Rep Suspended for Failing to Complete Firm Element

According to FINRA’s February Disciplinary Actions Notice, a registered representative from Chesapeake, Virginia was assessed a deferred fine of $2,500, suspended from association with any FINRA member in all capacities for three months and required to complete 10 hours of continuing education within 60 days of re-association with a member firm for failing to complete his Firm Element continuing education.

Without admitting or denying the findings, the representative consented to the sanctions and to the entry of findings that he instructed his assistant to use his unique log-in credentials to access and complete firm element continuing education coursework on his behalf while he was traveling out of state.

The representative was required to complete four Firm Element training modules by October 27th. Rather than complete the training modules himself, as was required, the representative requested that his assistant complete the training modules for him. Indeed, the firm’s records show that someone utilizing the representative’s unique log-in credentials accessed the firm’s online learning system from Virginia to complete the required Firm Element training modules on October 25th. The firm’s records also show that the representative had traveled to the State of Washington on October 23rd, and remained there until at least October 27th.

Prior to the infraction, the registered representative had no relevant formal disciplinary history with the Securities and Exchange Commission, any state securities agency, or any self-regulatory organization. The suspension is in effect from December 17, 2018, through March 16, 2019.

To read the complete disciplinary action, click here.

To view Quest CE’s Firm Element catalog, click here