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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
________________________________
)
IN THE MATTER OF: )
CONSENT AGREEMENT
)
04-084-CAG
StoresOnline, Inc. )
________________________________)
THIS
AGREEMENT is entered into between the State of
WHEREAS, the parties agree as follows:
1. On June 24, 2003, the Securities Administrator
and StoresOnline, Inc., entered into a Consent Agreement, which, among other
things, prohibited StoresOnline, Inc., from selling, offering to sell,
advertising or undertaking any other action relating to the promotion of
services, products, equipment, supplies, goods or commodities in
2. The Office of
Securities has determined that StoresOnline, Inc., offered for sale and sold a
business opportunity in or about June and July 2003 to a Wells,
3. The Office of Securities has determined that
StoresOnline, Inc., was not registered as a business opportunity seller when it
offered and sold a business opportunity to the Wells, Maine, consumer and
therefore was not in compliance with the
Regulations of the Sale of Business Opportunities, 32 M.R.S.A. §§ 4691 - 4700-B
(1999 and Supp. 2002) (the “Regulations”).
4. The Office
of Securities has determined that StoresOnline, Inc., had not secured a bond or
escrow account as required by the Regulations, 32 M.R.S.A. § 4695 (1999) when
it offered and sold a business opportunity to the Wells,
5. The Office of Securities has determined that
StoresOnline, Inc., did not provide the Wells, Maine, consumer with the disclosure statement required by the
Regulations, 32 M.R.S.A. § 4693 (1999).
6. It is the position
of the Office of Securities that StoresOnline, Inc., breached paragraph 1 of the
Consent Agreement dated June 24, 2003, in
selling, offering to sell, or undertaking any other act in Maine
relating to the promotion of products or services that were substantially
similar to those sold by StoresOnline, Inc., in Maine in 2001 and 2002 without
first registering pursuant to the Regulations and otherwise complying therewith.
7. StoresOnline, Inc., neither admits nor denies
the above determinations.
8. All parties
desire an expeditious resolution of this matter.
NOW THEREFORE, without trial or
adjudication of any issue of fact or law and without any admission or finding
that StoreOnline, Inc., has violated the Regulations or breached the Consent
Agreement dated June 24, 2003, it is agreed that:
1. Within 30 days after execution of this
Consent Agreement by StoresOnline, Inc., StoresOnline, Inc., shall fully refund
all funds received from the Wells, Maine, consumer, totaling $14,693.00, plus
interest at the statutory prejudgment rate of 4.28% from February 1, 2004, to the
date of this Consent Agreement, and shall
provide the Office of Securities with written proof thereof.
2. All
of StoresOnline, Inc.’s obligations set forth in the Consent Agreement dated
6. This
Consent Agreement does not address compliance or non-compliance with the
Regulations or the Consent Agreement dated
Date Christine
A. Bruenn
Securities
Administrator
Date Brandon Lewis
President
StoresOnline,
Inc.