Skip Maine state header navigation
STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
_______________________________________
IN THE MATTER OF: )
)
Wachovia Securities, LLC )
CONSENT AGREEMENT
(CRD #19616) ) No. 04-063-CAG
_______________________________________)
This Agreement is entered into between the State of
WHEREAS, the parties agree as follows:
1.
At
all relevant times, it has been unlawful in Maine for a broker-dealer to employ
a person as a sales representative unless the sales representative is licensed
or exempt from licensing under the Revised Maine Securities Act, Title 32
M.R.S.A. §10301(2);
2.
Wachovia
had properly licensed Larry M. Malles (“Malles”) as a sales representative with the Office of
Securities from November 18, 2003, through December 31, 2003.
3.
Wachovia
failed to renew Malles’ license as a sales representative with the Office of
Securities by December 31, 2003, causing Malles’ license to expire.
4.
In
January of 2004, it came to the attention of the Office of Securities that Malles
had been acting as a sales representative in Maine on behalf of Wachovia without
being licensed or exempt from licensing;
5.
It
is the Office of Securities’ position that Wachovia failed to properly license Malles
as a sales representative in
6.
Documentation
provided to the Office of Securities by Wachovia revealed that Malles effected at
least seventeen (17) transactions from January 6, 2004, through January 8,
2004, for four
7.
Wachovia
has represented to the Office of Securities that the violation was an
inadvertent oversight; and
8.
Both
parties desire an expeditious resolution of this matter.
NOW, THEREFORE,
without trial or adjudication of any issue of fact or law, and without Wachovia
admitting or denying that their conduct violated the Revised Maine Securities
Act, it is agreed that:
1.
Wachovia
will comply with all licensing and other legal requirements governing persons
acting as securities sales representatives in the State of Maine at all times
from the date hereof;
2.
In
lieu of the Office of Securities seeking the imposition of a penalty for the
allegations contained herein, Wachovia will pay the sum of $1,500.00 to the Office
of Securities upon Wachovia’s execution of this Agreement; and
3.
The
Office of Securities will not take further action against Wachovia based upon
the unlicensed status of Malles 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 of Securities by Wachovia.
September
9, 2004 s/Robert
T. Mooney, Chief Compliance Officer
Date Robert
T. Mooney, Chief Compliance Officer
Wachovia
Securities, LLC
September
16, 2004 s/Christine
A. Bruenn
Date Christine
A. Bruenn
Securities
Administrator
Reviewed by:
September
16, 2004 s/Bonnie
E. Russell
Date Bonnie
E. Russell
Assistant
Securities Administrator
Presented by:
September
16, 2004 s/Cathy
J. Williams
Date Cathy
J. Williams
Licensing
Coordinator