Skip Maine state header navigation
OFFICE OF SECURITIES
121 STATE HOUSE STATION
IN RE: )
) CONSENT ORDER
Jesup & Lamont Securities Corp. ) No. 06-005-COR
CRD #39056 )
& Lamont Securities Corp. (the “Respondent”) is a securities broker-dealer with a
principal place of business at
2. The Respondent submitted a licensing application with the Maine Office of Securities (the “Office”) on July 12, 1997, and withdrew its application on December 15, 1997. The Respondent resubmitted its licensing application on June 20, 2001.
March 4, 2005, the Respondent entered into a Consent Agreement with the Office
for effecting at least 64 transactions in
4. Due to concerns the Office had with other aspects of the Respondent’s licensing application, the Respondent agreed to enter into a conditional licensing agreement with the Office dated May 11, 2005. The Respondent was subsequently granted a conditional-restricted license by the Office on May 24, 2005.
a condition of licensure, the Respondent agreed to limit the numbers of sales
representatives licensed in
May 25, 2005, the Office became aware that the Respondent had ten sales representatives
with active licenses in the State of
7. It is the position of the Office that the Respondent violated its conditional licensing agreement.
8. The Respondent has represented that the licensing of representatives in excess of the conditional licensing agreement was inadvertent and the result of an operational error.
NOW, THEREFORE, it is ORDERED that:
1. The Respondent shall 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. The Respondent shall pay a civil penalty in the amount of $1,500 to the Office for violating its May 11, 2005, conditional licensing agreement with the Office.
3. The Respondent agrees to comply with the revised conditional licensing restrictions as set forth below.
a period beginning on the effective date of the license and ending four years
from that date, the Respondent shall notify the Office whenever one of its sales
representatives effects a transaction for a
(b) For a period beginning on the effective date of the license and ending four years from that date, the Respondent shall promptly notify the Office of any new regulatory actions, investigations, and consumer complaints filed with the firm. The Office shall be notified in writing no more than 10 business days after the firm receives notification.
the period beginning on the effective date of the license and ending two years
from that date, the Respondent shall not have more than three sales representatives
licensed in Maine, and during the period beginning the second anniversary of the
effective date of the license and ending two years from that date, the Respondent
shall not have more than five sales representatives licensed in Maine. Sales representatives who join the Respondent
after the effective date of the license and who were licensed in
(d) A violation of any of the aforesaid conditions shall constitute grounds for the Office to revoke or suspend the Respondent’s broker-dealer license and to take any other available action.
The Respondent hereby waives its right to a hearing and to judicial review and consents to the entry of the order set forth above.
Date: September 17, 2005 Jesup & Lamont Securities Corp.
s/William F. Moreno, President
William F. Moreno, President
Date: September 20, 2005 s/Michael J. Colleran
Michael J. Colleran
Date: September 20, 2005 s/Bonnie E. Russell
Bonnie E. Russell
Assistant Securities Administrator
Date: September 19, 2005 s/Cathy J. Williams
Cathy J. Williams