Discuss Finra Series-63 Exam Topic 7 Question 20

Sam Shyster had his day in court-and lost. His license to do business as an investment adviser in the state has been revoked. What legitimate options does Sam have available to him now?

ASam can move to another state and apply for registration as an investment adviser there.

BSam has 45 days in which to file an appeal with the attorney general.

CSam can register with the SEC as an investment adviser, which will exempt him from state registration requirements.

DSam has 60 days to file an appeal of the decision in a court of law.

Suggested Answer: D

Sam has the legitimate option of filing an appeal of the decision in a court of law within 60 days. He will not be able to register as an investment adviser with the SEC or with another state. His application will be denied when it is discovered that Sam has had his license revoked by one state.

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12 comments · newest first

Dorathy 3 months ago

Option C sounds smart. Registering with the SEC could help him bypass state issues.

Josphine 4 months ago

But he might face issues in the new state too. I prefer option B, filing an appeal.

Marla 4 months ago

I think option A is a good choice. Moving could give him a fresh start.

Deonna 4 months ago

I thought he had 60 days for a court appeal, not 45!

Jessenia 4 months ago

Definitely not a good look for him, but options are there.

Cecil 4 months ago

Wait, can he really just register with the SEC after losing his license?

Rocco 6 months ago

Moving to another state sounds like a plan!

Ocie 6 months ago

I heard he can appeal within 45 days.

Novella 7 months ago

I thought the appeal timeframe was 60 days, but I could be mixing it up with something else I studied.

Yolande 7 months ago

I practiced a question similar to this, and I feel like the SEC registration might be a valid route, but I can't recall the specifics.

Meaghan 7 months ago

I think moving to another state could be an option, but I’m not clear on the registration process there.

Taryn 7 months ago

I remember something about appealing decisions, but I'm not sure if it's with the attorney general or in court.

Finra Series-63 Exam - Topic 7 Question 20 Discussion