The Financial Industry Regulatory Authority (FINRA) has barred former NYLife Securities representative Jacob Spencer from the securities industry after finding that he used internet-enabled eyeglasses to access test material while taking the Series 6 qualification examination.
According to FINRA documents, Spencer signed a FINRA Letter of Acceptance, Waiver and Consent (AWC) in which he acknowledged using electronically modified eyeglasses to access internet materials and cheat on the examination in February, ThinkAdvisor reports.
Spencer joined NYLife Securities in June 2025, and the firm terminated him in February, according to the AWC. Spencer did not respond to a request for comment. New York Life declined to comment on personnel matters.
FINRA's Rules of Conduct for qualification examinations prohibit candidates from using electronic devices, cameras, phones, watches, and eyeglasses with electronic modifications unless FINRA approves the device as an accommodation.
Before beginning the examination, Spencer attested that he had read and agreed to follow the applicable Rules of Conduct. During the examination, however, he used electronically modified eyeglasses to access internet materials that helped him answer questions, according to the AWC.
FINRA's documents do not identify the specific device Spencer used.
ThinkAdvisor notes that the case also highlights broader concerns surrounding smart glasses and their use in professional settings. Meta produces the most widely used smart glasses, including products sold under the Ray-Ban and Oakley brands. The devices can connect to the internet and record audio and video, raising privacy concerns.
A small indicator light signals when the glasses record, but critics have questioned whether people nearby can reliably notice the light.
"With nearly ubiquitous recording devices like smartphones, wearables, and digital doorbells, we increasingly have access to the personal data of other people, bystanders," Janusz Swierczynski, a postdoctoral research fellow at Oxford University, said. "This makes it impossible for an individual to always have control of their own privacy."
The use of smart glasses has also prompted businesses, including financial services firms, to develop policies governing employees' use of the devices in the workplace and during client interactions.
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