Asset Management Services, Inc.

Allegations: MR. BOWSER VIOLATED COMAR 02.02.05.03 BY IMPROPERLY STRUCTURING A LOAN FROM A CLIENT WHO WAS NOT A BROKER DEALER, AN AFFILIATE OF THE INVESTMENT ADVISOR, OR A FINANCIAL INSTITUTION ENGAGED IN THE BUSINESS OF LENDING FUNDS OR SECURITIES. Status: Final Sanction Detail: IN LIEU OF PAYING A FINE RESTITUTION WAS PAID IN THE AMOUNT OF $53,000. PAYMENTS ARE TO BE MADE IN INSTALLMENTS, I.E. $3,000 A MONTH FOR A SEVENTEEN MONTH PERIOD. Summary: MR. BOWSER VIOLATED COMAR 02.02.05.03 BY BORROWING MONEY FROM A CLIENT WHO WAS NOT A BROKER DEALER, AN AFFILIATE OF THE INVESTMENT ADVISOR, OR A FINANCIAL INSTITUTION ENGAGED IN THE BUSINESS OF LENDING FUNDS OR SECURITIES.

Allegations: ALLEGED VIOLATIONS OF SECTIONS 11-301, 11-302 & 11-501 OF THE MARYLAND SECURITIES ACT; AND COMAR 02.02.05.03. Status: Final Sanction Detail: STIPULATIONS TO THE FOLLOWING; (I) RETAIN A COMPLIANCE CONSULTANT TO DEVELOPE AMS'S COMPLIANCE PROCEDURES, EXAMINE AMS'S BOOKS AND RECORDS ON A SEMI-ANNUAL BASIS AND PROVIDE SEMI-ANNUAL REPORTING TO THE COMMISSIONER FOR A PERIOD OF TWO YEARS; (II) APPOINT A CCO WHO SHALL VISIT AMS'S MARYLAND OFFICE TWICE PER MONTH, REVIEW ALL NEW CLIENT CONTRACTS WITHIN 2 WEEKS OF SIGNING, REVIEW ALL CLIENT RECORDS MONTHLY, REVIEW AND APPROVE OR DISAPPROVE (AS APPROPRIATE) GREG BOWSER'S OUTSIDE BUSINESS ACTIVITIES, REVIEW BANK AND FINANCIAL RECORDS FOR GREG BOWSER, AMS, BSA AND ANY CONTROLLED ENTITY OF BOWSER;(III)MONETARY PENALTY WAS WAIVED IN LIGHT OF SETTLEMENT BETWEEN GREG BOWSER AND CLIENT. Summary: WITHOUT ADMITTING OR DENYING THE COMMISSIONER'S CONCLUSIONS OR FINDINGS AND WITHOUT HOLDING A HEARING, TRIAL OR AJUDICATION OF ANY ISSUE OF FACT OR LAW, GREG BOWSER, AMS AND BSA, IN ORDER TO AVOID THE BURDEN AND EXPENSE OF FURTHER LITIGATION, AGREED TO THE STIPULATIONS NOTED ABOVE.