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FINRA Accuses Former MML Broker of Cheating on SIE Exam

Posted on October 20th, 2025 at 1:32 PM
FINRA Accuses Former MML Broker of Cheating on SIE Exam

Regulators have accused a former MML Investors Services-affiliated broker of cheating on the Securities Industry Essentials (SIE) exam, according to a recent Financial Industry Regulatory Authority (FINRA) enforcement complaint.

FINRA alleged that Joshua E. Scholnick used his phone to access prohibited study materials during the remote exam, despite acknowledging the SIE Rules of Conduct that forbid the use of notes, phones, or reference materials. As reported by ThinkAdvisor, the complaint states that Scholnick repeatedly viewed photographs of his notes and altered his answers after referring to them.

According to ThinkAdvisor, the proctor reportedly warned Scholnick twice for looking away from his laptop screen. ThinkAdvisor reports that he continued to use the materials, completed the exam, and exited the platform without alerting the proctor. Scholnick received a score of 65 percent, failing the exam, which requires a 70 percent passing grade.

The SIE exam serves as a foundational test for aspiring securities professionals, assessing their knowledge of market structure, regulatory agencies, risks, and prohibited practices. Scholnick did not immediately respond to a request for comment from ThinkAdvisor.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra, mml investors services

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