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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
)
IN THE MATTER OF: )
)
OneSetPrice, Inc. ) CONSENT AGREEMENT
) No. 03-017
_______________________________ )
THIS
AGREEMENT is entered into between the State of
WHEREAS, on
WHEREAS, the Office of Securities has determined that
OneSetPrice, Inc. was not registered as a business opportunity and therefore
was not in compliance with The
Regulations for the Sale of Business Opportunities, Chapter 69-B, § 4691 et
seq.
WHEREAS,
the Office of Securities has determined that OneSetPrice, Inc. has failed to
disclose to each purchaser the names and last known addresses of the 10
purchasers who currently operate or have operated a business opportunity
nearest the purchaser’s intended location within the previous 5 years and therefore is not in compliance with The Regulations for the Sale of Business
Opportunities, Chapter 69-B, § 4691 et seq.
WHEREAS, the
Office of Securities has determined that OneSetPrice, Inc. has made a
misleading representation to prospective purchasers regarding the taxability of
revenue received by operators of the business opportunity and therefore is not in compliance with The Regulations for the Sale of Business
Opportunities, Chapter 69-B, § 4691 et seq.
WHEREAS, all parties desire an
expeditious resolution of this matter.
NOW THEREFORE, without
trial or adjudication of any issue of fact or law and without any finding that
OneSetPrice, Inc. has violated The
Regulations for the Sale of Business Opportunities, Chapter 69-B, § 4691 et
seq., it is agreed that:
1. OneSetPrice, Inc shall
not sell, offer to sell, advertise or undertake any other act relating to the
promotion of its business opportunity without first registering its business
opportunity pursuant to The Regulations
for the Sale of Business Opportunities, Chapter 69-B § 4691 et seq. and otherwise fully complying
therewith.
2. OneSetPrice, Inc. shall
provide the Office of Securities with a list of all individuals who attended
any seminars or presentations conducted by OneSetPrice, Inc. in the State of
Maine, the date or dates those individuals attended those seminars or
presentations, those individuals’ addresses (if known to OneSetPrice, Inc.),
telephone numbers and the amounts, if any, paid by those individuals to
OneSetPrice, Inc. at the seminars or presentations or thereafter. Such amounts shall include any payments held
in any escrow accounts of OneSetPrice, Inc. or any related entity. OneSetPrice, Inc.,
shall provide this information to the Office of Securities by no later than 5
business days after the execution of this consent agreement by both parties.
3. OneSetPrice, Inc. shall offer full rescission to all individuals who have paid monies to OneSetPrice, Inc. in the form of and in the terms set out in the letter affixed hereto which is incorporated herein by reference (“the letter”). As set out in the letter, those individuals who have paid monies to OneSetPrice shall have 30 days from the date of receipt of the letter to either accept or reject the rescission offer. OneSetPrice, Inc. shall send the letter via overnight mail to those individuals who have paid monies to OneSetPrice, Inc. by no later than 10 business days after the execution of this consent agreement by both parties. OneSetPrice, Inc. shall provide proof of the receipt of each of the letters to the Office of Securities by no later than 15 business days after the execution of this consent agreement by both parties.
4. OneSetPrice,
Inc. shall make full restitution to each individual who accepts OneSetPrice
Inc.’s rescission offer by no later than 20 days after OneSetPrice Inc. is in
receipt of that individual’s unsold Pre-paid Telephone Cards, Displays and
Posters. Notwithstanding any language
in the letter to the contrary, OneSetPrice is not relieved of its obligation to
make restitution if an individual who accepts the rescission offer fails to
return that individual’s unsold Pre-paid Telephone Cards, Displays and Posters
within the time provided in the letter so long as that individual in good faith
cooperates with OneSetPrice and the Office of Securities in returning the items
within a reasonable time under the circumstances. OneSetPrice shall provide the
Office of Securities with copies of all returned rescission forms, showing
either rejection or acceptance of the rescission offer, by no later than 10
business days after the end of the 30 day rescission offer period. OneSetPrice shall provide the Office of
Securities with an accounting of monies received from and returned to each
individual accepting the rescission offer within 30 days after OneSetPrice is
in receipt of that individual’s unsold Pre-paid Telephone Cards, Displays and
Posters.
5. This Consent Agreement
constitutes the entire agreement between the Office of Securities and
OneSetPrice, Inc. and does not address compliance or non-compliance of The Regulations for the Sale of Business
Opportunities, Chapter 69-B § 4691 et seq. by OneSetPrice, Inc.
other than the failure heretofore to register thereunder, the failure
heretofore to disclose other purchasers, and the making heretofore of a
misleading representation regarding taxability of business opportunity revenue.
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/s/ Christine A.
Bruenn |
Date |
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Christine A. Bruenn |
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Securities
Administrator |
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/s/ Paul Bonnallie as President |
Date |
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OneSetPrice, Inc. |
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Paul Bonnallie |
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President |