By Bill Singer, Contributor

During the time relevant to this matter, Timothy M. Wheeler was registered between June 2010 and December 2010 with Financial Industry Regulatory Authority (“FINRA”) member firm Morgan Stanley Smith Barney.  As a condition of his employment upon joining Morgan Stanley on May 7, 2010, Wheeler was required to pass the following examinations: Series 7: General Securities Representative; Series 63: Uniform Securities Agent State Law; and Series 66:  Uniform Combined State Law . On May 8, 2010,  and June 29, 2010, he passed, respectively the Series 63 and Series 7 examinations; however, on July 15, 2010, Wheeler failed the Series 66. If At First You Don’t Succeed — Try Only Once More At the time of Wheeler’s Series 66 failure on July 15,2010, Morgan Stanley‘s policy was to terminate employees who failed the Series 66 examination twice – which Wheeler apparently knew prior to re-taking the exam on August 23, 2010. Unfortunately, Wheeler failed the second Series 66 in August . PROCTOR The PROCTOR system is a computer system specifically designed for the administration and delivery of computer-based testing and training. Through PROCTOR, FINRA offers a variety of exam/continuing education sessions at various sites. Purportedly, the PROCTOR system captures every key stroke made by a test taker, and, ultimately,  generates a score for each portion of the examination and a total final score. SIDE BAR: To learn more about PROCTOR, visit this FINRA webpage. In part, this page explains that: …read more
Source: FULL ARTICLE at Forbes Latest