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July 03, 2024 at 02:51 PM
What You Need to Know
- A CFP shared exam content with other individuals who were taking the CFP Board's certification exam.
- The behavior violated FINRA Rule 2010 and the CFP Board's Pathway Agreement.
- CFP Board's DEC imposed a five-year bar on the CFP from applying for or obtaining the CFP certification for exam misconduct.
The Financial Industry Regulatory Authority has fined a certified financial planner $5,000 and suspended him for one month for sharing exam content with other individuals who were taking the CFP Board’s certification exam.
“By attempting to give assistance to others taking the exam, communicating with others about the exam, and disclosing exam content and questions in violation of the CFP Board testing rules,” Joseph Occhipinti violated FINRA Rule 2010, the broker-dealer self-regulator said.
CFP Board issued a temporary bar against Occhipinti first for the same conduct.
After taking the CFP exam on March 12, 2021, Occhipinti shared exam content with other individuals, which violated the CFP Board testing rules, according to FINRA’s order. Occhipinti was employed at Goldman Sachs at the time, according to his BrokerCheck profile.
FINRA Rule 2010 provides that member firms and their associated persons “shall observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. Rule 2010 encompasses any unethical, business-related misconduct regardless of whether it involves a security.
The CFP designation, administered by the Certified Financial Planner Board of Standards, is granted to individuals who pass the CFP exam and satisfy the education, experience and ethics requirements. The CFP exam is a 170-question, multiple choice test offered three times per year.
As part of the registration process to take the CFP exam in March 2021, “Occhipinti agreed to abide by the CFP’s Pathway Agreement, which prohibited exam misconduct before, during and after exam administration,” FINRA’s order states.
