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OFFICE OF SECURITIES
121 STATE HOUSE STATION
CONSENT AGREEMENT NO. 07-006-CAG
This Agreement is entered
into by the State of Maine Office of Securities (the "Office") and Prospera
Financial Services, Inc. (“Prospera”), CRD# 10740, a broker-dealer with its principal
place of business in
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 under the Revised Maine Securities Act, 32 M.R.S.A. §§ 10301 and 10302, and the Maine Uniform Securities Act, 32 M.R.S.A. § 16401.
Prospera made application for licensure as a broker-dealer
in the State of
Between December 23, 2004, and July 5, 2006, Prospera established
12 accounts for two
was not licensed as a broker-dealer in
5. Prospera has represented to the Office that it was not the firm’s intention to violate the Maine Revised Securities Act or the Maine Uniform Securities Act.
6. All parties desire an expeditious resolution of this matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without Prospera admitting or denying that its conduct violated the Revised Maine Securities Act or the Maine Uniform Securities Act, it is agreed that:
1. Prospera 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, Prospera will pay the sum of $3,000 to the Office upon Prospera’s execution of this Agreement; and
3. The Office will not take further action against Prospera based solely upon its unlicensed status during the period preceding and including the date of execution of the Agreement, PROVIDED, however, that this paragraph applies only to the transactions previously disclosed to the Office by Prospera and its clearing firm.
8/21/06 /s/ David Stringer___________________
Date David Stringer, President
Prospera Financial Services, Inc.
9/5/06 /s/ Michael J. Colleran_______________
Date Michael J. Colleran
9/5/06 /s/ Bonnie E. Russell________________
Date Bonnie E. Russell
Assistant Securities Administrator
9/5/06 /s/ Jacqueline M. Drouin_____________
Date Jacqueline M. Drouin
Investigator / Examiner