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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
CONSENT AGREEMENT NO. 07-006-CAG
This Agreement is entered
into by the State of Maine Office of Securities (the "Office") and Prospera
Financial Services, Inc. (“Prospera”), CRD# 10740, a broker-dealer with its principal
place of business in
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,
32 M.R.S.A. §§ 10301 and 10302, and the Maine Uniform Securities Act, 32 M.R.S.A.
§ 16401.
2.
Although
Prospera made application for licensure as a broker-dealer
in the State of
3.
Between December 23, 2004, and July 5, 2006, Prospera established
12 accounts for two
4.
Prospera
was not licensed as a broker-dealer in
5.
Prospera
has represented to the Office that it was not the firm’s intention to violate
the Maine Revised Securities Act or the Maine Uniform Securities 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 Prospera admitting or denying that its conduct violated the Revised
Maine Securities Act or the Maine Uniform Securities Act, it is agreed that:
1.
Prospera 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, Prospera will pay the sum of $3,000 to the
Office upon Prospera’s execution of this Agreement; and
3.
The Office will not take further action against Prospera
based solely upon its unlicensed status during the period preceding and including
the date of execution of the Agreement, PROVIDED, however, that this paragraph applies only to the transactions
previously disclosed to the Office by Prospera and its clearing firm.
8/21/06
/s/ David Stringer___________________
Date
David Stringer, President
Prospera Financial Services, Inc.
9/5/06 /s/ Michael J. Colleran_______________
Date
Michael J. Colleran
Securities Administrator
Reviewed by:
9/5/06
/s/ Bonnie E. Russell________________
Date
Bonnie E. Russell
Assistant Securities Administrator
Presented by:
9/5/06
/s/ Jacqueline M. Drouin_____________
Date
Jacqueline M. Drouin
Investigator / Examiner