CFP Board Censures Improper CFP® Certificant Conduct

Certification Updates

CFP Board Censures Improper CFP® Certificant Conduct

Feb 19, 2010

WASHINGTON, DC, February 19, 2010—Certified Financial Planner Board of Standards, Inc. announces that it has issued an interim suspension to Oren Sullivan of Rock Hill, South Carolina, suspending his right to use the CFP® certification marks, effective immediately.

CFP Board initiated interim suspension proceedings after discovering that Mr. Sullivan was permanently barred from association with any FINRA member, and charged with seven counts of knowingly devising a scheme and artifice to defraud to obtain money or property by means of false or fraudulent pretenses in violation of §18 U.S.C. 1341. Mr. Sullivan is alleged to have entered into promissory notes with multiple investors. After receiving the principal from his clients, Mr. Sullivan deposited the money into his personal bank account. Mr. Sullivan 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 February 19, 2010. Under the Interim Suspension Order, Mr. Sullivan’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 60,000 individuals to use these marks in the United States. For more about CFP Board, visit

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


Michael P. Shaw, Managing Director, Professional Review and Legal
Phone: 202 379-2230