According to FINRA, Cole Fleming was fined $5,000 and suspended from association with any FINRA member in all capacities for one month on July 31, 2024, after he falsely certified to the State of New York that he had personally completed 15 hours of continuing education required to renew his state insurance license when, in fact, another person had completed that continuing education on his behalf.

Continuing education requirements are designed to ensure that licensed professionals maintain current knowledge of industry regulations, products, and best practices. These requirements protect consumers by ensuring that the professionals serving them have up-to-date knowledge and skills. When individuals circumvent these requirements by having someone else complete the education on their behalf, they undermine the purpose of continuing education and may lack the knowledge necessary to properly serve their clients.

Making false certifications to state regulators is a serious matter that demonstrates dishonesty and lack of integrity. Registered representatives and insurance agents are held to high ethical standards in the securities industry, where trust and integrity are paramount. Falsely certifying completion of required education calls into question an individual's trustworthiness and adherence to professional obligations.

The one-month suspension, in effect from August 19, 2024, through September 18, 2024, along with the $5,000 fine, reflects the regulatory view that shortcuts in meeting professional licensing requirements are unacceptable and constitute serious violations. This type of misconduct demonstrates a willingness to deceive regulators, which raises concerns about what other shortcuts or deceptions the individual might be willing to engage in.

Investors and insurance customers should expect their financial professionals to personally complete all required continuing education and to maintain their licenses in full compliance with all regulatory requirements. This case serves as a reminder that professional licensing requirements exist to protect the public, and attempts to circumvent them will result in disciplinary action.