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                                                              STATE OF MAINE

                                                        OFFICE OF SECURITIES

                                                    121 STATE HOUSE STATION

                                                       AUGUSTA, MAINE 04333

 

________________________________

                                                                        )

IN THE MATTER OF:                                   )

                                                                        )                                  

Balis Lewittes & Coleman, Inc.                    )                       CONSENT AGREEMENT  

575 Lexington Avenue                                  )                           No. 03-011-CAG  

New York, NY  10022                                   )

________________________________)

 

 

            This Agreement is entered into between the State of Maine Office of Securities ("Securities") and Balis Lewittes & Coleman, Inc. (“BLC”), a broker-dealer located in New York, New York.

 

            WHEREAS, the parties agree as follows:

 

1.         At all relevant times, it has been unlawful in Maine for a person to act as a broker-dealer unless licensed or exempt from licensing under the Revised Maine Securities Act, Title 32 Maine Revised Statutes Annotated §10101 et seq.

 

2.                  BLC originally filed an application with Securities for licensing as a broker-dealer on February 25, 2002.

 

3.                  In response to an inquiry from Securities, BLC informed Securities that it had effected transactions for the accounts of four (4) Maine clients while unlicensed. The firm's documentation revealed that it had effected at least forty-nine (49) transactions for its Maine clients.

 

4.         It is Securities' position that BLC has acted as a broker-dealer in Maine without being licensed or exempt from licensing.

 

5.         BLC has represented to Securities the violation was caused by inaccurate information provided by a consulting firm, and Securities has no basis for doubting that representation.

 

6.         Both parties desire an expeditious resolution of this matter.

 


Consent Agreement

Page 2

 

 

 

 

 

            NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without BLC admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:   

 

1.         BLC will comply with all licensing and other legal requirements governing persons acting as securities broker-dealers in the State of Maine at all times from the date hereof;

 

2.         In lieu of Securities seeking the imposition of a penalty for the allegations contained herein, BLC will pay the sum of $4651.19 to Securities upon BLC's execution of this Agreement; and

 

3.         Securities will not take further action against BLC based upon BLC’s unlicensed status during the period preceding and including the date of execution of this Agreement, PROVIDED, however, that this paragraph applies only to those transactions previously disclosed to Securities by BLC.

 

 

 

 

 

 

September 13, 2002                                    /s/ Christine A. Bruenn         

Date                                                                Christine A. Bruenn

                                                                        Securities Administrator

 

 

                                               

 

August 30, 2002                                            /s/ David J. Lewittes            

Date                                                                David J. Lewittes

                                                                        Vice President

                                                                        Balis Lewittes & Coleman