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CFP Board Censures Improper CFP® Certificant Conduct

Sep 30, 2009

Washington D.C., September 30, 2009—Certified Financial Planner Board of Standards, Inc. announces public disciplinary actions against the following individuals’ right to use the CFP® certification marks, effective immediately.

New York Matthew D. Weitzman Armonk Interim Suspension
Ohio Timothy W. Hyde Canton Interim Suspension
Wisconsin James E. Putman Menasha Interim Suspension

Public disciplinary actions taken by CFP Board, in order of increasing severity, include letter of admonition, suspension, and permanent revocation. Interim suspensions were issued to Timothy W. Hyde (aka aka Joseph D. Bonanno) and Matthew D. Weitzman. The basis for each decision can be found in the attached report. Consumers may check on any planner’s disciplinary history and certification status with CFP Board at www.CFP.net/search.

The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP® certificants and other stakeholders. CFP Board owns the certification marks CFP®; CERTIFIED FINANCIAL PLANNER™; and the federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. CFP Board currently authorizes more than 60,000 individuals to use these marks in the U.S.

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DISCIPLINARY ACTION REPORT

Interim Suspension

NEW YORK

Matthew D. Weitzman (Armonk): In September 2009, CFP Board’s Disciplinary and Ethics Commission issued Mr. Weitzman an Interim Suspension Order suspending his right to use the CFP® certification marks. CFP Board initiated interim suspension proceedings after discovering a June 2009 Complaint filed against Mr. Weitzman by the U.S. Securities and Exchange Commission (“SEC”). In its Complaint, the SEC alleged that Mr. Weitzman misappropriated funds from several clients, including: 1) $430,000 in a series of unauthorized transfers from a terminally ill client; 2) $85,000 in two separate unauthorized transfers from the account of a client’s widow; and 3) $400,000 from an elderly couple with diminished mental capacities. Mr. Weitzman agreed to settle the claims alleged in the SEC’s Complaint. Without admitting or denying the allegations, Mr. Weitzman consented to the entry of a judgment that granted the SEC full relief, but deferred the determination of the financial settlement. Mr. Weitzman failed to respond to CFP Board’s Order to Show Cause within 20 calendar days, as required by CFP Board’s Disciplinary Rules and Procedures. As a result, the allegations set forth in the Order to Show Cause were deemed admitted, and the Interim Suspension Order was automatically issued, effective September 18, 2009. Under the terms of the Interim Suspension Order, Mr. Weitzman’s right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation.

OHIO

Timothy W. Hyde (aka Joseph D. Bonanno) (Canton): In September 2009, CFP Board’s Disciplinary and Ethics Commission issued Mr. Hyde an Interim Suspension Order suspending his right to use the CFP® certification marks. CFP Board initiated interim suspension proceedings following notification that Mr. Hyde was charged with one felony count of wire fraud and two felony counts of knowingly and willfully making a false statement in a matter within the jurisdiction of the executive, legislative, or judicial branches of the Government of the United States. In August 2009, Mr. Hyde pleaded guilty in the U.S. District Court for the District of Northern Ohio to wire fraud, aggravated identity theft, two counts of making a false statement and one count of making a false statement in an application for a United States passport. Based on information discovered by CFP Board, from 1992 until March 2009, Mr. Hyde represented himself as “Timothy W. Hyde” when his legal name was Joseph D. Bonanno. Specifically, Mr. Hyde represented himself as Timothy W. Hyde to the Financial Industry Regulatory Authority, the U.S. Securities and Exchange Commission and the Ohio Division of Securities. Mr. Hyde failed to respond to CFP Board’s Order to Show Cause within 20 calendar days, as required by CFP Board’s Disciplinary Rules and Procedures. As a result, the allegations set forth in the Order to Show Cause were deemed admitted, and the Interim Suspension Order was automatically issued, effective September 14, 2009. Under the Interim Suspension Order, Mr. Hyde’s right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation.

WISCONSIN

James E. Putman (Menasha): In September 2009, CFP Board’s Disciplinary and Ethics Commission issued Mr. Putman an Interim Suspension Order suspending his right to use the CFP® certification marks. CFP Board initiated interim suspension proceedings following its receipt of an April 2009 complaint filed with CFP Board by one of Mr. Putman’s clients and notification that in May 2009, Mr. Putman and his company were subject to a U.S. Securities and Exchange Commission (“SEC”) civil emergency enforcement action in U.S. District Court for alleged securities fraud violations. The SEC action resulted in the issuance of a Temporary Restraining Order enjoining Mr. Putman and his company from violating certain antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. Mr. Putman failed to respond to CFP Board’s Order to Show Cause within 20 calendar days, as required by CFP Board’s Disciplinary Rules and Procedures. As a result, the allegations set forth in the Order to Show Cause were deemed admitted, and the Interim Suspension Order was automatically issued, effective September 29, 2009. Under the terms of the Interim Suspension Order, Mr. Putman’s right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation.

FOR IMMEDIATE RELEASE

CONTACT:
Michael P. Shaw, Managing Director, Professional Review and Legal
Phone: 202 379-2230
Email: mshaw@CFPBoard.org

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