Finra has suspended a former Merrill Lynch broker who allegedly cheated on his Series 65 and 66 exams, the industry’s self-regulator says.
Andre Derricotte allegedly sat for the Uniform Combined State Law Examination (Series 66) on Aug. 22, 2019, while in possession of unauthorized materials, including notes, “writing instruments” and a cellular phone, and accessed his locker and phone during unscheduled breaks, according to a letter of acceptance, waiver and consent published by Finra.
Then, on Sep. 16, 2019, Derricotte allegedly sat for the Uniform Investment Adviser Law Examination (Series 65), again in possession of unauthorized notes and a writing instrument, and, when questioned by a staff member at the testing center, concealed the paper he used for the notes, the industry’s self-regulator says.
Derricotte consented to a two-year suspension and agreed to pay a $5,000 fine without admitting or denying Finra’s findings, according to the letter of acceptance.
Merrill Lynch discharged Derricotte in January over “[l]oss of confidence due to failure to be forthcoming with the Firm and with Finra staff regarding conduct at a Finra testing center,” according to his BrokerCheck profile.
Derricotte began his financial services industry career in 2013 at JPMorgan, left after five months for Wells Fargo, and came back to JPMorgan at a different branch in 2017, only to leave less than a year and a half later for Merrill Lynch, according to BrokerCheck.
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