STATE OF MAINE

SECURITIES DIVISION

121 STATE HOUSE STATION

AUGUSTA, MAINE 04333

 

_________________________________

                                                                        )

IN THE MATTER OF:                                   )

                                                                        )          

Miller Johnson Steichen Kinnard, Inc.         )                       CONSENT AGREEMENT  

920 Second Avenue South                          )                              No. 02-008-CAG

Minneapolis, MN  55402                              )

________________________________)

 

 

            This Agreement is entered into between the State of Maine Securities Division ("Securities Division") and Miller Johnson Steichen Kinnard, Inc. ("MJSK"), a broker-dealer located in Minneapolis, Minnesota.

 

            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.                  MJSK filed an application with the Securities Division for licensing as a broker-dealer on December 4, 2000.

 

3.                  On February 16, 2001, the Securities Division sent a letter to MJSK requesting that the firm provide additional information in connection with its pending broker-dealer application.

 

4.                  On June 13, 2001, the Securities Division received a letter with attachments from Andrea Kirks, compliance officer for MJSK. One of the attachments provided details regarding transactions effected by MJSK in two (2) Maine-based accounts. It disclosed that at least seven (7) transactions had been effected in the accounts.

 

5.                  It is the Securities Division's position that MJSK has acted as a broker-dealer in Maine without being licensed or exempt from licensing.

 

6.                  MJSK has represented to the Securities Division that the violations occurred because the firm's data system and resources at the time were not equipped to identify transactions in Maine, therefore, MJSK was not alerted to the Maine transactions.

 

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

 

 

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

 

1.         MJSK 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 Securities Division seeking the imposition of a penalty for the allegations contained herein, MJSK will pay the sum of $4250 to the Securities Division upon MJSK's execution of this Agreement; and

 

3.         The Securities Division will not take further action against MJSK, based 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 those transactions previously disclosed to the Securities Division by MJSK.

 

 

 

 

July 31, 2001                                                 /s/ Christine A. Bruenn

Date                                                                Christine A. Bruenn

                                                                        Securities Administrator

 

 

                                               

 

July 23, 2001                                                 /s/ David B. Johnson

Date                                                                David B. Johnson                                                                                                                                                      President