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FINRA has fined a certified financial planner $5,000 and suspended him for one month for sharing exam content with other individuals who were taking the CFP Board’s certification exam.After taking the CFP exam on March 12, 2021, Occhipinti shared exam content with other individuals, which violated the CFP Board testing rules, according to FINRA’s order. FINRA Rule 2010 provides that member firms and their associated persons “shall observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. Rule 2010 encompasses any unethical, business-related misconduct regardless of whether it involves a security.
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Ex-Merrill Lynch financial advisor Jeffrey Dattilo has been sanctioned for contributing to a group chat that shared CFP exam information. The CFP Board barred Dattilo until 2028, while FINRA imposed a one-month suspension and $5,000 fine.
Five other advisors also faced repercussions: Diptes Basu (formerly of JPMorgan), Joseph Occhipinti (ex-Goldman Sachs), Rocio Tapia and Brandon Self (both from Northwestern Mutual), and Jeffrey Freiser (who joined Raymond James post-exam).
The “March 2021 CFP Exam” group chat on GroupMe was used to exchange exam questions and content during an eight-day testing period. Self received a permanent ban from the CFP Board and an industry bar from FINRA. Occhipinti got a temporary bar until 2026 and additional continuing education requirements. Freiser was barred until 2028, while Basu received a five-year ban.
Tapia’s three-year bar ended in March 2024. FINRA cited violations of Rule 2010, which requires high standards of commercial honor. The CFP Board voided exam results for several participants and imposed various sanctions, demonstrating the seriousness with which both organizations view the sharing of exam information.
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