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CFP Board Censures Improper CFP® Certificant Conduct

Nov 04, 2009

WASHINGTON, DC, November 4, 2009—Certified Financial Planner Board of Standards, Inc. announces that it has issued an interim suspension to Brian P. Troy of Keller, Texas, suspending his right to use the CFP® certification marks, effective immediately.

In October 2009, CFP Board’s Disciplinary and Ethics Commission issued Mr. Troy an Interim Suspension Order suspending his right to use the CFP® certification marks. CFP Board initiated interim suspension proceedings after discovering that Mr. Troy was indicted on 22 felony counts of securing execution of a document by deception and 21 felony counts of misapplication of fiduciary property. From 2006 through 2008, Mr. Troy is alleged to have collected commissions totaling more than $250,000 by illegally transferring approximately $9 million from college employees’ state retirement plans to private plans with American International Group. Mr. Troy 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 October 27, 2009. Under the Interim Suspension Order, Mr. Troy’s right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation.

Public disciplinary actions taken by CFP Board, in order of increasing severity, include letter of admonition, suspension, and permanent revocation. Consumers may check on any planner’s disciplinary history and certification status with CFP Board at www.CFP.net.

About CFP Board: 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 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 United States. For more about CFP Board, visit www.CFP.net.

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CFP® - The Recognized Standard of Excellence in Personal Financial Planning

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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