According to FINRA, Vincent Edward Catanzaro was fined $5,000 and suspended from association with any FINRA member in all capacities for one month on October 8, 2024.

Catanzaro 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. This is the same type of continuing education fraud committed by several other representatives in New York in this disciplinary report.

The pattern of multiple New York-based representatives engaging in continuing education fraud raises questions about whether there was a coordinated scheme or whether representatives were sharing information about how to circumvent the continuing education requirement. Regardless, each representative who participated in this fraud made a conscious choice to commit misconduct.

Continuing education fraud is particularly problematic because it defeats the purpose of the education requirement while involving active dishonesty toward regulators. Representatives who have someone else complete their continuing education not only miss the opportunity to learn updated information but also fraudulently certify to state regulators that they have met the requirement.

For investors, violations involving dishonesty and fraud—even if they don't directly involve customer transactions—should be considered serious red flags. A representative who is willing to lie to state regulators about continuing education may be willing to be dishonest in other contexts, including in dealings with customers.

The one-month suspension from November 4, 2024, through December 3, 2024, ensures that Catanzaro faces consequences for his fraud. The $5,000 fine provides additional deterrence. This violation will remain on Catanzaro's permanent regulatory record and will be visible through FINRA's BrokerCheck system and state insurance department records.

Investors can and should check their financial professional's disciplinary history before working with them. While continuing education fraud might not seem as serious as theft or unauthorized trading, it demonstrates a willingness to commit fraud and circumvent regulatory requirements that should concern potential customers.