Representative Fined $10K for Bribing Exam Proctor

A representative from Gig Harbor, Washington submitted an AWC in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for two years due to the entry of findings that when he was a candidate for the Series 7 exam, he offered $2,000 to an exam proctor for her assistance to help him pass the exam.

According to the FINRA disciplinary actions notice, this was the representative‚Äôs second attempt at the Series 7 exam. At the time of this incident, the representative was presented with and accepted the FINRA Rules of Conduct for the exam. Among other things, by accepting the Rules of Conduct, he acknowledged and agreed: ”I must not receive or attempt to receive any form of assistance during the test or restroom breaks.” During a break from the exam, however, he approached an exam proctor and offered to pay her $2,000 in exchange for help in passing the exam.

The findings stated that the exam proctor refused his offer, and he returned to his testing station and passed the exam without assistance. The suspension is in effect from September 19, 2016, through September 18, 2018. (FINRA Case #2014040012201)

To read the full November Disciplinary Actions Notice, click here.