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STATE
OF
OFFICE
OF SECURITIES
121
STATE HOUSE STATION
________________________________
)
IN THE MATTER OF: )
)
Tesseract Partners, LLC )
(CRD #111811) and ) CONSENT AGREEMENT
Dimitri N. Balatsos )
(CRD #2114760) )
No. 04-026-CAG
________________________________)
This Agreement is entered into by
the State of Maine Office of Securities ("Securities"), Tesseract
Partners, LLC (“Tesseract”), CRD #111811, a limited liability investment
adviser company incorporated pursuant to the laws of Maine with a principal
place of business at 22 Woodlands Drive in Falmouth, Maine 04105, and Dimitri
N. Balatsos (“Balatsos”), CRD# 2114760, an investment adviser representative
affiliated with Tesseract.
WHEREAS,
the parties agree as follows:
1.
Pursuant to 32 M.R.S.A. § 10303(1), a
person may not act in
2.
Pursuant to 32 M.R.S.A. § 10303(3) it
is unlawful for an investment adviser licensed or required to be licensed under
the Revised Maine Securities Act to employ or contract with an individual as a
representative of the investment adviser in Maine unless the individual is
licensed;
3.
Securities has reviewed Balatsos’
licensing record and has found that Balatsos has never held an investment
adviser representative’s license in
4.
It is Securities’ position that
Balatsos has acted as an investment adviser representative in
5.
On September 18, 2003, Securities conducted
an on-site examination of Tesseract and informed Balatsos that Balatsos had never
filed with Securities an application for investment adviser representative
licensure; and
6.
All parties desire an expeditious
resolution of this matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without
Tesseract and Balatsos admitting or denying that their conduct violated the
Revised Maine Securities Act, it is agreed that:
Tesseract and Balatsos 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;
In lieu of Securities seeking the
imposition of a penalty for the allegations contained herein, Tesseract and
Balatsos will pay the sum of $1,500.00 to Securities upon Tesseract’s and
Balatsos’ execution of this Agreement; and
Securities will not take further
action against Tesseract and Balatsos based upon the unlicensed status of Balatsos
during the period preceding and including the date of execution of the
Agreement.
Tesseract
Partners LLC
By:
October 6,
2003 /s/
Dimitri Balatsos
Date Signature
Dimitri
Balatsos
(printed
name)
Its
President
October 6,
2003 /s/
Dimitri N. Balatsos
Date Dimitri
N. Balatsos
October 7,
2003 /s/
Christine A. Bruenn
Date Christine
A. Bruenn
Securities
Administrator
Reviewed by:
October 7,
2003 /s/
Christina V. Breen
Date Christina
V. Breen
Assistant
Securities Administrator
Submitted by:
October 7,
2003 /s/
Christian D. Van Dyck
Date Christian
D. Van Dyck
Investigator/Examiner