A recent FINRA decision has barred former JP Morgan associate Qianqi Rao from acting as a broker. Rao did not admit or deny the allegations.
But the former broker consented to the findings when she signed a FINRA letter of acceptance, waiver, and consent on March 18. According to the waiver, Rao violated FINRA rule 2010 during a Series 52 Municipal Securities Representative exam.
As all test takers do before the exam, Rao agreed to follow the FINRA rules of conduct before beginning her test. In addition, the general test rules prohibit the use of cell phones, notes, study materials, and other personal items in the exam room or during rest breaks. Test takers store these and other personal items in a locker during the exam.
Despite agreeing to uphold this conduct, Rao accessed her smartphone and exam related study material during the test. At one point, she took an unscheduled break, retrieved her phone from a locker and searched the internet for exam related topics. She also accessed and reviewed an exam study guide she had hidden in the restroom earlier that day.
Rao was with JP Morgan for four months before her termination in July of 2018 for her behavior during the exam. JP Morgan also notes Rao’s statements and information about the event were inconsistent. Rao never became affiliated with another firm following the incident.
All FINRA registered brokers agree to uphold rule 2010, which holds brokers to a high standard of honor and just principles. It protects investors from dishonest broker behavior. The rule is broad for a reason and holds brokers accountable for a wide range of unethical behavior.
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Source: The Bond Buyer, BrokerCheck
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