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FINRA Bars Two Individuals for Cheating on Online Qualification Exams

The Financial Industry Regulatory Authority has barred two individuals from the securities industry, Brandon Autiero of New Jersey and Harris Kausar of New York, for cheating during online qualification examinations.

The Financial Industry Regulatory Authority has barred two individuals from the securities industry, Brandon Autiero of New Jersey and Harris Kausar of New York, for cheating during online qualification exams. The enforcement actions are FINRA’s first in connection with cheating on remote exams.

Autiero was associated with Equitable Advisors LLC, and Kausar with Barclays Capital Inc.

To become registered, securities professionals must pass qualifying exams administered by FINRA. These exams cover a range of subjects regarding securities markets, regulation and industry practices. In response to the COVID-19 pandemic, candidates were permitted to take qualification exams through an online testing service, as well as in person. Online examinations use camera-equipped computers and are proctored remotely by testing service staff.

In the two separate matters, the regulator found that each individual violated FINRA rules of conduct by seeking assistance from public internet forums while taking the online examinations.

While these are FINRA’s first actions against individuals for online cheating, it has suspended or barred 12 individuals since January 2021 who cheated on in-person qualification exams or possessed unauthorized materials while taking in-person tests.

“Test cheaters are on notice: regardless of the testing environment, FINRA remains vigilant in our efforts to detect cheating and will vigorously pursue disciplinary action – including permanent bars – against any individual who cheats on qualification examinations,” said Jessica Hopper, executive vice president and head of FINRA’s Department of Enforcement.

In settling these matters, Autiero and Kausar accepted and consented to the entry of FINRA’s findings without admitting or denying them.

FINRA is a not-for-profit organization that regulates brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public.

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