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121 STATE HOUSE STATION
IN THE MATTER OF: )
Nations Financial Group, Inc. ) CONSENT AGREEMENT
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.
Nations Financial Group filed an
application with the Securities Division for licensing as a broker-dealer on
It is the Securities Division's position that Nations Financial Group
has acted as a broker-dealer in
8. Nations Financial Group has represented to the Securities Division that the violations were inadvertent and that the unlicensed activity had only recently come to the firm's attention as a result of a new software change.
9. Both parties desire an expeditious resolution of this matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without Nations Financial Group admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:
1. Nations Financial Group will comply with all licensing and other legal requirements governing persons acting as securities broker-dealers in the State of Maine at all times from the date hereof;
2. In lieu of the Securities Division seeking the imposition of a penalty for the allegations contained herein, Nations Financial Group will pay the sum of $3422 to the Securities Division upon Nations Financial Group's execution of this Agreement; and
3. The Securities Division will not take further action against Nations Financial Group, based upon its unlicensed status during the period preceding and including the date of execution of this Agreement, PROVIDED, however, that this paragraph applies only to those transactions previously disclosed to the Securities Division by Nations Financial Group.
February 21, 2001 /s/ Christine A. Bruenn
Date Christine A. Bruenn
February 6, 2001
/s/ R. Scott Bennett
Date R. Scott Bennett