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OFFICE OF SECURITIES
121 STATE HOUSE STATION
IN RE: )
) CONSENT ORDER
Bodell Overcash Anderson & Co., Inc. ) No. 05-057
all relevant times, it has been unlawful in
Bodell Overcash Anderson & Co., Inc.
(“Respondent” or “the firm”) is a securities broker-dealer with a principal place
of business at the
October 16, 2001, Respondent filed an application with the Maine Office of Securities
(“the Office”) for licensing as a broker-dealer in
4. Respondent reapplied for licensure on December 3, 2004. By letter dated
January 5, 2005, the Office again requested documents from
Respondent including documents relating to any unlicensed securities transactions
letter dated February 9, 2005, the Office requested that Respondent’s clearing
firm, First Southwest Company (“First Southwest”), review its records to determine
whether any of the Respondent’s principals, sales representatives, or affiliates
had engaged in securities transactions with
e-mail dated February 25, 2005, Respondent provided the Office with a list of
transactions processed through its clearing firm, First Southwest, which disclosed
that Respondent had effected at least three hundred and forty-nine (349) securities
7. Respondent’s broker-dealer application and request for a licensing exclusion remain pending.
is the position of the Office that Respondent has acted as a broker-dealer in
9. Respondent has represented to the Office that its unlicensed conduct was the result of inadvertent oversights.
10. Pursuant to 32 M.R.S.A. §10602(1)(E), the administrator may impose a civil penalty that may not exceed $1,500 for a single violation if the administrator reasonably believes that any person has engaged, is engaging or is about to engage in any act or practice constituting a violation of any provision of the Act.
11. Pursuant to 32 M.R.S.A. §10602(1)(B), the administrator may, after notice and opportunity for hearing, censure a person who is a broker-dealer, sales representative, or investment adviser, if the administrator reasonably believes that the person has engaged in any act or practice constituting a violation of the Act.
12. Without trial or adjudication of any issue of fact or law, and without admitting or denying that its conduct violated the Act, Respondent waives its right to a hearing and consents to the entry of this order.
13. The Office agrees not to take further action against Respondent based solely upon its unlicensed status during the period preceding and including the date of execution of this Order, provided, however, that this paragraph applies only to those transactions disclosed to the Office by Respondent.
NOW, THEREFORE, it is ORDERED that:
1. Respondent shall 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. Respondent shall pay a civil penalty in the amount of $10,538.17 to the Maine Office of Securities for its violations of section 10301 of the Act; and
3. Respondent is censured pursuant to 32 M.R.S.A. §10602(1)(B) for its unlicensed sales activity in violation of section 10301 of the Act.
Respondent hereby waives its right to a hearing and to judicial review and consents to the entry of the order set forth above.
Date: May 13, 2005 Bodell Overcash Anderson & Co., Inc.
John E. Anderson, President
Date: May 17, 2005 s/Christine A. Bruenn
Christine A. Bruenn
Date: May 16, 2005 s/Bonnie E. Russell
Bonnie E. Russell
Assistant Securities Administrator
Date: May 16, 2005 s/Cathy J. Williams
Cathy J. Williams