If a licensed securities representative knowingly provides false information about a client..?

on an investment application, what is the penalty? Also, to what degree would an unlicensed assistant be held accountable if that assistant suspected the information was inaccurate but did not report it?If a licensed securities representative knowingly provides false information about a client..?
If a licensed rep knowingly provides false information, they can be fined, sanctioned or suspended by a regulatory agency depending on the severity of the info.





If the information provided permits the customer to do trades that are not suitable for them or have risk that is above their risk tolerance, then very severe action will be (should be) taken by the regulator, and the firm will also be subject to disciplinary action





However, if their firm is aware of such action they have the obligation to take disciplinary action against the Rep.





An assistant is an employee of the firm (and not the rep) and as such has ethical and legal obligation to protect their employer. Although in most cases firms will not bring disciplinary action against the assistant BUT, by the assistant has demonstrated that they do not have loyalty to their firm.





Just be careful how and to whom you submit your beliefs to management





I have fired Reps that provided false or misleading customer information and I have terminated non-sales employees for their lack of loyaltyIf a licensed securities representative knowingly provides false information about a client..?
The licensed dealer can have a range of penalties applied, including fines and loss if his license. It really depends on the situation, as well as the jurisdiction.





The unlicensed assistant bears no responsibility since she neither knows the truth, nor is required to check.