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STATE OF MAINE

OFFICE OF SECURITIES
121 STATE HOUSE STATION

AUGUSTA, MAINE  04333-0121

 

 

______________________________________

IN THE MATTER OF:                                                 )

                                                                                      )

J.P. Turner & Company, L.L.C.                                 )            CONSENT AGREEMENT

(CRD #43177)                                                            )                   No. 05-055-CAG

______________________________________)

 

 

This Agreement is entered into between the State of Maine Office of Securities (the “Office”) and J.P. Turner & Company, L.L.C. (“J.P. Turner” or the “firm”), a broker-dealer with its principal place of business in Atlanta, Georgia. 

 

WHEREAS, the parties agree as follows:

 

1.            At all relevant times, it has been unlawful in Maine for a person to act as a broker-dealer unless licensed or exempt from licensing pursuant to sections 10301 and 10302 of the Revised Maine Securities Act (“the Act”).   

 

2.            J.P. Turner filed an application with the Office for licensing as a broker-dealer on April 16, 1997.

 

3.            In response to several inquiries from the Office of Securities regarding additional information in connection with the firm’s pending broker-dealer application, J.P. Turner informed the Office that during the period of October 10, 1997, and August 2, 2004, the firm had effected at least eight (8) transactions for the accounts of two Maine consumers while unlicensed. 

 

4.            It is the Office’s position that J.P. Turner has acted as a broker-dealer in Maine without being licensed or exempt from licensing.

 

5.            J.P. Turner has represented to the Office that the violations were inadvertent oversights.

 

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

 

NOW, THEREFORE, without trial or adjudication of any issue of fact or law, and without J.P. Turner admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:

 

1.            J.P. Turner will comply with all licensing and other legal requirements governing persons acting as securities broker-dealers 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, J.P.Turner will pay the sum of $3,000 to the Office upon J.P. Turner’s execution of this Agreement; and

 

3.            The Office will not take further action against J.P. Turner, based upon its unlicensed status during the period preceding and including the date of execution of this Agreement, PROVIDED, however, that this paragraph applies only to those transactions previously disclosed to the Office by J.P. Turner.

 

 

 

 

September 16, 2005                                    s/William L. Mello, President                                

Date                                                                William L. Mello, President

                                                                        J.P. Turner & Company, L.L.C.

 

 

 

September 21, 2005                                    s/Michael J. Colleran                                             

Date                                                                Michael J. Colleran

                                                                        Securities Administrator

 

Reviewed by:

 

 

 

September 21, 2005                                    s/Bonnie E. Russell                                               

Date                                                                Bonnie E. Russell

                                                                        Assistant Securities Administrator

 

Presented by:

 

 

 

September 20, 2005                                    s/Cathy J. Williams                                                 

Date                                                                Cathy J. Williams

                                                                        Licensing Coordinator