Finra Bars Rep For Allegedly Using Smart Glasses To Cheat On Exam

A former NYLife Securities representative, Jacob Spencer, has been barred from the industry for allegedly cheating on a Series 6 exam by using internet-enabled eyeglasses, according to Finra documents.

The case appears to be another example of the ethical dilemmas presented by devices such as Meta’s smart glasses (disparagingly referred to as “pervert glasses” by some critics).

Spencer, who couldn’t be reached for comment, signed a Finra letter of acceptance, waiver and consent, which states he “used internet-enabled eyeglasses to access test material and cheat on the Series 6 Examination” in February. He was employed by NYLife Securities from June 2025 until his termination on Feb. 26, according to the consent letter. New York Life said it could not comment on personnel matters.

Finra’s Rules of Conduct for qualification exams prohibit the use of all electronic devices, cameras, phones, watches and “eyewear with any electronic modification (other than a FINRA-approved accommodation).”

The consent letter states, “Before starting the exam, Spencer attested that he had read and would abide by the relevant Rules of Conduct.” But during the exam, he “used a pair of eyeglasses with electronic modifications to access material on the internet to help him answer exam questions,” the letter stated.

The device Spencer used was not identified in the Finra documents.

Meta is the maker of the most popular smart glasses, with over seven million sold. Some are co-branded with Ray-Ban and Oakley. Apple is said to be working on a competing product.. Google Glass was a failed early experiment a decade ago, but that company too may return to the space.

Not only can the glasses be used to connect to the internet, they also can record video and audio, which has raised major privacy concerns. A small light is designed to indicate to bystanders when recording is turned on, but some say the feature can be easily missed or even covered up.

“With nearly ubiquitous recording devices like smartphones, wearables, and digital doorbells, we increasingly have access to the personal data of other people—bystanders,” said Janusz Swierczynski, a postdoctoral research fellow at Oxford University. “This makes it impossible for an individual to always have control of their own privacy.”

The business world, including financial services firms, are scrambling to develop policies on the use of such devices in the workplace and when meeting with clients.