Cheater Gets Flushed Out: Ex-J.P. Morgan Rep Hides Phone in Restroom to Cheat on Exam

The Financial Industry Regulatory Authority recently announced that a former general securities representative with J.P. Morgan Securities LLC has been barred from associating with any FINRA member in all capacities for cheating on the North American Securities Administrators Association, or NASAA, Series 66 Uniform Combined State Law Examination.

According to FINRA, on Feb. 27, 2024, William Slattery sat for the Series 66 exam and, prior to starting, attested that he read and would abide by the NASAA qualification examinations rules of conduct, which, among other things, prohibit the use or attempted use of any personal items – including electronic devices, phones and personal notes – during the examination. These rules also required Slattery to store all personal items in a locker provided by the test vendor prior to entering the test room.

FINRA stated that, during one 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 on his cellphone. His actions were discovered after FINRA received a report about his conduct and investigated the matter.

As a result, FINRA said that Slattery violated Rule 2010, which requires associated persons, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade.

Slattery has been barred from associating with any FINRA member in all capacities, and his case is a reminder that FINRA has a zero-tolerance policy for cheating and will take action against any individual who is found to have violated its rules.

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