Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2010
NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.
Eric Spencer Cott (Supervisor)
AWC/2009021029701
Cott allowed another individual to improperly assist him in completing a Florida long-term care (LTC) continuing education (CE) requirement by taking the majority of an LTC CE exam for him. Cott obtained the Florida LTC CE requirement and then sold a universal life insurance policy with LTC benefits to a client.
Eric Spencer Cott (Supervisor): Fined $5,000; Suspended 1 month
Tags: Testing  
Bill Singer's Comment

Cott allowed another individual to improperly assist him in completing a Florida long-term care (LTC) continuing education (CE) requirement by taking the majority of an LTC CE exam for him . . .

Is it me?  I mean, c'mon now, why not simply say that Cott "cheated" on the test by having someone impersonate him and take most of his exam?  Who comes up with this stuff -- really? 

Oh, no -- I didn't cheat. No way.  I simply allowed Joe to assist me in completing my CE by taking the majority of the exam.  Why would you even suggest that I did something wrong or improper?

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