Skip Maine state header navigation
121 STATE HOUSE STATION
IN THE MATTER OF: )
Sterne, Agee & Leach, Inc. ) CONSENT AGREEMENT
This Agreement is entered into between
the State of
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. Sterne, Agee & Leach filed an application
with the Securities Division for licensing as a broker-dealer on
3. As part of the
It is the Securities Division's position
that Sterne, Agee & Leach has acted as a broker-dealer in
5. Sterne, Agee & Leach has represented to the Securities Division that the violations were inadvertent and were caused by: i) a client moving from Georgia to Maine, and ii) a mistaken belief that one client, who opened two accounts, had a summer home in Maine
Both parties desire an expeditious resolution
of this matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without Sterne, Agee & Leach admitting or denying that its conduct violated the Revised Maine Securities Act, it is agreed that:
1. Sterne, Agee & Leach 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, Sterne, Agee & Leach will pay the sum of $3,000.00 to the Securities Division upon Sterne, Agee & Leach’s execution of this Agreement; and
3. The Securities Division will not take further action against Sterne, Agee & Leach 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 Sterne, Agee & Leach.
Date Christine A. Bruenn
Date Christopher L. Frankel
Sterne, Agee & Leach, Inc.