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STATE OF
OFFICE OF SECURITIES
121 STATE
HOUSE STATION
______________________________________
IN RE:
Sullivan, Derek Jaskulski, Richard Strabley, )
No. 06-056-CAG
and Charles Oestreicher.
)
_____________________________________)
This Agreement is entered into between the State of Maine Office
of Securities (“the Office”), Portland Global Advisors LLC (“PGA”), CRD #109127,
John Sullivan (“Sullivan”), CRD #1770178, Derek Jaskulski (“Jaskulski”), CRD #
833250, Richard Strabley (“Strabley”), CRD # 1694319, and Charles Oestreicher
(“Oestreicher”), CRD # 2564448.
WHEREAS, the parties agree as follows:
1.
PGA
is a limited liability company formed under the laws of
2.
Since
April of 1997, PGA has been registered as an investment adviser with the United
States Securities and Exchange Commission (the “SEC”) and properly notice-filed
with the Office pursuant to 32 M.R.S.A. §§10305-A, 16405.
3.
Under
§10304(2-A) of the Revised
4.
At
all times relevant to this matter, Sullivan, Jaskulski, Strabley, and Oestreicher
(the “Individual Respondents”) have been investment adviser representatives of
PGA who conduct business in
5.
Commencing
September 30, 2002, it has been unlawful for a person to transact business as
an investment adviser representative in
6.
From
September 30, 2002, until December 31, 2005, it was unlawful under the Revised
Act for an investment adviser exempt from licensing under §10304(2-A) to employ
or contract with an individual as its investment adviser representative in Maine
unless the representative was licensed or unless the investment adviser was otherwise
exempt from licensing under the Revised Act. 32 M.R.S.A. §10303(4).
7.
Although
Sullivan, Jaskulski, and Strabley have been investment adviser representatives
of PGA since prior to September 30, 2002, none of these individuals has ever been
licensed as an investment adviser representative in
8.
Although
Oestreicher has been an investment adviser representative of PGA since January
15, 2003, he has not been licensed as an investment adviser representative in
9.
It
is the Office’s position that each of the Individual Respondents has transacted
business as an investment adviser representative in
10. It is the Office’s position that PGA
employed or contracted with each of the Individual Respondents as its representative
without properly licensing each one as an investment adviser representative in
Maine in violation of the Revised Act.
11. PGA has represented to the Office that
it was not Respondents’ intention to violate either the Revised Act or the Uniform
Act and that the firm only recently became aware of the violations as a result
of an internal audit, at which time PGA voluntarily came forward and notified
the Office of its findings.
12. All parties desire an expeditious resolution
of this matter.
NOW, THEREFORE, without trial or adjudication of
any issue of fact or law, and 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.
Respondents
will comply with all licensing and other legal requirements governing persons
acting as investment advisers and investment adviser representatives 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, PGA will pay the sum of $6,000 to the Office upon Respondents’ execution
of this Agreement; and
3.
The
Office will not take further action against Respondents based solely upon the
Individual Respondents’ unlicensed status during the period preceding and including
the date of execution of the Agreement, PROVIDED, however, that this paragraph applies only to the unlicensed
activity previously disclosed to the Office by PGA.
BY:
April
17, 2006
s/John Sullivan
Date
John Sullivan
President & CCO
April
17, 2006
s/John Sullivan
Date
John Sullivan
April
17, 2006
s/Derek Jaskulski
Date
Derek Jaskulski
April
17, 2006
s/Richard Strabley
Date
Richard Strabley
April
17, 2006
s/Charles Oestreicher
Date
Charles Oestreicher
April
21, 2006
s/Michael J. Colleran
Date
Michael J. Colleran
Securities Administrator
Reviewed by:
April
21, 2006
s/Bonnie E. Russell
Date
Bonnie E. Russell
Assistant Securities Administrator
Presented by:
April
21, 2006
s/Cathy J. Williams
Date
Cathy J. Williams
Licensing Coordinator