FINRA Manual: Contents
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For Your Information (November)
For Your Information
National Association of Securities Dealers, Inc.
NASD Files Lawsuit Charging Misuse of Qualification Examination
The NASD filed a lawsuit in the United States District Court for the Northern District of Illinois against Jerry Keith Ostry and North American Chicago Corp. (NACC) for copyright infringement, breach of contract, and misappropriation and misuse of confidential information in connection with the NASD's Corporate Securities Limited Representative Qualification Examination (Series 62).
Pursuant to statutory authorization and with the approval of the Securities and Exchange Commission, the NASD has developed and administered a substantial number of different qualification examinations for individuals seeking to enter the securities industry, including the Series 62 exam. The NASD contends in its complaint that defendant Ostry, owner and operator of NACC, has breached a contract of confidentiality and that both defendants have infringed the NASD's copyright on the examination and misappropriated and misused confidential information by reproducing and selling to other persons the 100 questions in the Series 62 Examination taken by defendant Ostry on June 3, 1988.
In addition to monetary damages, the NASD is seeking an injunction against further distribution of the examination and destruction of all copies of the examination in the possession or control of the defendants.
Series 7 December Exam Site Changes in Atlanta
The December 16, 1989, Series 7 examination in Atlanta will be held at Ramada Inn Northeast, 1-85 and ShaUowford Road, 2960 N.E. Expressway, Atlanta, Georgia.