FINRA Sanctions CFP for Sharing Exam Content

Posted on July 17th, 2024 at 1:40 PM
FINRA Sanctions CFP for Sharing Exam Content

From the desk of Jim Eccleston at Eccleston Law

The Financial Industry Regulatory Authority (FINRA) has fined Certified Financial Planner Joseph Occhipinti $5,000 and suspended him for one month for sharing CFP exam content with others. This action violated FINRA Rule 2010, which mandates high standards of commercial honor and just principles of trade.

As reported by ThinkAdvisor, Occhipinti, took the CFP exam in March 2021. He subsequently shared exam content through a group messaging platform, breaching the CFP Board's testing rules. As a result, the CFP Board temporarily barred him for the same conduct.

The CFP designation, overseen by the Certified Financial Planner Board of Standards, requires passing the CFP exam, which is a 170-question multiple-choice test offered three times a year. Candidates must also meet education, experience, and ethics requirements.

As part of the CFP exam registration process in March 2021, Occhipinti agreed to the CFP’s Pathway Agreement, which prohibited exam misconduct before, during, and after the exam. This agreement specifically barred communication about the exam, disclosing exam content, and attempting to give or receive assistance related to the exam.

In 2023, the CFP Board’s Disciplinary and Ethics Commission (DEC) found Occhipinti guilty of exam misconduct and violating the Pathway Agreement. The DEC imposed a five-year bar on Occhipinti from applying for or obtaining the CFP certification and ordered him to complete 120 hours of continuing education credit.

CFPs beware: The CFP Board knows of the message boards and monitors them closely for what it considers to be misconduct.

 

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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