FINRA Sanctions Over 60 Advisors for Continuing Education Violations

Posted on December 20th, 2024 at 5:17 PM
FINRA Sanctions Over 60 Advisors for Continuing Education Violations

From the desk of Jim Eccleston at Eccleston Law

FINRA has disciplined 62 advisors for cheating on New York’s continuing education (CE) requirements tied to insurance license renewals. The advisors, who neither admitted nor denied FINRA’s findings, consented to $5,000 fines and one-month suspensions, as reflected in their AWCs (Acceptance, Waiver, and Consents).

Financial Planning reports that advisors falsely certified completion of the mandatory CE—typically 15 hours—while another unidentified individual completed the training on their behalf, according to FINRA records. The sanctions, issued since February 2023, address violations dating back to 2021. FINRA also barred four advisors from the industry after they refused to cooperate with the investigation. Additionally, one unregistered broker-dealer employee faced sanctions for their role. The advisors worked at 15 firms, including:

  • Allstate Financial Securities
  • Ameritas Investment Co.
  • Cetera Advisor Networks
  • LPL Financial
  • Northwestern Mutual Investment Services
  • NYLife Securities
  • PFS Investments
  • Voya Financial Advisors (VFA), among others

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

Tags: eccleston, eccleston law, finra

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