According to FINRA, David Michael Korsnack was barred from association with any FINRA member in all capacities for accessing unauthorized materials while taking the Series 7 General Securities Representative examination and providing false statements to FINRA. Prior to the exam, Korsnack attested he would abide by the Qualification Examinations Rules of Conduct, which prohibit accessing unauthorized materials.

During an unscheduled break, Korsnack left the testing center, retrieved his cell phone from his car, and accessed material on his phone relevant to the examination he was taking. When FINRA investigated, Korsnack falsely claimed he only checked for a text message from his wife and did not access any materials. He also falsely stated he retrieved the phone from his locker rather than his car.

The integrity of FINRA qualification examinations is fundamental to investor protection. These exams exist to ensure that only qualified individuals provide investment advice and handle customer accounts. When someone cheats on these exams, they may lack the knowledge necessary to properly serve clients, putting investors at risk.

Korsnack's lies to FINRA about his misconduct compound the seriousness of his violations. Honesty and integrity are essential qualities for anyone working in the securities industry. The bar ensures that Korsnack cannot work with investors, protecting the public from someone who demonstrated both a willingness to cheat and a willingness to lie about it. Investors should verify that their representatives passed qualification exams legitimately and have demonstrated ethical conduct throughout their careers.