A former representative for Commonwealth Financial Network has been penalized for allegedly violating his requirements for continuing education (CE), Think Advisor reports.
Francis G. Smith was fined $5,000 and suspended for one month by the Financial Industry Regulatory Authority. FINRA said that In February 2023, while associated with Commonwealth Financial, Smith certified to the state of New York that he had personally completed the CE required to renew his state insurance license when, in fact, another person had completed the CE on his behalf.
From September 2012 to June 2025, Smith was registered with FINRA as an investment company and variable contracts products representative (IR) and a general securities representative (GSR) through an association with Commonwealth Financial. In June 2025, Smith became registered as a GSR and IR through an association with Cambridge Investment Research.
According to FINRA’s letter of Acceptance, Waiver and Consent, Smith first obtained an insurance license through the state of New York in 1992. New York insurance licenses are subject to renewal every two years and generally require licensees to complete 15 CE credits. Smith was required to renew his license by March 2023.
“In February 2023, another person completed 18 hours of insurance CE credits on Smith’s behalf,” FINRA’s letter states. “Although Smith knew that he personally had not completed the required CE, in February 2023, he certified to the State of New York that he had personally completed those CE credits. Therefore, Smith violated FINRA Rule 2010.”
Rule 2010 requires members to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. The rule covers any unethical, business-related misconduct regardless of whether it involves a security.
Smith accepted and consented to the findings by FINRA without admitting or denying them.
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