STATE OF MAINE

OFFICE OF SECURITIES

121 STATE HOUSE STATION

AUGUSTA, ME  04333

 

 

ORDER BARRING FROM ASSOCIATION 06-047-BAR

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FINDINGS OF FACT AND CONCLUSIONS OF LAW

 

 

1.                  John S. Pettigrew (CRD # 2434275) is an individual who was licensed in Maine as a sales representative between 1995 and 2002. 

 

2.                  From September 30, 1999, to November 19, 2002, Pettigrew worked as a sales representative at the Portsmouth, New Hampshire, branch office of Morgan Stanley DW Inc. ("Morgan Stanley”).

 

3.                  In 2000 and 2001, Pettigrew solicited loans totaling $22,000 from Stephen Perham and Anna Marie Stross-Perham, who were clients of Pettigrew and Morgan Stanley at the time. First, in October or November 2000, Pettigrew borrowed $5,000 from them. Then, in August 2001, he borrowed another $17,000 from them.

 

4.                  By borrowing money from clients, Pettigrew engaged in unlawful, dishonest or unethical practices in the securities business.

 

5.                  Pursuant to 32 M.R.S.A. §§ 10313(1)(G) and 16702(1), the Securities Administrator may, after notice and opportunity for hearing, issue an order barring a licensee from association with any issuer, licensed broker-dealer or investment adviser if the Securities Administrator finds that the order is in the public interest and that the licensee has engaged in any unlawful, unethical or dishonest conduct in the securities business.

 

6.                  On May 25, 2006, the Securities Administrator issued a Notice of Intent to Bar Pettigrew (the “Notice”), giving him thirty days to request a hearing on the matter. A copy of the Notice was served on Pettigrew.

 

7.                  Pettigrew has not requested a hearing or otherwise responded to the Notice.

 

8.                  In accordance with 5 M.R.S.A. § 9053(3), and Section 19(1) of Office of Securities Rule Chapter 540, the Securities Administrator may dispose of this proceeding by default.

 

 

 

FINAL ORDER

 

 

Now, THEREFORE, it is ORDERED that Pettigrew is barred from associating with any issuer, broker-dealer, or investment adviser.

 

Pursuant to 32 M.R.S.A. §§ 10708 and 16702, this is a final order, entered after notice and opportunity for hearing. Pursuant to 32 M.R.S.A. §§ 10709 and 16702, Pettigrew may obtain judicial review of the order in the Superior Court of Kennebec County by filing a petition within thirty (30) calendar days after receipt of this Order, in accordance with 5 M.R.S.A. § 11001 et seq. and Rule 80C of the Rules of Civil Procedure.

 

 

 

Date:   July 24, 2006                                    s/Michael J. Colleran                                  

                                                                        Michael J. Colleran

                                                                        Securities Administrator

 

Reviewed by:

 

 

 

Date:   July 24, 2006                                    s/Bonnie E. Russell                                     

                                                                        Bonnie E. Russell

                                                                        Assistant Securities Administrator

 

Presented by:

 

 

 

Date:   July 24, 2006                                    s/Willis P. Smedberg                                   

                                                                        Willis P. Smedberg

                                                                        Investigator / Examiner