According to FINRA, Amanda Lynn Williams was barred from association with any FINRA member in all capacities for making false and misleading statements regarding a FINRA Securities Industry Essentials exam score report.

After Williams failed the SIE exam for a second time, she falsely reported to her firm that she had passed the exam and provided a falsified exam score report. Williams had altered the original score report to falsely indicate that she had received a passing score. In reliance on this altered report, the firm filed an initial Form U4 for Williams. However, upon filing the Form U4, the firm learned from FINRA's Central Registration Depository that Williams had actually failed the SIE exam.

When the firm requested that its compliance vendor obtain a copy of the original exam report, Williams falsely stated in email responses that she was handed the falsified score report at the time she left the exam site, suggesting that the altered document was the official report she received. This was a lie intended to cover up her alteration of the document.

Williams compounded her misconduct by falsely stating in an email to FINRA that she did not alter the SIE exam score report. This false statement to regulators represents an additional serious violation.

The SIE exam is a prerequisite for individuals seeking to become registered representatives. It tests basic securities industry knowledge and is required before individuals can take other qualification exams. The requirement exists to ensure that individuals working with the public have foundational knowledge of the securities industry.

Falsifying exam results and lying to both the firm and regulators demonstrates a fundamental lack of honesty and integrity. Someone willing to cheat on qualification requirements and lie about it cannot be trusted to deal honestly with clients or comply with securities regulations. This is why such conduct results in a permanent bar from the industry.

Investors should understand that qualification exams exist for their protection. They ensure that registered representatives have basic knowledge necessary to properly serve clients. Investors should verify that their financial advisors have passed all required exams and should check FINRA BrokerCheck for any disciplinary actions related to dishonesty or false statements.