The Financial Industry Regulatory Authority (FINRA) has sanctioned over 60 brokers for cheating on their continuing education (CE) requirements. In this case, a single unidentified individual reportedly completed the required training modules on behalf of all these sanctioned brokers. The brokers involved were employed by a range of 15 different brokerage firms, including high-profile names such as Ameritas Investment Co. and LPL Financial.
Among the firms affected, Voya Financial Advisors noted that although its representatives were disciplined, the organization itself was not found lacking in its supervisory duties by FINRA. The company expressed its commitment to upholding client trust and ensuring the compliance of its financial representatives to prevent future occurrences. Meanwhile, Primerica, which owns PFS Investments, stated it does not tolerate non-compliance and suspended the involved representatives during the investigation.
Not all firms provided comments—while Northwestern Mutual and Osaic declined to comment, other brokerages did not immediately respond. For more in-depth information, please see the full article on ThinkAdvisor.