The Financial Industry Regulatory Authority has fined a former Commonwealth Financial rep $5,000 and suspended him for one month for having another person complete his continuing education requirements.
According to FINRA's order, from September 2012 to June 2025, Francis G. Smith was registered with FINRA as an investment company and variable contracts products rep and a general securities rep through an association with Commonwealth Financial Network.
In June 2025, Smith became registered as a GSR and IR through an association with Cambridge Investment Research, according to his BrokerCheck report.
"In February 2023, while associated with Commonwealth Financial Network, Smith certified to the State of New York that he had personally completed the CE required to renew his state insurance license, when, in fact, another person had completed that CE on his behalf," FINRA's order states.
By doing so, Smith violated FINRA Rule 2010.
The State of New York requires individuals to hold insurance licenses to sell various insurance products, including securities such as variable annuities.
Smith first obtained an insurance license through the state in 1992. New York insurance licenses are subject to renewal every two years and generally require licensees to complete 15 CE credits, FINRA states.
Smith was required to renew his license by March 2023, the FINRA order states.
"In February 2023, another person completed 18 hours of insurance CE credits on Smith’s behalf," according to the order. "Although Smith knew that he personally had not completed the required CE, in February 2023, he certified to the State of New York that he had personally completed those CE credits."
Smith consented to the one-month suspension from associating with any FINRA member in all capacities and the $5,000 fine. He neither admitted nor denied the findings.
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