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AUGUSTA, MAINE  04333-0121


_______________________________________   ) 



McKinnon & Company, Inc.   )     No. 06-022-CAG




This Agreement is entered into between the State of Maine Office of Securities (“Office”) and McKinnon & Company, Inc. (“McKinnon”), CRD #21907, a broker-dealer with its principal place of business in Norfolk, Virginia.


WHEREAS, the parties agree as follows:


1.            At all relevant times, it has been unlawful in Maine for a person to act as a broker-dealer unless licensed or exempt from licensing pursuant to sections 10301 and 10302 of the Revised Maine Securities Act (“the Act”).   


2.            McKinnon filed an application with the Office for licensing as a broker-dealer on July 11, 2005.


3.            In response to an inquiry from the Office, McKinnon disclosed that it had effected at least forty-two (42) transactions for the accounts of three (3) Maine consumers while unlicensed. 


4.            It is the Office’s position that McKinnon has acted as a broker-dealer in Maine without being licensed or exempt from licensing.


5.            McKinnon has represented to the Office that it was not its intention to violate the Maine Revised Securities Act.


6.            Both parties desire an expeditious resolution of this matter.


NOW, THEREFORE, without trial or adjudication of any issue of fact or law, and without McKinnon admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:


1.            McKinnon 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, McKinnon will pay the sum of $3,000 to the Office upon McKinnon’s execution of this Agreement; and


3.            The Office will not take further action against McKinnon, based solely 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 McKinnon.




November 22, 2005    s/William J. McKinnon, President/CCO 

Date  William J. McKinnon, President / CCO

  McKinnon & Company, Inc.



November 28, 2005    s/Michael J. Colleran   

Date  Michael J. Colleran

  Securities Administrator


Reviewed by:



November 28, 2005    s/Bonnie E. Russell 

Date  Bonnie E. Russell

  Assistant Securities Administrator


Presented by:



November 28, 2005    s/Cathy J. Williams 

Date  Cathy J. Williams

  Licensing Coordinator