Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2011
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.
Oscar Tomas Ortiz III
2009019460001

Ortiz took and failed the Series 63 examination several times, and shortly after becoming employed with his member firm, he told the firm that he had passed the Series 63 exam. When the firm questioned Ortiz about his claim to have passed the Series 63 exam, he provided the firm with a photocopy of a fabricated score report that purported to establish his passing grade on the Series 63 exam.

Also, Ortiz provided the firm with information and documents through which he falsely represented his college credentials.

Oscar Tomas Ortiz III : Barred
Tags: Testing  
Bill Singer's Comment
You might think that this is an oddball case -- after all, what's the point of lying about passing an exam when you failed it and that failure is a matter of record?  Hey, look at this article I wrote in 2006 that sets out a number of similar and equally puzzling exam violations: http://registeredrep.com/mag/finance_cheaters_prosper/
Enforcement Actions
Search in Cases of Note : FINRA
Months
 
Cases of Note : FINRA Archive
Tags