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STATE OF MAINE

OFFICE OF SECURITIES
121 STATE HOUSE STATION

AUGUSTA, MAINE  04333-0121

 

 

_______________________________________       

IN THE MATTER OF:                                                  )

                                                                                       )

Sigma Financial Corporation                                     )            CONSENT AGREEMENT

4261 Park Road                                                          )                   No. 04-035-CAG

Ann Arbor, Michigan  48103-9508                            )

_______________________________________)

 

 

            This Agreement is entered into between the State of Maine Office of Securities (“Office of Securities”) and Sigma Financial Corporation (“Sigma”), a broker-dealer located in Ann Arbor, Michigan.

 

            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.            Sigma filed an application with the Office of Securities for licensing as a broker-dealer on April 8, 2002.

 

3.            On May 8, 2002, the Office of Securities sent a letter to Sigma requesting that the firm provide additional information in connection with its pending broker-dealer application.

 

4.            In response to the May 8, 2002, letter, Sigma informed the Office of Securities in a letter dated October 20, 2003, that it had effected thirteen (13) transactions for the accounts of two Maine clients while unlicensed. 

 

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

 

6.            Sigma 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 Sigma admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:

 

1.            Sigma 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, Sigma will pay the sum of $5,506.92 to the Office of Securities upon Sigma’s execution of this Agreement; and

 

3.            The Office of Securities will not take further action against Sigma, 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 Sigma.

 

 

 

 

February 6, 2004                                          /s/ Jerome S. Rydell, President

Date                                                                Jerome S. Rydell, President

                                                                        Sigma Financial Corporation

 

 

 

February 18, 2004                                        /s/ Christine A. Bruenn

Date                                                                Christine A. Bruenn

                                                                        Securities Administrator

 

Reviewed by:

 

 

 

February 10, 2004                                        /s/ Bonnie E. Russell

Date                                                                Bonnie E. Russell

                                                                        Assistant Securities Administrator

 

Presented by:

 

 

 

February 9, 2004                                          /s/ Cathy J. Williams

Date                                                                Cathy J. Williams

                                                                        Licensing Coordinator