Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
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.
Certain states began requiring financial advisors to successfully complete a long-term care (LTC) continuing education (CE) course before selling long-term insurance products to retail customers. NAME REDACTED had to successfully complete the LTC CE exam to sell an insurance product to a potential customer and had an individual come to his office and assist him in completing the exam by providing him with the answers. NAME REDACTED knew, or should have known, that the individual was improperly assisting him by giving him answers toward a CE requirement.
NAME REDACTED : Fined $5,000; Suspended 1 month
Tags: Testing  
Bill Singer's Comment
Name redacted at the sole discretion of RRBDLAW.com
Enforcement Actions
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