NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Patrick Cissne
AWC/2009021029615

Certain states implemented a long-term care (LTC) continuing education (CE) requirement that obligated financial advisors to complete a LTC CE course and exam before selling LTC products to customers who resided in that state. To assist financial advisors with the LTC CE requirement, Cissne requested and received the answers for one state exam from member firm representatives, distributed the answers to the exam to other firm representatives and distributed the answers to outside financial advisors on several occassions. Cissne received and distributed the answers for another state exam to an outside financial advisor on one occasion.

Patrick Cissne: Fined $5,000; Suspended 1 month

Tags: Testing