The Financial Industry Regulatory Authority suspended a Goldman Sachs investment banking representative for 18 months after it was learned that the rep had her cellphone with her while taking the Securities Industry Essentials Exam.
The rep submitted a letter of acceptance, waiver and consent to FINRA in which she agreed to the suspension and to pay a $5,000 fine over the incident, but didn’t admit or deny the findings. FINRA accepted the letter on Wednesday.
Goldman Sachs submitted a Uniform Application for Securities Industry Registration or Transfer (Form U4) on behalf of the rep, who was looking to become registered via the firm, in 2018.
On March 16, 2019, the rep took the Investment Banking Registered Representative Examination (Series 79TO), according to FINRA’s BrokerCheck website. She then took the SIE test April 8 and it was learned that she “possessed and had access to a prohibited device while taking” it, violating FINRA Rule 2010, according to the letter.