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.
Stephen Christopher Montgomery (Principal)
Montgomery was employed as an insurance consultant at his member firm, and in that capacity, assisted financial advisors with selling insurance products, including long-term care (LTC) insurance to their clients. Certain states implemented new LTC continuing education (CE) requirements that obligated financial advisors to complete an LTC CE course and exam before selling LTC insurance products to customers who resided in those states. In order to assist financial advisors in obtaining this requirement, Montgomery requested and received an answer key to a state insurance LTC CE examination, and distributed it to financial advisors at his firm through emails.
Stephen Christopher Montgomery (Principal): Fined $5,000; Suspended 45 days in all capacities
Tags: Testing  
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