THE Margin's "it could never happen in Ireland department" is pleased to bring you the tale of the 50 US stockbrokers, some of whom paid up to $5,000 to impostors to take licensing exams for them. They have been indicted in the biggest securities test-cheating scheme ever uncovered in the US.

Manhattan district attorney Mr Robert Morgenthau said there were 54 defendants in the scheme, including two "ringers" who took the tests, middlemen who helped carry out the scheme and 50 brokers who paid impostors to take the tests. Three of the latter became middlemen themselves.

The most serious charges, including forgery and possession of forged securities, each carries possible prison terms of up to seven years.

The scheme centred on a national, six-hour exam that is offered daily at 56 sites across the country. About 200,000 tests are given annually.

The ringers were able to escape detection by taking the tests at a variety of locations in different states and by using fake photo identifications.

The test measures an applicant's knowledge of securities issues, markets, regulations and laws. It is the first hurdle that potential brokers must pass before they are authorised to sell securities to investors.

It could never happen in Ireland, of course. Here stockbrokers don't have to take any exams!