BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- Wall Street News
- General News
- Donald Trump & Co.
- Regulatory Sanctions
- 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
Cheating on Series 7 Exam - Tales From the Crib (Notes)
by Howard Haykin
A broker with AXA Advisors agreed to a $5K fine and an 18-month suspension to settle FINRA charges that he cheated during a test session for the Series 7 licensing examination.
FINRA FINDINGS. The individual in this case was associated with AXA Advisors from September 2017 to April 2018, but he served as a General Securities Representative for only the first 3 months of 2018. On April 2nd, the firm U5’d the broker’s registration with the firm.
This turn of events occurred on December 28, 2017, when the “newbie” broker took the Series 7 licensing examination. During the test session, he possessed and had access to notes and study materials related to the subject matter of the licensing examination.
FINRA Test Center Rules … prohibit the use or possession of certain items in the examination room or during a restroom break and required all such materials to be stored in a locker.
FINRA Rule 2010 … requires associated persons, in the conduct of their business, to "observe high standards of commercial honor and just and equitable principles of trade."
This case was reported in FINRA Disciplinary Actions for June 2018.
For details on this case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2018057088101.