WASHINGTON, DC, April 1, 2010 — Certified Financial Planner Board of Standards, Inc. announces that it has issued an interim suspension to Mark J. Carpenter of Ann Arbor, Michigan, suspending his right to use the CFP® certification marks, effective immediately.
In March 2010, CFP Board issued Mr. Carpenter an Interim Suspension Order suspending his right to use the CFP® certification marks. CFP Board initiated interim suspension proceedings after discovering that Mr. Carpenter was involved in a series of fraudulent Ponzi schemes. Mr. Carpenter is alleged to have solicited investments in the fraudulent schemes from customers in the credit union branch where his office was located. Ultimately, Mr. Carpenter is alleged to have misappropriated in excess of $4,000,000 from investors. Mr. Carpenter 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 March 30, 2010. Under the Interim Suspension Order, Mr. Carpenter’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
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 61,000 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
Michael P. Shaw, Managing Director, Professional Standards and Legal
Phone: 202 379-2230