Page 1 of 1 , 18 Items in Total
30450 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Books and Records; Conflict of Interest; Disclosure to Clients; Client's Best Interest
Standard(s) Violated: Article Article 3(d); 4.4; 4.3; 2.2(b); 1.4; Article 3(a)
Matter Type(s): Regulatory Action; CFP Board
Decision Date: 10/02/2017
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to: (a) seek best execution for clients when investing them in share classes that charged 12b-1 fees despite the availability of corresponding share classes without the fees; (b) disclose in his firm’s Forms ADV and advisory agreements the conflicts of interest that existed regarding his recommendations to clients of mutual funds that contained 12b-1 fees; and (c) perform required annual compliance reviews.


14399 – Anonymous Case History
Decision: Suspension
Keyword(s): Record-Keeping; Failure to Notify CFP Board; Outside Business Activity; Previous Discipline; Conflict of Interest
Standard(s) Violated: Article 406; Article 3(a); 606(a); Article 3(e); 607; 606(b); 407(a)
Matter Type(s): FINRA Arbitration; Civil Court
Decision Date: 08/10/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he conducted outside business activities without disclosing them to his employer and without obtaining his employer’s approval.

19872 – Anonymous Case History
Decision: Suspension
Keyword(s): Fitness; Misrepresentation; Advertising; Disclosure to Clients; Professional Discipline; Fraud Related to Professional Activity; Diligence
Standard(s) Violated: Article Article 3(a); 101(b); 201; 402; 607; 606(b); 102; 606(a); 705; 401(a)
Matter Type(s): Professionalism
Decision Date: 03/26/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he knowingly offering securities despite inaccurate financial projections set forth in a private placement memorandum.

19875 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Fitness; Professionalism; Fraud Related to Professional Activity; Misrepresentation; Professional Discipline; Advertising; Disclosure to Clients
Standard(s) Violated: Article 102; 401(a); 402; 201; 606(a); Article 3(a); 606(b); 607; 101(b)
Matter Type(s): Professionalism
Decision Date: 07/22/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she knowingly offered securities despite inaccurate financial projections set forth in a private placement memorandum.

19994 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Outside Business Activity; Misrepresentation; Disclosure to Clients; Employer Policy Violation; Failure to Respond to CFP Board; Conflict of Interest
Standard(s) Violated: Article Article 3(a); 201; 409; 406; 607; 102; Article 3(f); 606(b); 407(a); 408
Matter Type(s): Professionalism; Client Dissatisfaction; Civil Court
Decision Date: 04/07/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when she sold an interest-bearing promissory note to her client (“Client”) that she represented to the Client as a limited liability interest in a real estate investment venture.

21781 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Record-Keeping; Conflict of Interest; Securities Laws Violation; Professional Discipline; Disclosure to Clients
Standard(s) Violated: Article 607; 606(b); 606(a); 406
Matter Type(s): SEC Discipline
Decision Date: 03/27/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he caused his firm to violate record-keeping provisions of the Investment Advisers Act of 1940.

21865 – Anonymous Case History
Decision: Private Censure
Keyword(s): Professionalism; Settlement; Advertising
Standard(s) Violated: Article 602; Article 3(a); 606(b); 607
Matter Type(s): Professionalism
Decision Date: 07/11/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he sent misleading correspondence to the clients of a competing firm in an attempt to solicit them.

22305 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Employer Policy Violation; Conflict of Interest; Borrowing from Client
Standard(s) Violated: Article Article 3(a); 406; 201; 606(b); 409; 607
Matter Type(s): Professionalism; Civil Court
Decision Date: 04/06/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) accepted a $100,000 loan from a client, which violated his firm's policy against borrowing from clients; 2) failed to repay the client's loan according to the original terms of the promssory note; 3) failed to disclose any potential conflicts of interest and the risks associated with the promissory note; 4) failed to determine whether the promissory note he executed with his client was appropriate for his client; 5) allowed the client to purchase a piece of real estate for Respondent's benefit; and 6) failed to disclose any potential conflicts of interest and the risks associated with the client's purchase of a piece of real estate.

22472 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Professionalism; Advertising; Supervision
Standard(s) Violated: Article Article 3(a); 606(b); 602
Matter Type(s): Professionalism
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to: 1) perform due diligence in selecting a Web site contractor; and 2) adequately supervise the contractor’s work product, resulting in Respondent allowing the copyrighted material of a fellow CFP® professional to be compromised by appearing on Respondent’s Web site.

22505 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Breach of Contract; Confidentiality; Forgery; Advertising; Misrepresentation; Disclosure to CFP Board; Professional Discipline
Standard(s) Violated: Article Article 3(e); 607; 503; 406; 102; Article 3(a); 501; 606(b); 201
Matter Type(s): Professionalism
Decision Date: 12/22/2009
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) forged a client’s signature by cutting and pasting the signature from one document to another; 2) disclosed client information to third parties without authorization from the client; 3) mailed a solicitation in potential violation of a non-compete agreement between an employee and the employee’s former firm; 4) misrepresented to his partner that he had sought the advice of counsel prior to mailing the solicitation; and 5) received a 15-day professional suspension from a state regulator.

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.

22879 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Misrepresentation; Fitness; Professional Discipline; Advertising; Employer Policy Violation
Standard(s) Violated: Article 606(b); 102; Article 3(a); 406; Article 3(d); 606(a); 607
Matter Type(s): FINRA Arbitration
Decision Date: 05/17/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to comply with Financial Industry Regulatory Authority (“FINRA,” formerly National Association of Securities Dealers or “NASD”) rules relating to the approval and content of advertisements.

23714 – Anonymous Case History
Decision: Private Censure
Keyword(s): Advertising; Professional Discipline; Misrepresentation
Standard(s) Violated: Article 606(a); 606(b); 2.1; 6.5; 609; 201; Article 3(a); 4.3
Matter Type(s): Other Professional Discipline
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) prepared a financial review without holding a valid Certified Public Accountant (“CPA”) license, as required by state law; 2) communicated misleading information directly related to his professional qualifications and services when he advertised himself as a CPA despite not being licensed in the state in which he practiced; and 3) violated an agreement with the state requiring him to not represent himself as a public accountant and/or engage in the practice of accounting until he received a valid CPA license in the state.

25200 – Anonymous Case History
Decision: Granted Petition
Keyword(s): Commission/Compensation; Misrepresentation; Conflict of Interest; Loaning to Client; Disclosure to Clients; Securities Laws Violation; Competency; Commingling; Fiduciary Duty; Diligence
Standard(s) Violated: Article 402; 301; 606(b); Article 3(a); 607; 102; 606(a); 103(d); 302; 701; 403
Matter Type(s): CFP Board
Decision Date: 03/25/2011
Summary: Whether an applicant for reinstatement of his CFP® certification (“Respondent”) demonstrated rehabilitation by clear and convincing evidence that he complied with all disciplinary orders and provisions of the Disciplinary Rules and Procedures and is, once again, fit to use the CFP®, CERTIFIED FINANCIAL PLANNER™, and certification marks.

25698 – Anonymous Case History
Decision: Suspension
Keyword(s): Commission/Compensation; Suitability; Borrowing from Client; Misrepresentation; Conflict of Interest
Standard(s) Violated: Article 704; 102; 606(b); 409; 607; 501; 201
Matter Type(s): Civil Court
Decision Date: 07/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) described three private placement funds to a client as being safe and secure when they were actually highly speculative, nonpublic investments; 2) recommended and implemented a life insurance exchange for a client that resulted in more expense and less benefit for the client and a large commission for Respondent; 3) recommended and implemented an annuity exchange for a client that created a surrender penalty of approximately $21,000 for the client and a large commission for Respondent; 4) recommended three private placements to a client in which Respondent was personally invested; 5) accepted an interest-free loan from a client without executing a promissory note; and 6) forwarded a client’s contact information to the representatives of three private placements without the client’s consent.

27453 – Anonymous Case History
Decision: Private Censure
Keyword(s): Conflict of Interest; Failure to Cooperate with Staff; Client's Best Interest; Lawsuits Involving Financial Matters
Standard(s) Violated: Article 202; 102; 201; 6.5; 702(a); 606(b); 6.1; 607
Matter Type(s): Civil Court
Decision Date: 09/17/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) assisted a client to amend his living trust and pour-over will that provided compensation and assets to the client’s life partner and multiple charities; and 2) failed to respond to CFP Board’s requests for information.

28285 – Anonymous Case History
Decision: Suspension
Keyword(s): Conflict of Interest; Professional Discipline; Outside Business Activity; Commission/Compensation; Employer Policy Violation; Client's Best Interest
Standard(s) Violated: Article 2.2(b); 6.5; 1.4; 5.1; 4.4; 4.3
Matter Type(s): FINRA Discipline
Decision Date: 09/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) engaged in an outside business activity without providing notice and receiving prior written approval from his Firm; and 2) falsely certified to his broker-dealer that he was not engaged in outside business activity.

29246 – Anonymous Case History
Decision: Suspension
Keyword(s): Fiduciary Duty; Misrepresentation; Commission/Compensation; Conflict of Interest; Professional Discipline; Suitability; Securities Laws Violation
Standard(s) Violated: Article 4.5; 2.1; 2.2(a); 2.2(b); 4.3; 1.4; Article 3(d)
Matter Type(s): Other Professional Discipline
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct by making material misstatements and omissions to their clients while recommending that the clients invest in what was found to be a Ponzi-like investment scheme.


Page 1 of 1 , 18 Items in Total