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STATE OF MAINE

OFFICE OF SECURITIES
121 STATE HOUSE STATION

AUGUSTA, MAINE  04333-0121

 

 

________________________________________

IN THE MATTER OF:                                                     )

                                                                                          )         CONSENT AGREEMENT

Petersen Investments, Inc.                                             )              No. 06-050-CAG

________________________________________)

 

 

This Agreement is entered into by the State of Maine Office of Securities (the "Office") and Petersen Investments, Inc. (“Petersen”), CRD# 38537, a broker-dealer with its principal place of business in New York, New York.   

 

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, 32 M.R.S.A. §§10301 and 10302.   

 

2.            Petersen made application for licensure as broker-dealer in the State of Maine in February of 2003.

 

3.            In response to inquiries from the Office, Petersen informed the Office in January of 2006 that it had one Maine client.  Petersen further disclosed that the firm had effected five (5) securities transactions in Maine between October 1999 and February 2000.   

 

4.            Petersen was not licensed as a broker-dealer in Maine when these transactions were effected.  It is the Office’s position that Petersen has acted as a broker-dealer in Maine without being licensed as a broker-dealer or exempt from such licensing.

 

5.            Petersen has represented to the Office that it has always followed procedures to prevent accounts from being opened for residents of states in which the firm is not licensed and that it was not the firm’s intention to violate the Maine Revised Securities Act.

 

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 Petersen admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:

 

1.            Petersen 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 Office seeking the imposition of a penalty for the allegations contained herein, Petersen will pay the sum of $3,000 to the Office upon Petersen’s execution of this Agreement; and

 

3.            The Office will not take further action against Petersen based solely upon its unlicensed status 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 the Office by Petersen.

 

 

 

 

February 9, 2006                                          s/Christa P. Riley, Owner                                      

Date                                                                Christa P. Riley, Owner

                                                                        Petersen Investments, Inc.

                                                           

 

 

 

February 14, 2006                                       s/Michael J. Colleran                                             

Date                                                                Michael J. Colleran

                                                                        Securities Administrator

 

Reviewed by:

 

 

 

February 10, 2006                                       s/Bonnie E. Russell                                                           

Date                                                                Bonnie E. Russell

                                                                        Assistant Securities Administrator

 

Presented by:

 

 

 

February 10, 2006                                       s/Cathy J. Williams                                                 

Date                                                                Cathy J. Williams

                                                                        Licensing Coordinator