons acting as
securities broker-dealers and sales 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, E.E. Powell will
pay the sum of $3,000.00 to Securities upon E.E. Powell's execution of this
Agreement; and
Securities will not take further
action against E.E. Powell or Wagner based upon the unlicensed status of Wagner
during the period preceding and including the date of execution of the
Agreement, PROVIDED, however, that
this paragraph applies only to the transactions previously disclosed to
Securities by E.E. Powell and its clearing firm.
Date Christine
A. Bruenn
Securities
Administrator
E.E.
Powell & Company Inc.
By:
Date Signature
/s/
Andrea Vadas Evancho
(printed
name)
Its
Treasurer/CCO
Date Robert
C. Wagner IV
Approved by:
Date Bonnie
E. Russell
Supervisor
of Enforcement
Date Jacqueline
M. Drouin
Investigator/Examiner
[1] A clearing firm is a company that, among other
things, maintains records of securities transactions effected by a
broker-dealer.