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The regulatory arm of the National Association of Securities Dealers said Wednesday it has fined, censured and barred 20 registered representatives suspected of paying impostors to take a qualification exam for them.
NASD Regulation said it assessed the 20 more than $1.2 million in forfeited commissions and $650,000 in fines. Wednesday’s action brings the total number disciplined in the investigation to 41.
Each of the barred representatives was required to forfeit all commissions earned. Individual fines included $25,000 for cheating on the examination and $25,000 if the representatives failed to respond to NASDR’s requests for information. The investigation is continuing.
