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STATE OF MAINE

OFFICE OF SECURITIES

121 STATE HOUSE STATION

AUGUSTA, ME  04333

 

IN RE:

 

Northern Capital Securities Corporation

 

 

 
 


 

                                                                                                  

CONSENT AGREEMENT

 

No. 05-063 - CAG

 

 

 

 

 This agreement is entered into between the State of Maine Office of Securities (“Office of Securities”) and Northern Capital Securities Corporation (“Northern Capital”) (CRD # 40659) a broker-dealer with its principal place of business in Andover, Massachusetts.

 

WHEREAS, the parties agree as follows:

 

  1. At all relevant times, Section 10301 (2) of the Revised Maine Securities Act, 32 M.R.S.A. §§ 10101-10713, (“the Act”) has made it unlawful for a broker-dealer to employ a person as a sales representative in Maine unless the sales representative is licensed or exempt from licensing under the Act;

 

  1. According to the records of the Office of Securities, Mark W. Paine (CRD#2438530) has not been licensed as a sales representative in Maine since March 9, 1998;

 

  1. In February, 2005, the Office of Securities learned that Paine had acted as a sales representative in Maine on behalf of Northern Capital without being licensed or exempt from licensing.  Documents that Northern Capital provided to the Office of Securities revealed that Paine effected at least six (6) securities transactions for  Maine clients between October 11,1999, and November 19, 2002;

 

  1. It is the position of the Office of Securities’ that Northern Capital employed Paine as an unlicensed sales representative in Maine in violation of 32 M.R.S.A. §§ 10301 (2) and 10313 (1) (G); and

 

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

 

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

 

1.      Northern Capital is CENSURED pursuant to 32 M.R.S.A. §§ 10602 (1) (B) and 10313 (1) for employing an unlicensed sales representative in Maine;

 

2.      Northern Capital will comply with all licensing and other legal requirements governing persons acting as securities broker-dealers and sales representatives in Maine at all times from the date hereof;  and

 

3.      In lieu of the Office of Securities seeking the imposition of a penalty for the allegations contained herein, Northern Capital will pay the sum of $9,000 to the Office of Securities upon Northern Capital’s execution of this agreement.

 

 

July 5, 2005                                                               s/David G. Oldaker              

Date                                                                            David G. Oldaker

President

Northern Capital Securities Corporation

 

 

 

July 7, 2005                                                               s/Christine A. Bruenn           

Date                                                                            Christine A. Bruenn

Securities Administrator

 

Reviewed by:

 

 

 

July 7, 2005                                                               s/Bonnie E. Russell              

Date                                                                            Bonnie E. Russell

Assistant Securities Administrator

                                                                      

Presented by:

 

 

 

July 7, 2005                                                               s/Willis P. Smedberg           

Date                                                                            Willis P. Smedberg

Investigator/Examiner