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                                                              STATE OF MAINE

                                                       OFFICE OF SECURITIES

                                                   121 STATE HOUSE STATION

                                                       AUGUSTA, MAINE 04333

________________________________

                                                                       )

IN THE MATTER OF:                                  )

                                                                       )                       CONSENT AGREEMENT 

Bangor Securities, Inc.                                )                              No. 06-035-CAG

Michael E. Ludwig                                       )                                  

_______________________________ )

 

 

            This Agreement is entered into by the State of Maine Office of Securities (the “Office"), Bangor Securities, Inc., an investment adviser with a principal place of business at 280 Fore Street, Suite 201, Portland, Maine, and Michael E. Ludwig (“Ludwig”), an investment adviser representative affiliated with Bangor Securities, Inc.

 

            WHEREAS, the parties agree as follows:

 

1.                  Pursuant to 32 M.R.S.A. § 10303(1), a person may not act in Maine as an investment adviser representative unless licensed or exempt from licensing under the Revised Maine Securities Act (the “Act”);

 

2.                  Pursuant to 32 M.R.S.A. § 10303(3), it is unlawful for an investment adviser licensed or required to be licensed under the Act to employ or contract with an individual as a representative of the investment adviser in Maine unless the individual is licensed;

 

3.                  The Office has reviewed the licensing records of Bangor Securities, Inc., and of Ludwig; Bangor Securities, Inc., has been licensed as an investment adviser since at least June 26, 2002, and Ludwig has been licensed as an investment adviser representative since November 18, 2005;

 

4.                  It is the Office’s position that, prior to becoming licensed as an investment adviser representative, Ludwig acted as investment adviser representative in Maine without being licensed or exempt from licensing;

 

5.                  Bangor Securities, Inc., has represented to the Office that the failure to obtain an investment adviser representative license for Ludwig was inadvertent; and

 

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 Bangor Securities, Inc., or Ludwig admitting or denying that their conduct violated the Act, it is agreed that:

 

1.  Bangor Securities, Inc., and Ludwig will comply with all licensing and other legal requirements governing persons acting as investment advisers and investment adviser representatives 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, Bangor Securities, Inc., and Ludwig will pay the sum of $1,500.00 to the Office upon their execution of this Agreement; and

 

3.  The Office will not take further action against Bangor Securities, Inc., or Ludwig based solely upon Ludwig’s unlicensed status during the period preceding November 18, 2005.

 

 

                                                                        Bangor Securities, Inc.

                                                                        By:

 

December 14, 2005                                     s/Eric Bossidy                                  

Date                                                                Eric G. Bossidy

Vice President and

Chief Compliance Officer

 

 

December 12, 2005                                     s/Michael E. Ludwig                                   

Date                                                                Michael E. Ludwig

 

 

December 15, 2005                                     s/Michael J. Colleran                     

Date                                                                Michael J. Colleran

                                                                        Securities Administrator

 

Reviewed by:

                                                           

December 16, 2005                                     s/Bonnie E. Russell                                   

Date                                                                Bonnie Russell

                                                                        Assistant Securities Administrator

 

Submitted by:

                                                           

December 15, 2005                                     s/Jacqueline M. Drouin                 

Date                                                                Jacqueline M. Drouin

                                                                        Investigator/Examiner