The Financial Industry Regulatory Authority Inc. has suspended former Waddell & Reed rep Spencer Sullivant for 18 months and fined him $5,000 for cheating on a Series 24 exam he took in August 2019.
Sullivant hid study materials for the test in his testing center's restroom, then visited the restroom during two unscheduled breaks from the test, Finra said in a letter of acceptance, waiver and consent. Sullivan had previously failed to pass the exam, which qualifies a registered representative to serve as a branch manager.
After working at Waddell & Reed from 2015 through 2017 and from 2018 to 2020, Sullivant left the firm and joined Edward Jones in February. He was discharged by Edward Jones in March when concerns arose relating to the Series 24 exam. He is no longer employed in the securities industry.
FINRA barred the advisor, Sung Moo Cho, last month.
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