According to FINRA, Antonino Giaccone was barred from association with any FINRA member in all capacities for cheating on the FINRA Series 7 General Securities Representative Examination.
Prior to beginning the examination, Giaccone attested that he had read and would abide by FINRA's Rules of Conduct for examinations. However, during the examination, Giaccone accessed the internet, including online forums, to assist with answering examination questions. This constituted cheating in violation of examination rules.
The Series 7 examination is designed to test whether candidates possess the knowledge and competency to perform their job as general securities representatives. The integrity of FINRA qualification examinations is critical to investor protection. These examinations help ensure that only qualified individuals who have demonstrated appropriate knowledge are registered to provide securities services to the public.
Cheating on qualification examinations undermines the entire regulatory framework designed to protect investors. When someone cheats on an exam, they may obtain a registration they have not legitimately earned, potentially allowing them to provide financial advice and services without having demonstrated the required competency. This puts investors at risk of receiving advice from individuals who lack the necessary knowledge to properly serve them.
FINRA takes examination misconduct extremely seriously and routinely bars individuals who cheat on qualification examinations. The bar means Giaccone is permanently prohibited from working in any capacity with FINRA member firms unless he successfully applies for re-entry after the applicable waiting period.
Investors should understand that FINRA qualification examinations serve an important investor protection function, and that the industry has zero tolerance for examination cheating. Investors can use FINRA BrokerCheck to verify that their financial professionals hold appropriate registrations and have no disciplinary history related to examination misconduct.
