Skip Maine state header navigation
OFFICE OF SECURITIES
121 STATE HOUSE STATION
IN THE MATTER OF: )
Wachovia Securities, LLC ) CONSENT AGREEMENT
(CRD #19616) ) No. 04-063-CAG
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 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, Title 32 M.R.S.A. §10301(2);
2. Wachovia had properly licensed Larry M. Malles (“Malles”) as a sales representative with the Office of Securities from November 18, 2003, through December 31, 2003.
3. Wachovia failed to renew Malles’ license as a sales representative with the Office of Securities by December 31, 2003, causing Malles’ license to expire.
4. In January of 2004, it came to the attention of the Office of Securities that Malles had been acting as a sales representative in Maine on behalf of Wachovia without being licensed or exempt from licensing;
is the Office of Securities’ position that Wachovia failed to properly license Malles
as a sales representative in
provided to the Office of Securities by Wachovia revealed that Malles effected at
least seventeen (17) transactions from January 6, 2004, through January 8,
2004, for four
7. Wachovia has represented to the Office of Securities that the violation was an inadvertent oversight; and
8. Both parties desire an expeditious resolution of this matter.
NOW, THEREFORE, without trial or adjudication of any issue of fact or law, and without Wachovia admitting or denying that their conduct violated the Revised Maine Securities Act, it is agreed that:
1. Wachovia will comply with all licensing and other legal requirements governing persons acting as securities sales representatives in the State of Maine at all times from the date hereof;
2. In lieu of the Office of Securities seeking the imposition of a penalty for the allegations contained herein, Wachovia will pay the sum of $1,500.00 to the Office of Securities upon Wachovia’s execution of this Agreement; and
3. The Office of Securities will not take further action against Wachovia based upon the unlicensed status of Malles 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 Office of Securities by Wachovia.
September 9, 2004 s/Robert T. Mooney, Chief Compliance Officer
Date Robert T. Mooney, Chief Compliance Officer
Wachovia Securities, LLC
September 16, 2004 s/Christine A. Bruenn
Date Christine A. Bruenn
September 16, 2004 s/Bonnie E. Russell
Date Bonnie E. Russell
Assistant Securities Administrator
September 16, 2004 s/Cathy J. Williams
Date Cathy J. Williams