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Regulation and Compliance > Federal Regulation > FINRA

FINRA Fines Ex-Morgan Stanley Employee for Using Cell Phone During Series 7 Exam

By Melanie Waddell

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The Financial Industry Regulatory has fined and suspended a former Morgan Stanley employee for having and accessing his cell phone while taking the Series 7 exam.

Stephen LaGreca was suspended from associating with any FINRA member in all capacities for 18 months and ordered to pay a $5,000 fine. He accepted the sanctions without admitting or denying the findings.

According to the order, on Dec. 18, 2022, while associated with Morgan Stanley as a non-registered fingerprint person, Stephen LaGreca took the Series 7 exam from his home using a remote testing platform.

Prior to beginning the exam, “LaGreca attested that he had reviewed and would abide by the Rules of Conduct, which require candidates to store all personal items outside the room where they take the exam and prohibit access to personal items, including cell phones, during the exam,” the order states.

The matter originated from a report filed by a Prometric Test Center with FINRA’s Credentialing, Registration, Education, and Disclosure Department.

Prior to beginning the exam, and again during the exam, “LaGreca also informed the proctor that his cell phone was in another room,” the order states. “During the exam, however, LaGreca possessed and accessed his cell phone.”

By possessing a cell phone during the Series 7 exam, LaGreca violated FINRA Rules 1210.05 and 2010, according to the regulator.

Melanie Waddell

@Think_MelanieW

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