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STATE
OF
OFFICE
OF SECURITIES
121
STATE HOUSE STATION
________________________________
)
IN THE MATTER OF: )
)
Drake Asset Management, Inc. )
(CRD #118687) and ) CONSENT AGREEMENT
David R. Lidstone )
(CRD #1325528) )
No. 04-087-CAG
)
________________________________)
This Agreement is entered into by
the State of Maine Office of Securities ("Securities"), Drake Asset
Management, Inc. (CRD # 118687), an investment adviser company with a principal
place of business at
WHEREAS,
the parties agree as follows:
1.
Pursuant to 32 M.R.S.A. § 10303(1), a
person may not act in
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 David R.
Lidstone’s licensing record and has found that he has never held an investment
adviser representative’s license in Maine;
4.
It is Securities’ position that David
R. Lidstone has acted as an investment adviser representative in Maine without
being licensed or exempt from licensing; and
5.
All parties desire an expeditious
resolution of this matter.
NOW THEREFORE, without trial or adjudication of any issue of fact or law, and without
Drake Asset Management, Inc. or David R. Lidstone admitting or denying that
their conduct violated the Revised Maine Securities Act, it is agreed that:
Drake Asset Management, Inc. and David
R. Lidstone 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, Drake Asset
Management, Inc. and David R. Lidstone will pay the sum of $1,500.00 to
Securities upon Drake Asset Management, Inc.’s and David R. Lidstone’s execution
of this Agreement; and
Securities will not take further
action against Drake Asset Management, Inc. or David R. Lidstone based upon the
unlicensed status of David R. Lidstone during the period preceding and
including the date of execution of the Agreement.
Drake
Asset Management, Inc.
By:
April 5, 2004 /s/
David R. Lidstone
Date Signature
David
R. Lidstone
(printed
name)
Its
President
April 5, 2004 /s/ David
R. Lidstone
Date David
R. Lidstone
April 5, 2004 /s/
Christine A. Bruenn
Date Christine
A. Bruenn
Securities
Administrator
Reviewed by:
April 7, 2004 /s/
Christina V. Breen
Date Christina
V. Breen
Assistant
Securities Administrator
Submitted by:
April 6, 2004 /s/
Christian D. Van Dyck
Date Christian
D. Van Dyck
Investigator/Examiner