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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
IN THE MATTER OF: Harvest Financial Corporation
CONSENT AGREEMENT
No. 06-077-CAG
This
Agreement is entered into by the State of
WHEREAS, the parties agree as follows:
1.
At all relevant
times, it has been unlawful for a person to transact business in Maine as a
broker-dealer unless licensed or exempt from licensing under the Revised Maine
Securities Act (the “Revised Act”) or the Maine Uniform Securities Act (the
“Uniform Act”) 32 M.R.S.A. §§10301,16401.
2.
HFC applied to
be licensed as a broker-dealer in the State of
3.
In response to
inquiries from the Office, HFC informed the Office in April of 2006 that it had
three
4.
HFC was not
licensed as a broker-dealer in
5.
HFC has
represented to the Office that it was not the firm’s intention to violate the
Revised Act or the Uniform Act.
6.
All parties
desire an expeditious resolution of this matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without
HFC admitting or denying that its conduct violated the Revised Maine
Securities Act or the Maine Uniform Securities Act, it is agreed that:
1.
HFC 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
the Office seeking the imposition of a penalty for the allegations contained
herein, HFC will pay the sum of $3,000 to the Office upon HFC’s
execution of this Agreement; and
3.
The Office
will not take further action against HFC based solely upon its unlicensed status during
the period preceding and including the date of execution of this Agreement, PROVIDED, however, that this paragraph
applies only to the transactions previously disclosed to the Office by HFC.
August
8, 2006 s/Frank
D. Ruscetti, President
Date Frank
D Ruscetti, President
Harvest
Financial Corporation
August 10, 2006 s/Michael
J. Colleran
Date Michael
J. Colleran
Securities
Administrator
Reviewed
by:
August 10, 2006 s/Bonnie
E. Russell
Date Bonnie
E. Russell
Assistant
Securities Administrator
Presented
by:
August 10, 2006 s/Billie-Jo
A. Rodgers
Date Billie-Jo A. Rodgers
Licensing
Coordinator