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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
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NEWSLETTERS & ALERTS
Cribbing During Your Series 7 Exam Not the Way to Go
The career of an associated person with RBC Capital Markets was short-circuited after she was caught cheating while taking the Series 7 examination. FINRA suspended her for 18 months – with no fine in light of her financial status.
The individual, who had joined RBC in May 2015 as a ‘non-registered fingerprinted person’ (NRF) and (for a time) became registered as a General Securities (Series 7) Rep in September 2017, was U5’d in June 2018.
FINRA FINDINGS. On September 26, 2017, while taking the General Securities Representative (Series 7) licensing examination, the individual took unscheduled breaks during the test session. During those breaks, she possessed and had access to study materials related to the subject matter of the licensing examination – in obvious violations of Test Center Rules.
FINANCIALISH TAKE AWAYS. Associated personnel are no longer in grade school, so cheaters essentially put their careers at risk. In this case, the individual’s career ended before it really got started. SOMETHING TO REMIND THE PERSONNEL AT YOUR FIRM.
This case was reported in FINRA Disciplinary Actions for October 2018.
For details on this case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2018057088101.