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OFFICE OF SECURITIES
121 STATE HOUSE STATION
AUGUSTA, ME 04333
Consent Agreement is entered into between the Office of Securities ("the
Office”), Commonwealth Financial Network (“Commonwealth”), Alan Perry Hess
(“Hess”), David Linus Kelly (“Kelly”), and Peter Thompkins Wheeler (“Wheeler”). Commonwealth is a licensed broker-dealer with
a principal place of business at
WHEREAS the parties agree as follows:
1. On July 28, 2005, the Securities Administrator issued a Notice of Intent to Censure and Impose a Civil Penalty (“Notice”) on respondents. The Notice alleged that, in violation of 32 M.R.S.A. § 10313(1), Hess had made unsuitable investments in the brokerage account of two Maine investors and the other respondents had failed reasonably to supervise Hess in connection with that account.
2. On or about August 24, 2005, respondents requested a hearing pursuant to 32 M.R.S.A. § 10708(2).
3. The parties desire an expeditious resolution of this matter.
NOW, THEREFORE, without trial or adjudication of any issue of fact or law, and without respondents admitting or denying that their conduct violated the Revised Maine Securities Act, it is agreed that:
1. Commonwealth will pay the
2. The proceedings referenced in the Notice are resolved by execution of this agreement, except that the Office may declare this agreement null and void if Commonwealth does not pay restitution pursuant to paragraph 1 above by January 16, 2006.
3. This Consent Agreement constitutes the entire agreement between the Office and each of the respondents, who confirm that in entering into this agreement they are not relying on any representations, promises, or understandings other than those expressed herein.
Date: December 13, 2005 Commonwealth Financial Network
Title: Assistant General Counsel
Date: December 20, 2005 s/Alan Perry Hess
Alan Perry Hess
Date: December 13, 2005 s/David L. Kelly
David Linus Kelly
Date: December 13, 2005 s/Peter Thompkins Wheeler
Peter Thompkins Wheeler
Date: December 27, 2005 s/Michael J. Colleran
Michael J. Colleran
Date: December 27, 2005 s/Bonnie E. Russell
Bonnie E. Russell
Assistant Securities Administrator
Date: December 22, 2005 s/Michael W. Atleson
Michael W. Atleson