← Broker database 2024-07-18
Thomas Joseph Clifford III Suspended for Insurance Continuing Education Fraud
According to FINRA, Thomas Joseph Clifford III was fined $5,000 and suspended from association with any FINRA member in all capacities for one month on July 18, 2024, after he falsely 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.
Continuing education requirements exist to ensure that licensed professionals maintain current knowledge of industry regulations, products, and best practices. These requirements are designed to protect consumers by ensuring that the professionals serving them have up-to-date knowledge and skills necessary to provide competent service. When individuals circumvent these requirements by having someone else complete the education on their behalf, they undermine the purpose of continuing education and may lack the current knowledge necessary to properly serve their clients.
Making false certifications to state regulators is a serious matter that demonstrates dishonesty and lack of integrity. Registered representatives and insurance agents are expected to maintain high ethical standards, and falsely certifying completion of required education calls into question their trustworthiness in other aspects of their professional conduct.
The one-month suspension, which is in effect from August 19, 2024, through September 18, 2024, along with the $5,000 fine, reflects the regulatory view that shortcuts in meeting professional licensing requirements are unacceptable. Investors and insurance customers should expect their financial professionals to personally complete all required continuing education and to maintain their licenses in full compliance with all regulatory requirements.
This case serves as a reminder that professional licensing requirements are not merely administrative hurdles but important safeguards designed to protect the public. Investors can verify the licensing status and regulatory history of financial professionals through FINRA's BrokerCheck system and state insurance department websites.