STATE OF MAINE

OFFICE OF SECURITIES

121 STATE HOUSE STATION

AUGUSTA, ME  04333

 

 

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  Consent Agreement

   05-059-CAG

 

 

 

 

 

This Consent Agreement is entered into between the Office of Securities and Gabriel J. Giguere, Jr. (“Giguere”), an individual residing at 39 White Street, Lewiston, Maine 04240.

 

WHEREAS the parties agree as follows:

 

1. At all relevant times, Giguere was licensed in Maine as a sales representative of Pruco Securities, LLC, a broker-dealer licensed to do business in Maine.  He has not been licensed as a sales representative since October 10, 2005.

 

2. It is the position of the Office of Securities that Giguere engaged in unethical conduct in the securities business by recommending unsuitable transactions and engaging in mutual fund switching without sufficient regard for his clients’ best interests.  32 M.R.S.A. §§ 10313, 16702.

 

3. Both parties desire an expeditious resolution of this matter.

 

4. Without trial or adjudication of any issue or fact or law, Giguere waives his right to a hearing and to judicial review and consents to the entry of this Agreement.

 

NOW, THEREFORE, without Giguere admitting or denying that his conduct violated the Revised Maine Uniform Securities Act, it is agreed that:

 

1. In lieu of a penalty, Giguere will pay the sum of $3,000 to the Office of Securities upon his execution of this Agreement, by check made payable to “Treasurer, State of Maine”;

 

2. If Giguere reapplies for licensing in Maine as an agent, the Office of Securities will require that he and his new firm agree to certain enhanced supervision requirements; and

 

3. If Giguere reapplies for licensing in Maine as an agent, the Securities Administrator will not consider the conduct addressed by this Agreement in determining whether to license Giguere, provided that nothing herein shall preclude the Securities Administrator from considering these matters solely for the purpose of determining whether a licensing action based on other grounds is in the public interest pursuant to 32 M.R.S.A. §§ 16412(1), (4), and (6).

 

 

Date:  September 7, 2006  /s/ Gabreil J. Giguere, Jr..

  Gabriel J. Giguere, Jr.

 

 

 

 

Date:  September 8, 2006   /s/ Michael J. Colleran

   Michael J. Colleran

   Securities Administrator

 

 

Reviewed by:

 

Date:  September 8, 2006        /s/ Bonnie E. Russell

   Bonnie E. Russell

   Assistant Securities Administrator

 

 

Presented by:

 

Date:  September 8, 2006  .  /s/ Brian H. Dyer

   Brian H. Dyer

   Investigator/Examiner