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                                                              STATE OF MAINE

                                                        OFFICE OF SECURITIES

                                                    121 STATE HOUSE STATION

                                                       AUGUSTA, MAINE 04333

 

________________________________

                                                                        )

IN THE MATTER OF:                                   )

                                                                        )                                  

Financial Services of New England            )

(CRD #38088) and                                       )                       CONSENT AGREEMENT  

Scott Pelletier                                                )

(CRD #1240152)                                          )                              No. 04-049-CAG

                                                                        )

_______________________________  )

 

 

 

            This Agreement is entered into by the State of Maine Office of Securities ("Securities"), Financial Services of New England (“Financial Services”), (CRD #38088), a investment adviser operating as a partnership and conducting business in Maine with a principal place of business at 108 Fowler Road, Orrington, Maine 04474, and Scott Pelletier (“Pelletier”), CRD# 1240152, an investment adviser representative affiliated with Financial Services.

 

 

            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;

 

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 Revised Maine Securities Act to employ or contract with an individual as a representative of the investment adviser in Maine unless the individual is licensed;

 

3.                  Securities has reviewed Pelletier’s licensing record and has found that Pelletier has never held an investment adviser representative’s license in Maine;

 

4.                  It is Securities’ position that Pelletier has acted as an investment adviser representative in Maine on behalf of Financial Services without being licensed or exempt from licensing; and

 

 

5.                  All parties desire an expeditious resolution of this matter.

 

 

NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without Financial Services and Pelletier admitting or denying that their conduct violated the Revised Maine Securities Act, it is agreed that:

 

            Financial Services and Pelletier 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;

 

            In lieu of Securities seeking the imposition of a penalty for the allegations contained herein, Financial Services and Pelletier will pay the sum of $1,500.00 to Securities upon Financial Services’ and Pelletier’s execution of this Agreement; and

 

            Securities will not take further action against Financial Services and Pelletier based upon the unlicensed status of Pelletier during the period preceding and including the date of execution of the Agreement.

 

 

                                                                        Financial Services of New England

                                                                        By:

                                   

12/18/03                                                         /s/Scott Pelletier

Date                                                                Signature

 

                                                                        Scott Pelletier

(printed name)

 

                                                                        Partner

 

 

12/18/03                                                         Scott Pelletier

Date                                                                Scott Pelletier

 

 

12/22/03                                                         /s/ Christine A. Bruenn

Date                                                                Christine A. Bruenn

                                                                        Securities Administrator


Reviewed by:

 

12/22/03                                                         /s/ Christina V. Breen

Date                                                                Christina V. Breen

                                                                        Assistant Securities Administrator

 

Submitted by:

 

12/22/03                                                         Christian D. Van Dyck

Date                                                                Christian D. Van Dyck

                                                                        Investigator/Examiner