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OFFICE OF SECURITIES
121 STATE HOUSE STATION
AUGUSTA, ME 04333
NOTICE OF INTENT TO ISSUE A
CEASE AND DESIST ORDER AND
IMPOSE A CIVIL PENALTY
Aptus Technology Corporation (“Aptus”) was incorporated
Hirak Biswas (“Biswas”) is an individual who has been
at all relevant times the president, Chief Executive Officer, and a director of
Aptus and whose last known business address is
Joseph Orlando (“
Apurba Mukherjee (“Mukherjee”) is an individual who has
been at all relevant times the secretary and a director of Aptus and whose last
known business address is
In or about December 2002, Biswas discussed
investments in Aptus with a resident of
On December 16, 2002, the
On or about January 29, 2003, Biswas sent a letter to
On or about February 3, 2003,
Aptus has made no payment on the promissory note and
has not otherwise returned any funds to the
On or about September 8, 17, and 28, 2004, the Office
of Securities sent letters to Aptus and Biswas requesting that they provide
immediately a written statement agreeing to refrain from further solicitations
or sales to
11. The promissory note offered and sold by Aptus is a security under section 10501(18) of the Revised Maine Securities Act, 32 M.R.S.A. §§ 10101-10713 (“the Act”).
Pursuant to section 10401 of the Act, a person may not
offer and sell any security in
The promissory note that Aptus offered and sold to the
14. Pursuant to section 10601(3) of the Act, “[i]t is unlawful to fail to provide promptly any written statement if requested” by the administrator.
15. By failing to provide the two written statements requested by the administrator, Aptus and Biswas violated section 10601(3) of the Act.
16. As officers and directors of Aptus, the individual respondents are “control persons” of Aptus pursuant to 32 M.R.S.A. § 10602(3). Biswas, Orlando, and Mukherjee are thus liable for the securities law violations of Aptus.
17. Pursuant to section 10602(1) of the Act, the administrator may issue a cease and desist order if she reasonably believes that any person has engaged, is engaging or is about to engage in any act or practice constituting a violation of any provision of the Act.
18. Pursuant to section 10602(1) of the Act, the administrator may issue an order imposing a civil penalty that may not exceed $1,500 for a single violation if she reasonably believes that any person has engaged, is engaging or is about to engage in any act or practice constituting a violation of any provision of the Act.
Pursuant to 32 M.R.S.A. § 10708(6), notice is hereby given that the Securities Administrator intends to issue an Order to Cease and Desist and Impose a Civil Penalty against Aptus, Biswas, Orlando, and Mukherjee pursuant to section 10602(1) of the Act.
Pursuant to 32 M.R.S.A. § 10708(2), interested parties have thirty (30) calendar days from the entry of this Notice of Intent to file a written request for a hearing.
Date: November 15, 2004 s/Christine A. Bruenn
Christine A. Bruenn
Date: November 15, 2004 s/Bonnie E. Russell
Bonnie E. Russell
Assistant Securities Administrator
Date: November 15, 2004 s/Michael W. Atleson
Michael W. Atleson