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STATE OF MAINE

OFFICE OF SECURITIES
121 STATE HOUSE STATION

AUGUSTA, MAINE  04333-0121

 

_______________________________________                                                                                                                                                                                 )                                              

IN THE MATTER OF:                                                 )

                                                                                      )           CONSENT AGREEMENT

McKinnon & Company, Inc.                                       )                  No. 06-022-CAG

______________________________________)

 

 

This Agreement is entered into between the State of Maine Office of Securities (“Office”) and McKinnon & Company, Inc. (“McKinnon”), CRD #21907, a broker-dealer with its principal place of business in Norfolk, Virginia.

 

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.            McKinnon filed an application with the Office for licensing as a broker-dealer on July 11, 2005.

 

3.            In response to an inquiry from the Office, McKinnon disclosed that it had effected at least forty-two (42) transactions for the accounts of three (3) Maine consumers while unlicensed. 

 

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

 

5.            McKinnon has represented to the Office that it was not its intention to violate the Maine Revised Securities Act.

 

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 McKinnon admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:

 

1.            McKinnon 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, McKinnon will pay the sum of $3,000 to the Office upon McKinnon’s execution of this Agreement; and

 

3.            The Office will not take further action against McKinnon, based solely 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 McKinnon.

 

 

 

November 22, 2005                                     s/William J. McKinnon, President/CCO  

Date                                                                William J. McKinnon, President / CCO

                                                                        McKinnon & Company, Inc.

 

 

November 28, 2005                                     s/Michael J. Colleran                                 

Date                                                                Michael J. Colleran

                                                                        Securities Administrator

 

Reviewed by:

 

 

November 28, 2005                                     s/Bonnie E. Russell                                               

Date                                                                Bonnie E. Russell

                                                                        Assistant Securities Administrator

 

Presented by:

 

 

November 28, 2005                                     s/Cathy J. Williams                                     

Date                                                                Cathy J. Williams

                                                                        Licensing Coordinator