← Broker database 2025-06-30
Paige Margarette Putnam Barred for Refusing to Cooperate with Investigation into Falsified Exam Document
According to FINRA, Paige Margarette Putnam was barred from association with any FINRA member in all capacities for refusing to provide information and documents requested during a FINRA investigation.
The investigation concerned allegations made by Putnam's member firm that she had submitted a document to the firm that falsely reflected that she had passed the Uniform Combined State Law Examination (Series 66).
The Series 66 examination is a qualifying exam that tests knowledge of state securities regulations and is required for individuals who want to act as investment adviser representatives or securities agents in most states. Passing this examination is a prerequisite for registration in these capacities, and falsifying exam results would represent a serious violation of securities industry rules and potentially state and federal laws.
Submitting falsified documents to a member firm undermines the integrity of the licensing system that exists to protect investors. The examination requirements ensure that individuals advising customers about securities have demonstrated a minimum level of competence and understanding of applicable regulations.
When FINRA sought to investigate the firm's allegations, Putnam refused to provide the requested information and documents. Without admitting or denying the findings, Putnam consented to the bar.
This case demonstrates the serious consequences of failing to cooperate with FINRA investigations, regardless of the underlying allegations. Even when the potential violations being investigated are serious, individuals have the opportunity to provide their perspective and documentation. Refusing to participate at all results in a bar from the industry.
For investors, this case reinforces the importance of the licensing system in the securities industry. Before working with any financial professional, investors can verify that individual's registration status and examination history through FINRA's BrokerCheck tool, helping ensure they are working with properly qualified professionals.