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STATE OF MAINE                                                                SUPERIOR COURT

LINCOLN, ss.                                                                         CIVIL ACTION

                                                                                                DOCKET NO. CV-03-25

 

STATE OF MAINE and                                 )

SECURITIES ADMINISTRATOR,                )

                                                                        )

                        Plaintiffs,                                  )

                                                                        )          

                        v.                                             )           CONSENT JUDGMENT

                                                                        )          

ROBERT H. EDMUNDS, III,                         )          

                                                                        )

                        Defendant.                               )

 

 

            NOW COME the parties and stipulate that judgment in this case shall enter for Plaintiffs State of Maine and Securities Administrator (collectively, “the State”) against Defendant, Robert H. Edmunds, III, on all counts of the Complaint.

            The State has agreed to enter into this Consent Judgment based upon information provided by Mr. Edmunds regarding his conduct and financial condition.  If this information is later determined to have been materially inaccurate, the parties agree and stipulate that this Consent Judgment may be voided by the State by seeking relief from the Court under Rule 60(b)(4) or (6) of the Maine Rules of Civil Procedure.

            Defendant Robert H. Edmunds admits and stipulates to the allegations contained in the Complaint and agrees to judgment containing the following relief:

            1.         Mr. Edmunds is permanently enjoined from offering or selling any type of security or other investment product in the State of Maine, including mutual funds, variable annuities, and investment contracts of any kind.  However, this injunction does not prohibit Mr. Edmunds from offering or selling fixed annuities.

            2.         Within 30 days after this Consent Judgment has been entered on the docket, Mr. Edmunds shall disgorge $20,000 to the Securities Administrator for distribution to those investors identified in the Complaint who do not refuse the funds (“the willing investors”).  Distribution to the willing investors shall be on a pro rata basis based on their losses.  If any part of the $20,000 remains after all willing investors have been compensated fully for their losses, the remainder shall go to the State’s General Fund.

            3.         Mr. Edmunds shall continue to pay $145.21 per month to or on behalf of investor Lavonne Whorff until her death or until the entire amount of her investment, $10,250, has been repaid by Mr. Edmunds, whichever occurs first.  In calculating the amount that has been repaid, Mr. Edmunds shall be given credit for past payments and for any distribution to Ms. Whorff pursuant to paragraph 2 above.  Mr. Edmunds shall provide proof of all payments to the Office of Securities.

 

                                                                                    Respectfully submitted,

 

Dated:  February 27, 2004                                           G. STEVEN ROWE

                                                                                    Attorney General

 

 

                                                                                    s/Michael J. Colleran

                                                                                    MICHAEL J. COLLERAN

                                                                                    Assistant Attorney General

                                                                                    6 State House Station

                                                                                    Augusta, ME 04333-0006

                                                                                    Tel. (207) 626-8800

                                                                                    Bar No. 9247

                                                                                    Attorney for Plaintiffs

 

 

 

 

s/Robert H. Edmunds                                                   s/Edward G. Dardis

Robert H. Edmunds, III                                                Edward G. Dardis

Defendant                                                                     Howard & Bowie Law Offices

                                                                                    P.O. Box 460

                                                                                    Damariscotta, ME 04543

                                                                                    Tel. (207) 563-3112

                                                                                    Bar No. 1509

                                                                                    Attorney for Defendant

 

 

 

March 18, 2004

 

            Judgment entered for Plaintiffs in accordance with the terms of this Consent Judgment.  This Court retains jurisdiction over this matter.

 

                                                                                    s/Hon. Thomas E. Murphy

                                                                                    Justice, Superior Court