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STATE OF
OFFICE OF SECURITIES
121 STATE
HOUSE STATION
_______________________________________
IN RE: Investacorp, Inc., and Michael J. ) CONSENT AGREEMENT
Poulin
)
No. 06-064-CAG
_______________________________________)
This Agreement is entered into between the State of Maine Office
of Securities (“the Office”), Investacorp, Inc. (“Investacorp”), CRD # 7684, and
Michael J. Poulin (“Poulin”), CRD # 711767, to informally resolve this matter.
This is not a consent decree or order, and no findings have been made against
Investacorp or Poulin.
WHEREAS, the parties agree as follows:
1.
Investacorp
has been licensed to do business in
2.
At
all times relevant to this matter, Poulin has been licensed in
3.
In
April 2000 and again in March 2001, the Office examined the
4.
In
March 2006, the Office conducted a third examination of the Lewiston branch office
and again observed that Poulin was not monitoring or controlling the activities
of the firm’s agents or reviewing their correspondence.
5.
Investacorp
is a member of the NASD, a self-regulatory organization to which certain federal
regulatory responsibilities have been delegated pursuant to the Securities Act
of 1934.
6.
NASD
Rule 3010(b) and Rule Chapter 504, Section 7, require broker-dealers to enforce
their written procedures.
7.
It is the Office’s position that, as described in Paragraphs 3 and
4 above, Investacorp failed to enforce its written supervisory procedures. It
is also the Office’s position that, pursuant to 32 M.R.S.A. §16612, Poulin is
liable to the same extent as Investacorp for this violation.
8.
All
parties desire an expeditious resolution of this matter.
9.
Without
trial or adjudication of any issue of fact or law, Poulin and Investacorp waive
their right to a hearing and to judicial review and consent to the entry of this
Agreement.
NOW, THEREFORE, without Respondents admitting or
denying that their conduct violated the Revised Maine Securities Act or the Maine
Uniform Securities Act, it is agreed that:
1.
Poulin
will not act in any supervisory capacity for Investacorp or any other broker-dealer
for a period of two years from the date of execution of this Agreement;
2.
Investacorp
and Poulin will each voluntarily pay the sum of $10,000 to the Office upon their
execution of this Agreement, by check made payable to “Treasurer, State of
3.
The
Office will not take further action against the Respondents based solely upon
the deficiencies noted in the Office’s letters to Investacorp dated August 1,
2000, August 29, 2001, and April 27, 2006.
Investacorp, Inc.
BY:
May
25, 2006
s/Bruce A. Zwigard
Date
Bruce A. Zwigard
President
May
24, 2006
s/Michael J. Poulin
Date
Michael J. Poulin
May
31, 2006
s/Michael J. Colleran
Date
Michael J. Colleran
Securities Administrator
Reviewed by:
May
31, 2006
s/Bonnie E. Russell
Date
Assistant Securities Administrator
Presented by:
May
31, 2006
s/Jacqueline M. Drouin
Date
Jacqueline M. Drouin
Investigator / Examiner