Skip Maine state header navigation
STATE OF
OFFICE OF SECURITIES
121 STATE
HOUSE STATION
_______________________________________
)
IN THE MATTER OF:
)
) CONSENT
AGREEMENT
ACS TradeOne Marketing,
Inc. ) No. 05-075-CAG
)
_______________________________________)
This Agreement is
entered into between the State of Maine Office of Securities (“Office”) and ACS
TradeOne Marketing, Inc., (“TradeOne”) a
WHEREAS, the parties agree as follows:
1.
At
all relevant times, it has been unlawful in
2.
On
November 29, 2004, Shareholder Solutions, a fully-owned subsidiary of TradeOne,
filed an application with the Office for licensing as a broker-dealer.
3.
By
letter dated January 6, 2005, the Office requested additional information in connection
with Shareholder Solutions’ pending broker-dealer application.
4.
By
memorandum dated January 19, 2005, Shareholder Solutions informed the Office that
it was seeking licensure in order to comply with the May 26, 2004, letter that
Unclaimed Property Recovery & Reporting (“UPRR”), a division of Shareholder
Solution’s parent company, TradeOne, had received from the U.S. Securities and
Exchange Commission (“SEC”).
5.
The
SEC’s letter informed UPRR that it had determined that UPRR should become registered
as a broker-dealer pursuant to Section 15(A) of the Securities Exchange Act of
1934 due to its activities involving the exchange or sale of securities under
UPRR’s Maximum Owner Return Program (the “MOR Program”).
6.
The
SEC also requested that UPRR inform them in writing as to the specific procedures
that UPRR would put into effect to guard against any further infractions of the
above-stated rule.
7.
By
letter dated June 25, 2004, UPRR informed the SEC that it had taken steps to become
registered with the SEC as a broker-dealer. UPRR’s letter, however, did not address any
specific procedures that it would put into effect to guard against any further
infractions.
8.
In
response to further inquiries from the Office with regard to activity that UPRR
conducted with
9.
It
is the Office’s position that UPRR has acted as a broker-dealer in
10. UPRR represented to the Office that
the SEC never mandated that UPRR terminate or discontinue its business until becoming
registered as a broker-dealer and that the above-mentioned violations were unintentional.
11. Both parties desire an expeditious
resolution of this matter.
NOW, THEREFORE, 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, it is agreed that:
1.
TradeOne
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 Office seeking the imposition of a penalty for the allegations contained
herein, TradeOne will pay the sum of $10,869.78 to the Office upon TradeOne’s
execution of this Agreement.
3.
The
Office will not take further action against TradeOne, 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
Office by TradeOne.
June
28, 2005
s/William L. Deckelman, Jr.
Date William L.
Deckelman, Jr.
Vice President & Secretary
ACS TradeOne Marketing, Inc.
June
30, 2005
s/Christine A. Bruenn
Date
Christine A. Bruenn
Securities Administrator
Reviewed by:
June
30, 2005
s/Bonnie E. Russell
Date
Bonnie E. Russell
Assistant Securities Administrator
Presented by:
June
30, 2005
s/Cathy J. Williams
Date
Cathy J. Williams
Licensing Coordinator