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                                                              STATE OF MAINE

                                                        OFFICE OF SECURITIES

                                                    121 STATE HOUSE STATION

                                                       AUGUSTA, MAINE 04333




IN THE MATTER OF:                                   )


Tesseract Partners, LLC                              )

(CRD #111811) and                                     )                       CONSENT AGREEMENT

Dimitri N. Balatsos                                        )

(CRD #2114760)                                          )                              No. 04-026-CAG





            This Agreement is entered into by the State of Maine Office of Securities ("Securities"), Tesseract Partners, LLC (“Tesseract”), CRD #111811, a limited liability investment adviser company incorporated pursuant to the laws of Maine with a principal place of business at 22 Woodlands Drive in Falmouth, Maine 04105, and Dimitri N. Balatsos (“Balatsos”), CRD# 2114760, an investment adviser representative affiliated with Tesseract.



            WHEREAS, the parties agree as follows:


1.                  Pursuant to 32 M.R.S.A. § 10303(1), a person may not act in Maine as an investment adviser representative unless licensed or exempt from licensing under the Revised Maine Securities Act;


2.                  Pursuant to 32 M.R.S.A. § 10303(3) it is unlawful for an investment adviser licensed or required to be licensed under the Revised Maine Securities Act to employ or contract with an individual as a representative of the investment adviser in Maine unless the individual is licensed;


3.                  Securities has reviewed Balatsos’ licensing record and has found that Balatsos has never held an investment adviser representative’s license in Maine;


4.                  It is Securities’ position that Balatsos has acted as an investment adviser representative in Maine without being licensed or exempt from licensing;


5.                  On September 18, 2003, Securities conducted an on-site examination of Tesseract and informed Balatsos that Balatsos had never filed with Securities an application for investment adviser representative licensure; and


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 Tesseract and Balatsos admitting or denying that their conduct violated the Revised Maine Securities Act, it is agreed that:


            Tesseract and Balatsos will comply with all licensing and other legal requirements governing persons acting as investment advisers and investment adviser representatives in the State of Maine at all times from the date hereof;


            In lieu of Securities seeking the imposition of a penalty for the allegations contained herein, Tesseract and Balatsos will pay the sum of $1,500.00 to Securities upon Tesseract’s and Balatsos’ execution of this Agreement; and


            Securities will not take further action against Tesseract and Balatsos based upon the unlicensed status of Balatsos during the period preceding and including the date of execution of the Agreement.



                                                                        Tesseract Partners LLC



October 6, 2003                                            /s/ Dimitri Balatsos

Date                                                                Signature


                                                                        Dimitri Balatsos

(printed name)


                                                                        Its President



October 6, 2003                                            /s/ Dimitri N. Balatsos

Date                                                                Dimitri N. Balatsos



October 7, 2003                                            /s/ Christine A. Bruenn

Date                                                                Christine A. Bruenn

                                                                        Securities Administrator

Reviewed by:


October 7, 2003                                            /s/ Christina V. Breen

Date                                                                Christina V. Breen

                                                                        Assistant Securities Administrator


Submitted by:


October 7, 2003                                            /s/ Christian D. Van Dyck

Date                                                                Christian D. Van Dyck