BROWSE BY TOPIC
- Investments - Private
- Investor Protection
- Investments - Unsuitable
- Compliance Concepts
- Investments - Strategies
- Regulatory Sanctions
- Rules & Regulations
- Bad Advisors
- Bad Brokers
- Boiler Rooms
- Wall Street News
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
A Broker's Impatience and Need for Instantaneous Gratification
[Photo: Patrick Love Blog / Wordpress]
by Howard Haykin
The only thing that stood between the broker and his promotion was the General Securities Principal (Series 24) qualification exam - He had taken the test once without passing, and was worried about the consequences of failing again.
So, on test day, the broker brought to the testing center some 18 pages from a commercial study guide for the test, and hid those pages in a bathroom stall, inside a dispenser for toilet seat covers. One hour into the exam, the broker took an unscheduled break and visited the restroom for 7 minutes. Another hour later, he took a 2nd unscheduled break – this time for 4 minutes - before returning to the testing center. The broker’s breaks aroused a proctor's suspicions. She searched the restroom, discovered the study materials, and confiscated them.
HOW DOES ONE MEASURE SUCCESS. Often, by successive advancements in a series of jobs throughout one’s career. However, the young broker in this case, who entered the securities industry in 2015, only saw as far as his immediate position. His short-sightedness led to cheating and ultimately to an end of a financial services career.
[For further details, click on … FINRA Case #2019064078501.]