FINRA Fines and Suspends Former Merrill Lynch Broker for Cheating on Continuing Ed Modules
The Financial Industry Regulatory Authority fined and suspended a Merrill Lynch, Pierce, Fenner & Smith broker, Bruce K. Lee, for allegedly cheating on his employer’s continuing education modules.
The Financial Industry Regulatory Authority has fined and suspended Merrill Lynch, Pierce, Fenner & Smith broker, Bruce K. Lee, for allegedly cheating on his employer’s continuing education modules between June 2014 and March 2018.
Merrill Lynch used an online eLearning system that delivered various training modules to its registered representatives, who were required to complete their assigned training modules by certain deadlines throughout the year.
FINRA claims that while serving as a managing director for Merrill’s private banking and investment group, Lee directed members of his staff, a financial analyst and a client associate, to complete 29 continuing education modules on his behalf instead of completing them himself.
According to his Brokercheck profile, Lee was terminated by Merrill in April 2018 for having “personal conduct inconsistent with firm standards and failure to personally complete mandatory Firm compliance training, resulting in a loss of management’s confidence.”
FINRA suspended Lee for 18 months and issued a $15,000 fine.
Lee is not currently associated with a member firm and accepted and signed FINRA’s letter of acceptance, waiver and consent without admitting or denying the findings. He does not have any disciplinary history with SEC, any state securities regulators, FINRA, or any other self-regulatory organization.
