Continuing Education Cheating Scheme Leads to 67 Broker Sanctions
According to Financial Planning today, a continuing education cheating scheme has resulted in 63 brokers suspensions and fines from the Financial Industry Regulatory Authority. Four brokers have reportedly been barred from the industry for refusing to cooperate with FINRA’s investigation.
The alleged scheme involves a large number of brokers (63) from 15 firms who were disciplined for cheating on continuing education (CE) requirements. The alleged infractions date back to 2022.
One individual reportedly completed the CE requirements for each of the 63 brokers, who then signed acceptance letters stating they had completed the requirements. The brokers reportedly received a one-month suspension and a $5,000 fine. Four brokers were barred by FINRA after refusing to cooperate with the investigation.
According to the article, the disciplined brokers were suspended and fined, with some being fired and then rehired after completing their suspensions. The scheme’s perpetrators were not explicitly identified as being paid for their services.
Two individuals were reportedly barred from the securities industry for cheating on online qualification exams, marking FINRA’s first enforcement actions for online cheating.
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Last modified: November 26, 2024
