According to FINRA, William Slattery has been barred from association with any FINRA member firm in all capacities for cheating on the Series 66 Uniform Combined State Law Exam.

Before starting the exam, Slattery attested that he had read and would abide by the NASAA Qualification Examinations Rules of Conduct, which prohibit candidates from acting unethically, dishonestly, or unfairly by cheating or attempting to cheat. The rules also prohibit the use of personal items including electronic devices during the examination and require candidates to store all personal items in a locker prior to entering the test room.

During an unscheduled restroom break, Slattery accessed exam study materials and ChatGPT on his cellphone, which he had hidden in the toilet seat cover dispenser of the testing center restroom. After returning to his workstation, Slattery changed his answers to at least two questions based on his review of the prohibited materials.

The Series 66 exam tests knowledge of state securities regulations and is required for individuals who want to act as investment adviser representatives. Qualification exams ensure that securities professionals have the knowledge necessary to serve investors competently.

What Investors Can Learn: This case demonstrates that FINRA takes examination integrity seriously. Securities licensing exams exist to protect investors by ensuring financial professionals have necessary knowledge. When individuals cheat, they may lack the competence to properly advise clients. This case should reassure investors that testing protocols are in place to detect and punish cheating.