The Financial Industry Regulatory Authority suspended an ex-Merrill Lynch general securities representative for two years after he was caught possessing and accessing personal notes and other “unauthorized materials” while taking two separate industry exams within a month of each other, according to the regulator.
Without admitting or denying the findings, Andre Derricotte submitted a letter of acceptance, waiver and consent to FINRA Feb. 17 in which he agreed to be suspended from associating in any and all capacities with any FINRA member firm for 24 months and to pay a $5,000 fine over the incidents. FINRA accepted the letter Monday.
Merrill Lynch and Jeff Kern, a partner at law firm Sheppard Mullin’s New York office who represented Derricotte in the dispute with FINRA, did not immediately respond to requests for comment Tuesday.
Derricotte’s suspension was scheduled to start March 16 and end March 15, 2022, according to his profile at FINRA’s BrokerCheck website, which also shows he is not currently registered as a broker.
Merrill Lynch discharged Derricotte Jan. 23, saying it lost confidence in him due to his failure to be forthcoming with the firm and FINRA staff regarding his conduct at a FINRA testing center, according to BrokerCheck.
Derricotte had been at the firm for only one year. Prior to that, he was associated with J.P. Morgan Securities for one year (the company he was first registered with, in 2013 for less than a year) and, before that, Wells Fargo Advisors for two years, according to BrokerCheck.