According to FINRA, Anna Schendra was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 18 months for having access to unauthorized materials while taking the Series 7 General Securities Representative Qualification examination. Prior to beginning the exam, Schendra attested that she had reviewed and would abide by FINRA's Rules of Conduct, which prohibit access to personal items including notes and study materials during the exam.

During three unscheduled breaks, Schendra had access to her personal notes and study materials that she had placed in the test center restroom. This deliberate placement of study materials in a location she knew she would access during breaks demonstrates premeditation and intent to cheat on the exam.

The Series 7 exam exists to ensure that representatives possess the knowledge necessary to properly advise clients and handle their accounts. When someone cheats on this exam, they may lack fundamental knowledge needed to serve investors competently, putting customers at risk of receiving inappropriate advice or having their accounts mishandled.

The 18-month suspension is significantly longer than typical suspensions, reflecting the seriousness of exam cheating and the premeditated nature of Schendra's conduct. The repeated access to materials during three separate breaks shows this was not a momentary lapse in judgment but a sustained effort to gain an unfair advantage. This case demonstrates FINRA's commitment to maintaining the integrity of qualification exams and ensuring only qualified individuals serve investors.