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31039 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Professionalism; Professional Discipline; Forgery; Forged-Client-Signatures
Standard(s) Violated: Article 5.1; 4.4; 4.3
Matter Type(s): Termination; Employer Action; Customer Complaint; Professional Organization Disciplinary Action; FINRA Discipline
Decision Date: 02/01/2019
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct when he altered customer signatures on automated customer account transfer forms and mutual fund switch forms to process transactions.


31048 – Anonymous Case History
Decision: Petition-for-Consideration---Denied
Keyword(s): DUI/DWI; Legal-Reinstatement
Standard(s) Violated: Article Article 3(c); Article 3(a); 6.5
Matter Type(s): Criminal; Reinstatement
Decision Date: 02/01/2019
Summary:

Whether a former CFP® professional met his burden to prove by clear and convincing evidence that he had been rehabilitated after a two-year suspension when (1) he failed to provide testimonies or letters of recommendations regarding treatment for alcohol addiction; and (2) he offered no specific evidence sufficient to demonstrate that he has a proper understanding of CFP Board’s Standards of Professional Conduct (“Standards”) and is willing to act in conformity with the Standards


31059 – Anonymous Case History
Decision: Bar-from-Taking-CFP-Certification-Exam
Keyword(s): Employer Policy Violation; Settlement; Misrepresentation; Certification-Exam
Standard(s) Violated: Article Candidate-NDA-Violation; Application-Agreement-Violation
Matter Type(s): Exam
Decision Date: 02/01/2019
Summary:

Whether a CFP® professional violated the terms of the CFP® Exam Application and CFP Board’s Non-Disclosure Agreement for Candidates by engaging in exam-related misconduct when she (a) forged two documents indicating that she had passed the CFP® Exam when she had not; (b) communicated to her superiors and several colleagues that she had passed the CFP® Exam when she had not; and (c) asked for a pay raise based on her misrepresentation that she passed the CFP® Exam.


31176 – Anonymous Case History
Decision: Denied But Allow Reapplication; Denied Petition
Keyword(s): Misrepresentation; Public-Intoxication; DUI/DWI; Disclosure to CFP Board
Standard(s) Violated: Article Fitness-Standards
Matter Type(s): State Regulatory Action; Criminal
Decision Date: 02/01/2019
Summary:

Whether a candidate for CFP® certification (“Respondent”) should be certified when he had a history of alcohol-related convictions and arrests.


31185 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Professional Discipline; Unreasonable-Assumptions; Fiduciary Duty; Due-Diligence; Client Neglect
Standard(s) Violated: Article Article 3(d); 4.5; 4.3
Matter Type(s): Employer-Investigation; FINRA Arbitration
Decision Date: 02/01/2019
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct when he made recommendations for short-term trading of Unit Investment Trusts that were unsuitable in view of the frequency and cost of the transactions, which caused clients to incur unnecessary sales charges.


29758 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Professionalism; Professional Discipline; Client's Best Interest
Standard(s) Violated: Article 1.4; 4.4; Article 3(d); 4.3
Matter Type(s): FINRA Discipline; Client Dissatisfaction; FINRA Arbitration
Decision Date: 02/01/2019
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct when he recommended an investment strategy to an elderly client that was unsuitable because it unduly concentrated her portfolio in risky, leveraged precious metal products.


31277 – Anonymous Case History
Decision: Bar-from-Taking-CFP-Certification-Exam
Keyword(s): Settlement; Cheating; Certification-Exam
Standard(s) Violated: Article Candidate-NDA-Violation; CFP-Certification-Examination-Agreement
Matter Type(s): Exam
Decision Date: 02/01/2019
Summary:

Whether a Candidate for CFP® certification violated the terms of the CFP® Exam Application and CFP Board’s Non-Disclosure Agreement for Candidates (“NDA”) by engaging in exam misconduct when he accessed an electronic device from his locker during an unscheduled break while taking the CFP® exam and reviewed CFP® Exam content contained on that electronic device.


31311 – Anonymous Case History
Decision: Deny Reinstatement
Keyword(s): Employer Policy Violation; Reinstatement
Matter Type(s): Employer-Investigation; Employer Action; Criminal
Decision Date: 02/01/2019
Summary:

Whether a former CFP® professional met his burden to prove by clear and convincing evidence that he had been rehabilitated after a five year suspension when he (1) failed to provide any letters of reference from current clients or customers, supervisors, or colleagues to prove that his conduct since his suspension had been beyond reproach, and (2) failed to demonstrate that he had a proper understanding of CFP Board’s Standards of Professional Conduct (“Standards”). 


31358 – Anonymous Case History
Decision: Granted Petition
Keyword(s): Unauthorized Transaction
Standard(s) Violated: Article Fitness-Standards
Matter Type(s): SEC-Settlement
Decision Date: 07/05/2019
Summary:

Whether a candidate for CFP® certification could be certified when he knew of unauthorized trading by the President and Vice President of Equity Trading of his firm but he never disclosed this information to clients or otherwise attempted to correct any of the misrepresentations or omissions.


31302 – Anonymous Case History
Decision: Settlement--Relinquish; Bar-from-Taking-CFP-Certification-Exam
Keyword(s): Cheating; Certification-Exam
Standard(s) Violated: Article Candidate-NDA-Violation
Matter Type(s): Exam
Summary: Whether a CFP® candidate (“Respondent”) violated the terms of the CFP® Certification Examination Agreement (“Examination Agreement”), the CFP® Exam Candidate Handbook (“Handbook”), and Vendor’s Test Center Regulations by bringing written notes into the testing room with him and transcribing the information onto his scratch paper during the tutorial. 

27565 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Diligence; Client's Best Interest; Professionalism
Standard(s) Violated: Article Article 3(b); Article 3(a); 703; 701; 202; 201
Matter Type(s): Complaint to CFP Board
Decision Date: 06/01/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to exercise reasonable and prudent judgment when he: 1) failed to properly analyze and account for the client’s needs and cash flow, 2) failed to include the costs of the VUL policies, variable annuities and REITs in his 2001 and 2008 financial plans; 3) recommended and sold to the client unsuitable VUL policies, variable annuities and REITs; and 4) placed the bulk of the client’s assets into long-term investments with high fees and expenses although the client’s primary objective was income.

30896 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Revocation of a Financial Professional License; Fraud Related to Professional Activity
Standard(s) Violated: Article Article 3(d); 6.5; 5.1; 4.3
Matter Type(s): FINRA Discipline
Decision Date: 06/01/2019
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he obtained reimbursement from his firm for computer equipment he purchased but then returned or cancelled, and when he encouraged other employees to do the same and to lie to firm investigators about it.

27098 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Failure to Cooperate with Staff; Tax-Lien
Standard(s) Violated: Article 6.5; 6.1
Matter Type(s): Civil Court
Decision Date: 10/01/2012
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she: 1) failed to file taxes for tax years 2002 through 2008, which caused her to incur a federal tax lien; and 2) failed to respond to CFP Board’s requests for information.

25468 – Anonymous Case History
Keyword(s): Diligence; Misrepresentation; Employer Policy Violation
Standard(s) Violated: Article 6.5
Matter Type(s): Civil Court
Decision Date: 10/10/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) advised a client verbally and in documentation that the client owned assets the client did not actually own; and 2) shared in the client's losses to conceal the losses from the firm.

30804 – Anonymous Case History
Decision: Deny Reinstatement
Keyword(s): Suitability; Reinstatement
Matter Type(s): Application-for-Reinstatement
Decision Date: 10/01/2017
Summary:

Whether a petitioner, who had his right to use the CFP® certification suspended for a period of four years (“Respondent”), has proven by clear and convincing that he has been rehabilitated, has complied with all applicable disciplinary orders and provisions of CFP Board’s Disciplinary Rules, and that he is fit to use the CFP® marks.


31010 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Diligence; Suitability; Fiduciary Duty
Standard(s) Violated: Article 1.4; 4.5
Matter Type(s): Client Dissatisfaction
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct by recommending that a client surrender of an annuity contract when Respondent did not properly estimate the cost basis of the annuity and incorrectly advised her client about the tax consequences of withdrawing funds from the annuity.


31074 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to CFP Board; Felony-Non-Violent Crime; DUI/DWI
Standard(s) Violated: Article Article 3(c); 6.5
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct when he was convicted of Driving Under the Influence (“DUI”), which in this case was a class 4 felony because of prior misdemeanor convictions.


30941 – Anonymous Case History
Decision: Suspension
Keyword(s): Misrepresentation; Forgery
Standard(s) Violated: Article 5.1; 4.4; 4.3; 2.1
Matter Type(s): Employer Action
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct when he signed a client’s name on two checks without her knowledge or permission and presented the checks to his firm for deposit without obtaining the firm’s permission for signing on the client’s behalf.


31122 – Anonymous Case History
Decision: Petition-for-Consideration---Denied; Delay---Petition
Keyword(s): Continuing Education Violation
Matter Type(s): Case Developed By Staff
Decision Date: 10/01/2018
Summary:

Whether a petitioner whose CFP® certification was administratively relinquished (“Respondent”), could be certified when he inaccurately reported continuing education credits to CFP Board.


30735 – Anonymous Case History
Decision: Bar-from-Taking-CFP-Certification-Exam
Keyword(s): Exam
Matter Type(s): Exam
Decision Date: 10/01/2017
Summary: Whether a CFP® professional (“Respondent”) violated the terms of the CFP® Exam Application, Vendor’s Testing Center Regulations, and CFP Board’s Non-Disclosure Agreement (“NDA”) by engaging in exam misconduct or other testing irregularity that could compromise the integrity of the exam, including when he: (a) denied that he had removed a sheet of the scratch paper from the scratch booklet; (b) failed to return the scratch paper to the TCA when requested; and (c) concealed and removed the scratch paper, with written examination information, from the Testing Center.

30456 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline
Standard(s) Violated: Article Article 3(e); Article 3(a); 4.3; Article 3(d)
Matter Type(s): Regulatory Action
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he engaged in securities transactions on behalf of clients without his employer’s approval.

30952 – Anonymous Case History
Decision: Remedial-CE; Private Censure
Keyword(s): Failure to Register
Standard(s) Violated: Article Article 3(a); 4.3
Matter Type(s): State Regulatory Action
Decision Date: 06/12/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he served as an Registered Investment Advisor (“RIA”) and Investment Adviser Representative (“IAR”) prior to completing the state registration process.


30897 – Anonymous Case History
Decision: Suspension
Keyword(s): Failure-to-Respond-to-Staff; Failure to Cooperate with Staff; Bankruptcy; Tax-Lien
Standard(s) Violated: Article Article 3(f); Article 3(a); 6.5
Decision Date: 06/12/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) incurred 2016 and 2017 IRS tax liens; (2) filed for Chapter 13 Bankruptcy in 2018; and (3) failed to timely and adequately respond to CFP Board’s Notices of Investigation.


30547 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Failure-to-Disclose-to-Firm; Client's Best Interest; Fiduciary Duty; Failure-to-Supervise
Standard(s) Violated: Article Article 3(g); Article 3(a); 6.1; 4.6; 5.1; 4.3; 6.5; 1.4
Matter Type(s): Employer-Investigation
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) failed to properly supervise subordinates, resulting in one subordinate being named as a beneficiary of several clients’ accounts, creating a conflict of interest; (2) was named as a beneficiary in several client accounts, in violation of firm policy; and (3) failed to disclose and obtain approval from his firm after he was named as a beneficiary of both client and non-client accounts.


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