Finra asks hearing panel to sanction test cheater

Former National Planning rep Jason David took break during exam.
MAR 26, 2018

The Financial Industry Regulatory Authority's enforcement department has asked a Finra hearing panel to impose sanctions against former broker Jason David for cheating on his Series 66 examination. The Finra enforcement department said that Mr. David, who was affiliated with National Planning Corp. from October 2016 to May 2017, when the firm permitted him to resign, had consulted an exam-prep guide during an unscheduled break in the test, then returned and changed several of his answers. Using a study guide during an exam violates Finra rules, the organization said. Mr. David took the examination in December, 2016 in Chicago. The closed-book exam schedules no breaks, but test-takers may request a break solely for the purpose of using the restroom. During his break, Mr. David went to a locker where he had placed the test guide and consulted it, Finra said. After failing that test, Mr. David took another Series 66 exam in February 2017. He again took a bathroom break and consulted a test guide that he kept in a coat locker. He passed the second examination. Since resigning, Mr. David has not worked in the securities industry.

Latest News

Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface
Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface

Broker-dealers that sold the defunct securities backed by Inspired Healthcare generated more than $100 million in fees and commissions.

MetLife poll finds high-value home sales are becoming tax-planning events
MetLife poll finds high-value home sales are becoming tax-planning events

A new MetLife survey finds real estate professionals are increasingly steering clients toward tax experts as rising property values leave more sellers facing significant capital gains.

Kestra adds Raymond James recruiter to expand advisor hiring push
Kestra adds Raymond James recruiter to expand advisor hiring push

The independent broker-dealer expands its business development bench with a new recruiter and an internal promotion in the West.

Cerity Partners names Will Peng chief innovation officer
Cerity Partners names Will Peng chief innovation officer

The leading ultra-high-net-worth RIA joins other large wealth firms, including Raymond James and LPL, in creating executive roles focused on artificial intelligence strategy

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.