A registered representative from Apple Valley, Minn., was sanctioned by FINRA for submitting false financial plans to his member firm to hold onto his title of “financial planner,” records show.

John Kenneth Scheidler was ordered barred from any association with FINRA members from July 20 to Oct. 19. He did not admit nor deny the allegations, FINRA records indicate.

Scheidler had firm representatives assist him in submitting a plan ostensibly for each of them, for which they each agreed to pay $300. They were to be repaid by Scheidler, records show.

He submitted the completed plan paperwork for each representative, submitted each plan and received a total of $400 from his firm, which was not identified, for submitting those plans, records show.

FINRA investigators found that Scheidler concocted the scheme to retain his title of “financial planner.”