FINRA Bars Former Advisor After His Assistant Took CE Classes for Him

Posted on July 16th, 2021 at 1:31 PM
FINRA Bars Former Advisor After His Assistant Took CE Classes for Him

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has barred a former advisor who allegedly used an “impostor” to complete his FINRA Regulatory Element continuing education training and three non-FINRA CE courses in 2018. Matthew Logan had his assistant take the classes for him while he was a registered advisor at Hornor, Townsend & Kent. According to FINRA, Logan’s conduct violated FINRA Rule 2010. FINRA Rule 2010 enforces standards of commercial honor and principles of trade in the industry. 

According to BrokerCheck, Logan joined Hornor, Townsend & Kent in 2010. When Logan was fired from the firm in January 2019, he joined Equity Services Inc. (ESI) as a registered advisor. However, ESI filed a Form 5 Uniform Termination Notice announcing that ESI terminated Logan’s association as he was no longer registered in his own state of Massachusetts. According to FINRA, Logan testified that his firm’s sales targets had become so exorbitant that he could not keep up with them. In November 2018, the firm’s supervisory department conducted a “routine email review”, which produced emails indicating that Logan’s assistant had completed his Regulatory Element, according to FINRA. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, finra, barred advisor

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