The Financial Industry Regulatory Authority has permanently barred two representatives, Brandon Autiero of New Jersey and Harris Kausar of New York, from the securities industry for cheating during qualification examinations administered online.
The enforcement actions are Finra’s first directed at remote exam cheating, the regulator said in a statement announcing the actions today.
"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,” warned Jessica Hopper, Finra’s executive vice president and head of enforcement.
Both representatives were caught accessing internet forums to seek answers while taking online Finra exams, in violation of the rules set by Finra and other securities regulators. Online examinations use camera-equipped computers and are proctored remotely by testing service staff, who were able to detect the reps’ activity.
“Finra employs a variety of tools and processes to monitor test-taking misconduct,” spokesman Ray Pellechia told Financial Advisor magazine.
These are Finra’s first actions against candidates for online cheating, but the organization has previously suspended or barred 12 individuals since January 2021 for cheating on in-person qualification exams or possessing unauthorized materials while taking in-person tests.
In settling these matters, Autiero and Kausar accepted and consented to the entry of Finra’s findings without admitting or denying guilt.
Autiero became associated with Equitable Advisors LLC in January 2021, and later registered with the firm as a general securities representative in March 2021, according to his BrokerCheck report.
He was associated with Equitable Advisors when he accessed the internet for assistance while taking exams on five occasions—once for an online Finra exam for the Series 7 and four times for two exams given by the North American Securities Administrators Association for the Series 63 and Series 66 licenses, according to the letter of acceptance, waiver and consent he submitted.
According to a Form U5 Equitable filed on February 24, 2022, Autiero was permitted to resign on February 18, 2022, “after receiving a request from Finra and admitting having violated ethical standards during a Finra exam.”