FINRA Sanctions Reps for Continuing Ed Violations

The Financial Industry Regulatory Authority has fined 16 current and former registered representatives of State Farm VP Management Corp. for misconduct relating to continuing education examinations required by FINRA.

Nine reps were sanctioned for allowing subordinates to take State Farm’s “Firm Element” proficiency examination in their place. Six received fines and penalties for taking the tests in place of supervisors, while the 16th rep was a supervisor who directed a subordinate to

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