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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE
STATION
AUGUSTA, ME 04333
CONSENT ORDER 02-057-COR
1. At all relevant times, it has been unlawful in Maine for a person to act as a broker-dealer or sales representative unless licensed or exempt from licensing under the Revised Maine Securities Act, 32 M.R.S.A. §§ 10101-10710 ("the Act").
2.
OneShare.com is a foreign business entity with a last
known business address of
3.
It is the position of the Office of Securities that, by
selling stock certificates to
4. On April 29, 1993 the staff of the United States Securities and Exchange Commission ("SEC") issued a "no-action letter" which stated that the staff would not recommend enforcement action against OneShare.com for acting as an unregistered broker-dealer so long as OneShare.com operated its business under certain specified conditions, principally that the company:
(a) offer and sell only single shares;
(b) offer and sell only mounted, matted and framed certificates;
(c) market the shares as gifts, not investments;
(d) offer and sell the framed shares for at least twice the value of the underlying share of stock; and
(e) not repurchase, arrange for repurchase, or assist customers in reselling the certificates.
5. On January 16, 2002, the SEC staff issued a letter revoking its prior no-action position as to OneShare.com given the staff's finding that the company was no longer conducting its business under those specified conditions.
6. In December 2002, OneShare.com represented to the Office of Securities that the company now operates in full compliance with the SEC's original no-action letter.
7. The parties desire an expeditious resolution of this matter.
8. Without trial or adjudication of any issue of fact or law, and without admitting or denying that its conduct violated the Revised Maine Securities Act, respondent waives its right to a hearing and consents to the entry of this order.
ORDER
NOW, THEREFORE, it is ORDERED that:
1. Respondent shall be considered exempt
from being licensed as a broker-dealer or sales representative in the State of
(a) offer and sell only single shares;
(b) offer and sell only mounted, matted and framed certificates;
(c) market the shares as gifts, not investments;
(d) offer and sell the framed shares for at least twice the value of the underlying share of stock; and
(e) not repurchase, arrange for repurchase, or assist customers in reselling the certificates.
Respondent OneShare.com hereby waives its right to a hearing and consents to entry of the order set forth above.
Date:
By: /s/ Lance Lee
Lance Lee
President
Date:
Christine A. Bruenn
Securities Administrator
Approved by:
Date:
Bonnie E. Russell
Supervisor of Enforcement
Presented by:
Date:
Michael W. Atleson
Staff Attorney
(licensed in NY and MA,
pending in ME)