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NEWSLETTERS & ALERTS
Cheating on Firm Element: Stupid is As Stupid Does
by Howard Haykin
A Virginia-based broker with MML Investors Services will pay a $2.5K fine, serve a 3-month suspension, and sit for 10 hours of continuing education to settle FINRA charges that he instructed his assistant to complete firm element continuing education coursework on his behalf. The broker also was discharged because of this violation.
WHAT WENT WRONG. This broker waited until the last moment to fulfill his Firm Element training. With October 27, 2017, as his deadline to complete 4 training modules on the firm's online learning system, it was this broker's bad luck that he was travelling out-of-town to Washington state from October 23, 2017, through at least October 27, 2017.
Nevertheless, on October 25, 2017, someone in Virginia – and not in Washington - utilized the broker’s unique log-in credentials to access and complete the Firm's online training modules. It certainly was not the broker who did so, and MML’s investigation uncovered that it was the broker's assistant who accessed and completed his Continuing Education Program (“CEP”) requirements. For his violative conduct, the broker was discharged the following month.
NOTE: According to BrokerCheck, this broker continues to be employed by Mass Mutual and MML Investors Services – though not in a registered capacity.
This case was reported in FINRA Disciplinary Actions for February 2019.
For further details, go to ... FINRA Disciplinary Actions Online, and refer to Case #2017056514301.