Photo: Flickr / albertogp
The Financial Regulatory Authority is suing a mum and her kids claiming they took a bunch of its securities exams in order to memorize the questions to allegedly share with their test-prep company’s clients, the Wall Street watchdog said in court documents (via Courthouse News).In the complaint, FINRA claims that Christina Leahy, who runs California-based Training Consultants, and her children took 64 of its exams and failed 52 of them. That’s a fail rate of 81%, FINRA points out.
What’s more is FINRA said it believes they memorized the questions to use for Training Consultants, whose website touts that it has been “successfully qualifying candidates to pass their securities exams since 1979.”
FINRA is suing for copyright infringement, trade secret misappropriation and breach of contract, the complaint shows.
Christina Leahy told Reuters in a statement they will defend FINRA’s claims and clear their name.
From the complaint: (emphasis ours)
Between October 2001 and August 2012, CHRISTINA LEAHY, DONALD LEAHY, SAMUEL LEAHY and ELIZABETH LEAHY collectively took 64 FINRA standardized examinations, including the FINRA SECURE TESTS, which is a highly unusual number of times to take examinations. Each of them has enrolled to take additional examinations sometime prior to November 7, 2012, including exams that are not reasonable to take in combination, particularly within such a short period of time.
Prior to taking each FINRA standardized examination, including the FINRA SECURE TESTS, defendants CHRISTINA LEAHY, DONALD LEAHY, SAMUEL LEAHY and ELIZABETH LEAHY agreed to the Rules of Conduct and expressly agreed “to maintain the confidentiality of the materials, including the questions and my answers to them.”
Defendants CHRISTINA LEAHY, DONALD LEAHY, SAMUEL LEAHY, and ELIZABETH LEAHY failed 52 of the examinations – a failure rate of over 81%, which is highly unusual, particularly given that the failures include repeated failures of the same exams and given that they all work for defendant TRAINING CONSULTANTS, which purports to train candidates to take FINRA’S exams. Further, they have failed the exams with unusually low scores (i.e., answering fewer than 40 per cent of the questions correctly).
[Hat Tip: DealBreaker]
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