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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)
By letter dated
E.E. Powell did not respond to
During the week of
7. E.E. Powell did not respond to Securities’ second letter.
Securities received information on
By letter dated
In response to a request from
Securities, E.E. Powell’s chief compliance officer confirmed, by letter dated
Securities has reviewed Wagner’s
licensing record and has found that Wagner has never held a sales
representative’s license in
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
E.E. Powell & Company Inc.
/s/ Andrea Vadas Evancho
Date Robert C. Wagner IV
Date Bonnie E. Russell
Supervisor of Enforcement
Date Jacqueline M. Drouin
 A clearing firm is a company that, among other things, maintains records of securities transactions effected by a broker-dealer.