The Financial Industry Regulatory Authoritiy has barred a former NYLife Securities representative who was accused of cheating on an exam, Financial Advisor reported.
In a letter of acceptance, waiver and consent, FINRA detailed the action taken against Jacob Spencer, who was employed by NYLife Securities from June 2025 until he was voluntarily terminated on Feb. 26, 2026.
The matter originated from a report filed by FINRA’s Credentialing, Registration, Education, and Disclosure Department regarding irregularities in Spencer’s Series 6 Investment Company and Variable Contracts Products Representative Examination.
“In February 2026, Spencer used internet-enabled eyeglasses to access test material and cheat on the FINRA Series 6 Examination”, FINRA stated in the letter. “Accordingly, Spencer violated FINRA Rules 1210.05 and 2010 and is barred from associating with any FINRA member in all capacities.”
The authority said that before taking the exam, Spencer attested that he had read and would abide by the relevant Rules of Conduct. But during the exam, Spencer used a pair of eyeglasses with electronic modifications to access material on the internet to help him answer exam questions.
FINRA Rule 1210.05 provides that “[a]ssociated persons taking any representative or principal examination shall be subject to the Rules of Conduct for representative and principal examinations. A violation of the . . . Rules of Conduct for representative and
principal examinations by an associated person shall be deemed to be a violation of Rule 2010.”
The Rules of Conduct prohibit examinees from using prohibited items such as electronic devices and eyewear with any electronic modification (other than a FINRA approved accommodation). FINRA Rule 2010 requires members to observe high standards of commercial honor and just and equitable principles of trade. Therefore, FINRA said, an individual who uses an electronic device to access the internet and cheat while taking a FINRA examination violates FINRA Rules 1210.05 and 2010.
Spencer signed the AWC letter to accept the bar from associating with any FINRA member in any capacity, He could not be reached for comment. New York Life said it could not comment on personnel matters.
The device Spencer used was not identified in the FINRA documents.
Financial Advisor notes that smart glasses can not only be used to connect to the internet, but have also raised privacy concerns due to their ability to record video and audio.
“With nearly ubiquitous recording devices like smartphones, wearables, and digital doorbells, we increasingly have access to the personal data of other people—bystanders,” said Janusz Swierczynski, a postdoctoral research fellow at Oxford University. “This makes it impossible for an individual to always have control of their own privacy.”
It was reported that businesses are trying to develop policies to regulate the use of these glasses.
In April, FINRA barred a former representative of MML Investors Services, Joshua Ethan Scholnick, after determining that he cheated on the Securities Industry Essentials exam that he took from his home. During the test, FINRA said Scholnick “used his phone to access prohibited study materials to help him answer the test’s questions.” The authority said that Scholnick used the phone to take photographs of notes and reference materials that he had compiled to study for the exam.
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