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STATE OF
SECURITIES DIVISION
121 STATE HOUSE STATION
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)
IN THE MATTER OF: )
)
Sterne, Agee & Leach, Inc. ) CONSENT AGREEMENT
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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.
2. Sterne, Agee & Leach filed an application
with the Securities Division for licensing as a broker-dealer on
3. As part of the
4.
It is the Securities Division's position
that Sterne, Agee & Leach has acted as a broker-dealer in
5. Sterne, Agee & Leach has represented
to the Securities Division that the violations were inadvertent and were caused
by: i) a client moving from Georgia to Maine, and ii) a mistaken belief that
one client, who opened two accounts, had a summer home in Maine
6.
Both parties desire an expeditious resolution
of this matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without Sterne, Agee & Leach admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:
1. Sterne, Agee & Leach 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,
Sterne, Agee & Leach will pay the sum of $3,000.00 to the Securities Division
upon Sterne, Agee & Leach’s execution of this Agreement; and
3. The Securities Division will
not take further action against Sterne, Agee & Leach 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 Sterne, Agee & Leach.
_____________________ ______________________________
Date
Christine A. Bruenn
Securities Administrator
____________________ ______________________________
Date
Christopher L. Frankel
Managing Director
Sterne, Agee & Leach, Inc.