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STATE OF MAINE

OFFICE OF SECURITIES
121 STATE HOUSE STATION

AUGUSTA, MAINE  04333-0121

 

 

_______________________________________

IN THE MATTER OF:                                                  )

                                                                                       )

Merrion Group, LLC                                                    )            CONSENT AGREEMENT

(CRD #30145)                                                             )                   No. 05-069-CAG

_______________________________________)

 

 

This Agreement is entered into between the State of Maine Office of Securities (“Office of Securities”) and Merrion Group, LLC (“Merrion Group” or  the firm”), a broker-dealer with its principal place of business at 210 Elmer Street, Westfield, NJ  07090.

 

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 pursuant to sections 10301 and 10302 of the Revised Maine Securities Act (“the Act”).   

 

2.            Merrion Group was previously licensed in Maine as a broker-dealer from January 6, 1993, to December 31, 1996. 

 

3.            Merrion Group filed an application for relicensure as a broker-dealer with the Office of Securities on January 18, 2005. 

 

4.            In response to inquiries from the Office of Securities regarding additional information in connection with the firm’s pending broker-dealer application, Merrion Group informed the Office of Securities that it had effected at least one hundred one (101) transactions for the accounts of two Maine consumers while unlicensed. 

 

5.            It is the Office of Securities’ position that Merrion Group has acted as a broker-dealer in Maine without being licensed or exempt from licensing.

 

6.            Merrion Group has represented to the Office of Securities that the violations were inadvertent oversights.

 

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 Merrion Group admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:

 

1.            Merrion Group 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 of Securities seeking the imposition of a penalty for the allegations contained herein, Merrion Group will pay the sum of $7,053.00 to the Office of Securities upon Merrion Group’s execution of this Agreement as restitution to the Maine consumers; and

 

3.            The Office of Securities will not take further action against Merrion Group, 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 Office of Securities by Merrion Group.

 

 

 

 

August 9, 2005                                             s/William B. Wigton, President     

Date                                                                William B. Wigton, President

                                                                        Merrion Group, LLC

 

 

 

August 15, 2005                                           s/Michael J. Colleran                     

Date                                                                Michael J. Colleran

                                                                        Securities Administrator

 

Reviewed by:

 

 

 

August 15, 2005                                           s/Bonnie E. Russell                                   

Date                                                                Bonnie E. Russell

                                                                        Assistant Securities Administrator

 

Presented by:

 

 

 

August 15, 2005                                           s/Cathy J. Williams                         

Date                                                                Cathy J. Williams

                                                                        Licensing Coordinator