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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.

11390 – Anonymous Case History
Decision: Suspension
Keyword(s): Arbitration; Failure to Notify CFP Board; Misappropriation; Breach of Contract; Bankruptcy; Misrepresentation; Forgery; Customer Complaints; Lawsuits Involving Financial Matters
Standard(s) Violated: Article 201; 607; Article 3(c); Article 3(a); 102; 606(b); Article 3(e)
Matter Type(s): Civil Court
Decision Date: 04/16/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she: 1) filed for Chapter 7 Bankruptcy; 2) was convicted of Operating a Motor Vehicle While Ability Impaired by Alcohol; and 3) was the subject of a series of arbitrations and customer complaints from 2001 through 2007.

12594 – Anonymous Case History
Decision: Suspension
Keyword(s): Professionalism; Churning; Misrepresentation; Professional Discipline; Bankruptcy; Suitability; Forgery; Employer Policy Violation; Customer Complaints; Fraud Related to Professional Activity; Unauthorized Transaction; Fitness; Disclosure to Clie
Standard(s) Violated: Article 2.1; 606(a); Article 3(a); 606(b); 201; 607; 406; 102
Matter Type(s): FINRA Arbitration
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) was the subject of at least five customer arbitrations alleging unsuitability, unauthorized trading, misrepresentation, churning, fraud and violations of both state and federal securities laws; 2) was alleged to have falsified customer account documents; 3) was permitted to resign from his firm due to unacceptable business practices; and 4) filed for Chapter 7 Bankruptcy.

13677 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professionalism; Other Ethics; Arbitration; Professional Discipline
Standard(s) Violated: Article 102; 406; 606(b); 607; Article 3(a); 201; 606(a)
Matter Type(s): FINRA Arbitration
Decision Date: 10/17/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) sold the major asset of his investment advisory firm for his own benefit and to the detriment of his minority shareholders, who were also investment advisory clients; 2) failed to disclose on his state insurance license renewal application that he had been named in National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority or “FINRA”) arbitrations and customer complaints; and 3) engaged in an adulterous relationship with his client while both were married.

15094 – Anonymous Case History
Decision: Suspension
Keyword(s): Misuse of the Marks; Lawsuits Involving Financial Matters; Arbitration; Customer Complaints; Disclosure to Clients; Suitability; Diligence; Professionalism; Misrepresentation
Standard(s) Violated: Article Article 3(a); 607; 601; 201; 704; 606(b); 701; 102
Matter Type(s): FINRA Arbitration
Decision Date: 08/11/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) recommended variable annuities to elderly clients; and 2) omitted the registered trademark symbol when referring to CFP® on his letterhead, certification salutations and documents.

15982 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Disclosure to Clients; Fitness; Customer Complaints; Arbitration; Employer Policy Violation; Professionalism
Standard(s) Violated: Article 606(b); 201; 406; 606(a); 607; Article 3(a); 701; 102
Matter Type(s): FINRA Arbitration
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to clarify his lack of involvement in recommending and endorsing a particular investment to his clients; and 2) executed transactions on a client’s behalf without first confirming that the proper written authorization was in place.

16145 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline; Fraud Related to Professional Activity; Customer Complaints; Suitability; Settlement; Diligence; Record-Keeping; Fitness; Disclosure to Clients; Client's Best Interest; Lawsuits Involving Financial Matters; Negligence; Competency
Standard(s) Violated: Article 606(a); 201; 401(a); Article 3(a); 405; 402; 606(b); 607; 102
Matter Type(s): Client Dissatisfaction
Decision Date: 03/26/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) treated a client’s payments as nontaxable gifts rather than taxable income; 2) did not disclose the income on his 2000 and 2001 state and federal tax returns; 3) did not disclose to a client the potential for a conflict of interest in serving as the appointed trustee of a trust and as an investment adviser for the trust; 4) double and triple charged clients for services; and 5) failed to disclose commissions.

16836 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Record-Keeping; Client Neglect; Suitability; Arbitration
Standard(s) Violated: Article 701; 201; Article 3(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 04/07/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) implemented an aggressive investment strategy for an elderly client (“Client”); 2) did not inform the Client that she had unrealistic investment expectations; 3) did not review the Client’s accounts after implementing the investment; and 4) did not respond to the Client’s calls.

17554 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fiduciary Duty; Settlement; Diligence; Misrepresentation; Breach of Contract; Negligence
Standard(s) Violated: Article 701
Matter Type(s): Civil Court
Decision Date: 08/18/2009
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he completed a client’s (“Client”) life insurance application inaccurately, resulting in the Client’s wife being denied benefits under the Client’s life insurance policy after the Client’s death.

17640 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Arbitration; Professionalism
Standard(s) Violated: Article Article 3(a); 701; 201; 406
Matter Type(s): FINRA Arbitration
Decision Date: 10/10/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he: 1) did not meet with a client (“Client”) regarding a discrepancy in the number of checks written from the Client’s Cash Management Account, which was later found to involve unlawful activity by the Client’s health care aide; and 2) did not bring the matter to his branch manager’s attention.

18767 – Anonymous Case History
Decision: Suspension
Keyword(s): Outside Business Activity; Misrepresentation; Professional Discipline; Commission/Compensation; Arbitration
Standard(s) Violated: Article 607; Article 3(a); 701; 406; Article 3(e); Article 3(d); 606(a); 606(b); 102; 201; 202; 405
Matter Type(s): FINRA Arbitration
Decision Date: 04/26/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he violated: 1) sections of the State Securities Act by selling unregistered securities; 2) the 2004 State Securities Board (“SSB”) Undertaking and 2005 SSB Order regarding supervision; 3) the 2004 SSB Undertaking and sections of the State Securities Act by failing to fully complete forms before obtaining client signatures; 4) sections of the State Securities Act by failing to disclose required information on his Form U4 and making material misrepresentations to the State Commissioner; 5) the 2004 SSB Undertaking and 2005 SSB Order by engaging in unsuitable transactions; and 6) National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority or “FINRA”) Conduct Rules by accepting a gift and/or gratuity in excess of $100 and charging clients both investment advisory fees and prohibited commissions.

19075 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Fiduciary Duty; Professionalism; Commission/Compensation; Disclosure to Clients; Commingling; Suitability; Diligence; Client's Best Interest; Fitness
Standard(s) Violated: Article 402; 610; 607; 703; 103(e); 702(a); Article 3(a); 201; 405; 701; 103(d); 202
Matter Type(s): Client Dissatisfaction; Professionalism; Civil Court
Decision Date: 08/13/2009
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct (“Standards”) when he performed financial planning services for a client’s (“Client”) father (“Client’s Father”) without providing to the Client’s Father a written financial planning agreement and written disclosures and when he received the Client’s Father’s funds through a bank account controlled by Respondent.

19812 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Settlement; Lawsuits Involving Financial Matters; Negligence; Misrepresentation; Breach of Contract; Fiduciary Duty
Standard(s) Violated: Article 701
Matter Type(s): Civil Court
Decision Date: 08/24/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when a state civil court found him liable for violation of a state Consumer Protection Act after the wife of a former client (“Client”) lost her claim for benefits due to an inaccurate answer on the Client’s life insurance application.

20420 – Anonymous Case History
Decision: Private Censure
Keyword(s): Suitability; Churning; Lawsuits Involving Financial Matters; Professional Discipline; Unauthorized Transaction; Diligence; Misrepresentation
Standard(s) Violated: Article Article 3(a); 701; 703; 201
Matter Type(s): Other Professional Discipline; Professionalism; FINRA Arbitration; Civil Court
Decision Date: 03/06/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he executed numerous trades in the account of a client without her approval.

21403 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professionalism; Customer Complaints; Arbitration; Unauthorized Transaction; Professional Discipline; Securities Laws Violation; Fitness
Standard(s) Violated: Article Article 3(a); 701; 606(a); 607; 201; 606(b)
Matter Type(s): FINRA Arbitration
Decision Date: 04/14/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she executed trades in a trust account without the trustee’s authorization.

21718 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Arbitration; Securities Laws Violation; Professional Discipline
Standard(s) Violated: Article 606(b); 701; 607; 201; Article 3(a); 406; 606(a)
Matter Type(s): FINRA Arbitration
Decision Date: 04/05/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) corrected a trading error in a client’s account by reimbursing the client from his own personal funds, rather than following firm policy with respect to resolving trading errors; and 2) traded a security in his personal securities account ahead of trading the same security in a client’s account.

21787 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Fraud Related to Professional Activity; Diligence; Disclosure to Clients; Securities Laws Violation; Misrepresentation; Unauthorized Use of the Marks; Professional Discipline; Breach of Contract; Suitability; Commingling; Lawsuits Involving Financial Matters; C
Standard(s) Violated: Article 607; 102; 704; Article 3(a); 201; Article 3(g); 103(d); 606(b); 606(a); 601; 701
Matter Type(s): Client Dissatisfaction
Decision Date: 02/27/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) did not fully inform his client (“Client”) as to the nature of an investment he made for her and did not provide risk disclosure documents to her; 2) did not inform the Client about a civil suit he initiated against the company that offered the product; 3) did not research the company that offered the product before the Client invested in it; 4) commingled his investment funds with the Client’s; 5) used the CFP® marks while not certified; and 6) violated federal and state securities regulations.

22516 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Professional Discipline; Professionalism; Supervision
Standard(s) Violated: Article 607; 701; Article 3(a); 705; 606(a)
Matter Type(s): FINRA Arbitration
Decision Date: 08/10/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to reasonably supervise a registered representative (“Representative”); and 2) did not respond adequately to red flags that should have alerted him that the Representative’s transactions were unsuitable for her customers.

22601 – Anonymous Case History
Decision: Private Censure
Keyword(s): Negligence; Diligence
Standard(s) Violated: Article Article 3(a); 201; 701; 606(b); 607
Matter Type(s): Civil Court
Decision Date: 11/28/2011
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) prepared complex legal instruments for a mentally impaired individual ("Client") he had never met; 2) did not conduct an assesment of the Client's mental capacity prior to having her execute the legal instruments; and 3) had the Client execute legal instruments she did not and could not fully comprehend.

22702 – Anonymous Case History
Decision: Private Censure
Keyword(s): Competency; Suitability; Fiduciary Duty; Misrepresentation; Diligence
Standard(s) Violated: Article Article 3(a); 201; 701; Article 3(g)
Matter Type(s): FINRA Arbitration
Decision Date: 08/10/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) recommended that a client (“Client”) invest her entire individual retirement account portfolio in equity mutual funds; 2) illustrated the performance of the equity funds to the Client with an inappropriately high rate of return; and 3) did not obtain further information from the Client after she indicated conflicting investment goals.

22866 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to Clients; Conflict of Interest; Client's Best Interest; Diligence; Suitability; Misrepresentation
Standard(s) Violated: Article 102; 607; 202; 606(b); 201; 701; 703; Article 3(a)
Matter Type(s): FINRA Arbitration
Decision Date: 12/28/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to disclose in the financial planning agreement that his employer had a material conflict of interest because it maintained “preferred supplier” relationships in which it received financial bonuses for selling the “preferred suppliers’” products that were in excess of the financial compensation it received for selling other products; 2) failed to provide the client with sufficient alternatives to his investment recommendations; 3) implemented his investment recommendations prior to presenting the client with the initial financial plan; and 4) placed a majority of the client’s assets in deferred annuities, which did not provide a regular income stream to meet the client’s projected expenses and did not meet their goal of minimizing estate taxes.

22986 – Anonymous Case History
Decision: Suspension
Keyword(s): Interim Suspension; Professional Discipline; Outside Business Activity; Misrepresentation; Professionalism; Disclosure to Clients; Employer Policy Violation; Fraud Related to Professional Activity; Suitability; Disclosure to CFP Board
Standard(s) Violated: Article 612; Article 3(e); 607; Article 3(a); 201; 606(a); 401(a); Article 3(d); 102; 606(b)
Matter Type(s): FINRA Discipline; Other Professional Discipline
Decision Date: 12/08/2010
Summary: Whether a candidate for CFP® certification (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she: 1) engaged in outside business activities without obtaining written approval from her employer; 2) did not notify CFP Board of her suspension; 3) recommended that her clients invest in promissory notes issued by her son’s company; and 4) did not disclose risks and other material and relevant information regarding the promissory notes to her clients.

23335 – Anonymous Case History
Decision: Private Censure
Keyword(s): Unauthorized Transaction; Disclosure to Clients; Professionalism; Diligence; Breach of Contract; Arbitration
Standard(s) Violated: Article Article 3(a); 606(b); 201; 701; 607
Matter Type(s): FINRA Arbitration; Client Dissatisfaction
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he repeatedly purchased securities in a non-discretionary account without authorization from the client (“Client”).

24481 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Fitness; Lawsuits Involving Financial Matters; Customer Complaints; Suitability; Professionalism; Misrepresentation; Settlement
Standard(s) Violated: Article 102; 606(b); 201; 607; Article 3(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 10/17/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended that his unaccredited client with limited assets invest over half her assets in an illiquid investment that required investor accreditation.

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