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OFFICE OF SECURITIES
121 STATE HOUSE STATION
IN THE MATTER OF: )
) CONSENT AGREEMENT
CHARLES S. CLARK and ) No. 03-037-CAG
CLARK & STUART, INC. )
agreement is entered into between the State of
WHEREAS, the parties agree as follows:
1. On July 11, 2003, the State of Maine and the Securities Administrator commenced a civil action against Clark and C&S in the Cumberland County Superior Court, No. 03-390 (“the State’s action”), alleging a violation of 32 M.R.S.A. § 10203, which among other things prohibits investment advisers or their employees from engaging in any act “which operates or would operate as a fraud or deceit upon any client.” Clark and C&S denied violating the statute. That civil suit remains pending.
2. On November 10, 2003, Clark and C&S commenced a civil action against Joan and Leonard Alley in the Cumberland County Superior Court, No. 03-619 (“the Defamation action”), alleging that the Alleys had defamed Clark and C&S by making statements that accused Clark and C&S of the conduct alleged in the State’s action. The Alleys denied liability for defamation. That suit remains pending.
3. On December 5, 2003, after Clark
attempted to voluntarily withdraw his
4. Clark is not currently licensed as a
sales representative or an investment adviser representative in
5. All parties desire an expeditious resolution of the civil and administrative matters described above.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without Clark or C&S admitting the Securities Administrator’s allegations that they have violated the Revised Maine Securities Act, it is agreed that:
thirty days after the date that he signs this Consent Agreement,
2. Within ten days after receiving releases from the Alleys, Clark and C&S shall dismiss the Defamation action with prejudice.
3. Within ten days after receiving the $13,000 payment and confirmation that the Defamation action has been dismissed, the State and Securities Administrator shall dismiss the State’s action with prejudice.
4. The proceedings referenced in the
Notice of Intent are resolved by execution of this Consent Agreement.
5. Clark may reapply for licensing in
6. This Consent Agreement is conditioned on the acceptance by Joan and Leonard Alley to its terms, which acceptance shall be evidenced by the Alleys providing releases to Clark and C&S as set forth above. If the Alleys fail to provide releases by March 19, 2004, this Consent Agreement shall be null and void.
March 17, 2004 s/Charles S. Clark
Date Charles S. Clark
March 15, 2004 s/Michael Stuart
Date Clark & Stuart, Inc.
By: Michael Stuart, Officer
March 19, 2004 s/Christine A. Bruenn
Date Christine A. Bruenn
March 19, 2004 s/Michael J. Colleran
Date Michael J. Colleran
Assistant Attorney General