Finra asks hearing panel to sanction test cheater
Former National Planning rep Jason David took break during exam.
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.
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