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Test Taking Scandal at State Farm

By Mark H. Astarita, Esq.

Really. Are the continuing ed requirements so onerous that insurance salesman have to get someone to take the tests for them? FINRA fined and suspended 16 current and former registered representatives of State Farm VP Management Corp. of Bloomington, IL, for misconduct involving FINRA's Continuing Education requirements for registered representatives.According to the press release, nine of the sanctioned representatives were supervisors who directed or allowed subordinates to take State Farm's "Firm Element" proficiency test for them. One was a supervisor who directed a subordinate to take the test for other registered representatives. Six of the sanctioned representatives completed the Firm Element test for their superiors. To State Farm's credit, the press release makes it a point to state that the representatives engaged in this misconduct without any authorization from State Farm...continue to full post

Full post as published by SECLaw.com on March 06, 2008 (boomark / email).