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OFFICE OF SECURITIES
121 STATE HOUSE STATION
AUGUSTA, ME 04333
CONSENT ORDER 02-078-COR
1. At all relevant times, it has been unlawful in Maine for a person to act as a broker-dealer or sales representative unless licensed or exempt from licensing under the Revised Maine Securities Act, 32 M.R.S.A. §§ 10101-10710 ("the Act").
In response to inquiries from the
It is the position of the Maine Office of Securities
that respondents have acted as a broker-dealer and sales representative in
4. Respondents state that they were unaware that their activities relating to the sale of mortgages constituted securities transactions, and that any violation of the Revised Maine Securities Act was unintentional.
5. The parties desire an expeditious resolution of this matter.
6. Without trial or adjudication of any issue of fact or law, and without admitting or denying that their conduct violated the Revised Maine Securities Act, respondents waive their right to a hearing and consent to the entry of this order.
NOW, THEREFORE, it is ORDERED that:
1. Respondents shall cease and desist from any violations of the Revised Maine Securities Act and shall comply with all licensing and other legal requirements governing persons acting as broker-dealers or sales representatives in Maine at all times from the execution of this order; and
2. In lieu of the Maine Office of Securities seeking the imposition of a penalty for the allegations contained herein, respondents shall pay the sum of three thousand dollars ($3,000.00) to the Maine Office of Securities within two weeks of the execution of this order.
Respondent Downeast Capital, Inc. hereby waives its right to a hearing and consents to entry of the order set forth above.
By: /s/ Paul Newman
Name: Paul Newman
Respondent Paul Newman hereby waives his right to a hearing and consents to entry of the order set forth above.
Christine A. Bruenn
Bonnie E. Russell
Supervisor of Enforcement
Michael W. Atleson
(licensed in NY and MA, pending in ME)