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STATE OF MAINE
OFFICE OF SECURITIES
121 STATE HOUSE STATION
AUGUSTA, ME 04333-0121
CONSENT AGREEMENT 01-072-CAG
Consent Agreement is entered into between the Office of Securities and Robert
J. Montgomery, a natural person residing at
WHEREAS the parties agree as follows:
1. At all relevant times, Montgomery was licensed in Maine as a sales representative of Investors Capital Corporation, a broker-dealer licensed to do business in Maine. He has not been licensed as a sales representative since March 2002.
2. Montgomery is the sole owner of Financial Solutions Inc., which was incorporated in Maine in 1993 and has a principal business address of 62 Center Minot Hill Road, Minot, Maine 04258. At all relevant times, Financial Solutions was licensed in Maine as an insurance agency. According to Montgomery, Financial Solutions is not currently engaged in any business activities.
3. At all relevant times, Montgomery was the president and an owner of Payroll Benefits, Inc., which was incorporated in Maine in 1994 and has a principal business address of 100 Manley Road, Auburn, Maine 04211. Payroll Benefits is currently an inactive corporation in which Mongtomery has no ownership interest.
Through Payroll Benefits and later Financial Solutions,
and with the approval of Investors Capital Corporation,
Montgomery was personally active in and responsible for
the day-to-day administration of the 401k plans. In addition,
In the late 1990s, numerous delays and bookkeeping
problems occurred in connection with the deposits of employee contributions
into their retirement plan accounts. In
addition, for one
7. It is the position of the Office of Securities that Montgomery mishandled the 401k plans in a manner amounting to unlawful or unethical conduct in the securities business pursuant to 32 M.R.S.A. § 10313(1)(G).
10. Both parties desire an expeditious resolution of this matter.
NOW, THEREFORE, without trial or adjudication of any issue of fact or law, and without Mongtomery admitting or denying that his conduct violated the Revised Maine Securities Act, it is agreed that:
a. He will not act in any principal, supervisory, or managerial capacity for a broker-dealer or investment adviser;
b. He will promptly report to the Office of Securities all investigations, proceedings, and written customer complaints against him arising out of activities in the securities industry;
c. He will not exercise discretionary authority in the account of any customers without the prior written consent of the Office of Securities;
d. The broker-dealer or investment adviser
will undertake enhanced supervision of him by a person who is licensed in the
e. He shall keep the Office of Securities informed of the name of the individual at the broker-dealer or investment adviser who is specifically responsible for the exercise of the supervision; and
f. He will not have any role in operating, managing, or administering 401k or other retirement plans.
This Consent Agreement constitutes the entire agreement
between the Office of Securities and Montgomery, and he confirms that in
entering into this agreement he is not relying on any representations,
promises, or understandings other than those expressed herein. Further, this Consent Agreement covers all
Date: November 5, 2004 s/Robert J. Montgomery
Robert J. Montgomery
Date: November 22, 2004 s/Christine A. Bruenn
Christine A. Bruenn
Date: November 19, 2004 s/Bonnie E. Russell
Bonnie E. Russell
Assistant Securities Administrator
Date: November 19, 2004 s/Michael W. Atleson
Michael W. Atleson