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STATE OF MAINE††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† SUPERIOR COURT

KENNEBEC, ss.†††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† CIVIL ACTION

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† DOCKET NO. CV-03-77

 

STATE OF MAINE and†††††††††††††††††††††††††††††††† )

SECURITIES ADMINISTRATOR,††††††††††††††† )

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† )

††††††††††††††††††††††† Plaintiffs,††††††††††††††††††††††††††††††††† ) †††††††††

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† ) †††††††††

††††††††††††††††††††††† v.†††††††††††††††††††††††††††††††††††††††††††† )†††††††††† ORDER †††††††††

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† )††††††††††

KRISTOPHER T. SAUNDERS,†††††††††††††††††††† )

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† )

††††††††††††††††††††††† Defendant.†††††††††††††††††††††††††††††† )

 

 

††††††††††† Following a hearing on the Stateís Complaint for Punitive and Remedial Sanctions for Contempt of Court, during which the Court found defendant Kristopher T. Saunders in contempt of court for failing to comply with the Consent Judgment signed by the Court on April 18, 2003, IT IS ORDERED that defendant shall purge his contempt by completing the following:

††††††††††† 1.†††††††† Defendant shall disgorge a total of $18,350 to the Securities Administrator by disgorging $2000 on or before January 2, 2004, and then $1362.50 on or before the first day of each month thereafter until the entire amount has been disgorged;

††††††††††† 2.†††††††† Defendant shall submit an affidavit to the Securities Administrator on or before October 1, 2003, attesting that defendant has completed distribution of the Edulink shares to their rightful owners; and

††††††††††† 3.†††††††† On or before December 1, 2003, defendant shall submit an accounting to the Securities Administrator that corrects the errors and omissions in the accounting defendant submitted on June 3, 2003, and provides as much detail on expenditures as may be provided from defendantís records, records obtainable by defendant from his bank upon request (and payment of any fees), and records or other information obtainable by defendant from the recipients of expenditures upon request (and payment of any fees).

††††††††††† If defendant fails to purge his contempt as set forth above, the Court will impose remedial sanctions by separate order.

 

 

 

Dated:September 25, 2003†††††††††††††††††††††††††††††††††††††††† /s/ K. Studstrup, Justice

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† K. Studstrup, Justice

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† Maine Superior Court