← Broker database 2024-09-16
Monique Russell Suspended by FINRA for Continuing Education Fraud
According to FINRA, Monique Russell (CRD #6274243), a registered representative based in Riverview, Florida, was fined $5,000 and suspended from association with any FINRA member in all capacities for one month. Without admitting or denying the findings, Russell consented to the sanctions and to the entry of findings that she certified to the State of New York that she had personally completed 15 hours of continuing education required to renew her state insurance license when, in fact, another person had completed that continuing education on her behalf. The suspension was in effect from October 21, 2024, through November 20, 2024. This case is another in a series of FINRA disciplinary actions against individuals who fraudulently certified the completion of New York state insurance continuing education requirements. While Russell is based in Riverview, Florida, she held a New York state insurance license that required ongoing continuing education for renewal. The geographic distance between her residence and the state issuing her license does not diminish the obligation to personally complete the required coursework. Insurance continuing education programs cover a range of critical topics, including updates to insurance law and regulation, ethical practices, product-specific training, and consumer protection standards. These courses are designed to ensure that licensed professionals have the knowledge necessary to serve their customers properly and in compliance with applicable law. When a professional has someone else complete these courses on their behalf, the certification they submit to the state is fraudulent. This is not a minor administrative issue -- it is a deliberate misrepresentation to a state regulatory authority. The fact that FINRA is pursuing these cases demonstrates that the self-regulatory organization takes the integrity of the licensing process seriously, even when the continuing education requirements are imposed by a state rather than by FINRA itself. For investors and insurance customers, this case underscores the value of reviewing your financial professional's disciplinary record. Actions like this one are permanently recorded and publicly available. The fact that a professional was found to have been dishonest about their qualifications is meaningful information when you are deciding whom to trust with your financial future. FINRA's BrokerCheck provides free, easy access to this information.