Robert Averwater (CRD 5614514) is a Memphis, Tennessee broker. FINRA fined him $10,000, suspended him from association with any member firm in all capacities for four months, and required him to complete 10 hours of continuing education, according to an AWC issued August 18, 2026.
Averwater consented to the sanctions without admitting or denying the findings.
The findings state that Averwater instructed two junior employees at his member firm to complete his FINRA Regulatory Element continuing education, Firm Element continuing education, and firm required learning courses on his behalf. According to the AWC, Robert Averwater provided the employees with his login credentials and directed them to access his required courses on either his computer or their own.
The two junior employees completed approximately 20 courses for Averwater, the findings state.
Averwater's firm learned of his conduct after an administrative assistant reported seeing one of the junior employees logged onto Robert Averwater's computer, according to FINRA.
The suspension is in effect from September 8, 2026, through January 8, 2027, FINRA's case records show. The matter's case number is 2024082376001.
FINRA's continuing education program requires registered persons like Robert Averwater to periodically complete coursework on regulatory requirements, ethics and products, so that their knowledge stays current after they pass their initial licensing exams. Firms also assign their own required learning courses on topics specific to their business.
When someone other than the registered person completes that coursework, the point of the requirement, confirming that the individual personally understands the material, is not met, regardless of whether the courses are otherwise completed on time.
As part of the sanctions against Robert Averwater, he was required to attend and satisfactorily complete 10 hours of continuing education, according to the AWC.
FINRA fined Averwater $10,000 and suspended him for four months in the same matter, the AWC states.
FINRA member firms must supervise the activities of their brokers. If you have questions about an account that Robert Averwater handled, call Soreide Law Group at (888) 760-6552. You can also reach us online to speak with a securities attorney. Our securities lawyers handle FINRA arbitration claims on a contingency fee basis. Learn how FINRA arbitration works.
This post summarizes public FINRA records, including BrokerCheck, as of October 14, 2026. FINRA's hearing panel or adjudicators make the findings in a disciplinary decision, and a respondent may appeal them. FINRA may also update or correct these records after that date.
Robert Averwater (CRD 5614514) is a Memphis, Tennessee broker. FINRA fined him $10,000, suspended him from association with any member firm in all capacities for four months, and required him to complete 10 hours of continuing education, according to an AWC issued August 18, 2026.
Qi Yang (CRD 7439718) is a San Francisco, California broker. FINRA suspended him from association with any member firm in all capacities for six months and assessed a deferred fine of $5,000, according to an AWC issued August 10, 2026.
Thomas Jacobs (CRD 4139430) is a Bay City, Michigan broker. FINRA suspended him from association with any member firm in all capacities for two months and assessed a deferred fine of $2,500, according to an AWC issued August 3, 2026.
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