FINRA Fines Ex-Broker For Attempting to Bribe Exam Proctor
The Financial Industry Regulatory Authority slapped a former broker with a two-year suspension and a $10,000 fine for allegedly attempting to bribe an exam proctor while taking the series 7 exam in December 2013. Michael James Finch worked at Raymond James Financial Services until 2015 and Kalos Capital until early this year, according to the letter of acceptance, waiver and consent.
While taking his series 7 exam for a second time, Finch allegedly approached an exam proctor during a break and offered to pay her $2,000 in exchange for help in passing the exam. The exam proctor refused his offer, and Finch returned to his testing station and passed the exam without assistance.
Finch allegedly violated FINRA Rule 2010 which requires individuals associated with FINRA member firms to ‘observe high standards of commercial honor and just and equitable principles of trade,” including in connection with FINRA licensing exams. According to FINRA, offering to pay a proctor for assistance with a FINRA exam is a violation.
Finch, who is not currently associated with any FINRA member firm, accepted and signed the AWC letter without admitting or denying the findings.
