Page 1 of 1 , 19 Items in Total
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.


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.

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.

21744 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Professionalism; Client's Best Interest; Forgery; Misrepresentation; Professional Discipline; Unauthorized Transaction; Employer Policy Violation; Fraud Related to Professional Activity; Settlement
Standard(s) Violated: Article Article 3(d); 201; 406; 102; 103(c); 607; 202; 606(b)
Matter Type(s): FINRA Discipline; Client Dissatisfaction
Decision Date: 12/19/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he signed clients’ signatures on documents without their authorization.

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.

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.

22451 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Competency; Employer Policy Violation; Professional Discipline; Commission/Compensation; Suitability; Failure to Respond to CFP Board; Failure to Notify CFP Board; Disclosure to CFP Board; Conflict of Interest; Disclosure to Clients
Standard(s) Violated: Article 302; 401(a); 606(a); 408; 406; Article 3(d); 201; Article 3(e); Article 3(f)
Matter Type(s): Client Dissatisfaction; FINRA Arbitration
Decision Date: 08/10/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) sold promissory notes to individuals who were not customers of his broker-dealer (“Broker-Dealer”) without notice to the Broker-Dealer; and 2) received compensation for the sale of the promissory notes without permission from the Broker-Dealer.

23068 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Commingling; Employer Policy Violation; Professional Discipline; Loaning to Client; Failure to Notify CFP Board
Standard(s) Violated: Article 606(a); 606(b); 607; Article 3(e); 201; 406; Article 3(d); 102; Article 3(a)
Matter Type(s): Other Professional Discipline
Decision Date: 03/26/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) made a loan to a client (“Client”) in violation of his employer’s written procedures and National Association of Securities Dealers (“NASD” now know as the Financial Industry Regulatory Authority or “FINRA”) Conduct Rules; 2) did not disclose to his employer (“Firm”) that he made the loan to the Client, in violation of Firm policy; 3) did not disclose to his firm that he executed a Power of Attorney granted by the Client; 4) exercised the Power of Attorney in connection with the sale of Respondent’s real property to the Client; 5) established a joint bank account with the Client; 6) was suspended and fined by the FINRA; and 7) did not disclose his FINRA suspension to CFP Board within 10 days.

24137 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Fraud Related to Professional Activity; Customer Complaints; Professionalism; Client's Best Interest
Standard(s) Violated: Article 4.4; 2.1; 6.5; 4.5; 1.4
Matter Type(s): Civil Court
Decision Date: 12/06/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) obtained approval for a commission increase on a 401K plan from a company executive who did not normally approve such changes; and 2) recommended that officers of the company transfer management of their personal assets to Respondent’s new firm without disclosing that they would incur surrender charges.

26425 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Outside Business Activity; Client's Best Interest; Employer Policy Violation; Borrowing from Client
Standard(s) Violated: Article 406; 407(a); 201; 606(b); Article 3(a); 607; 409
Matter Type(s): Other Professional Discipline
Decision Date: 02/14/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) issued two promissory notes to a client in connection with a real estate-related outside business activity without prior approval from his firm; and 2) was terminated by his firm for issuing the promissory notes.

26476 – Anonymous Case History
Decision: Suspension
Keyword(s): Arbitration; Suitability; Client's Best Interest; Fiduciary Duty
Standard(s) Violated: Article 6.5; 4.4; 202; 1.4; 4.5; 606(b); 201; 102; 607; 1.3; 703
Matter Type(s): FINRA Arbitration
Decision Date: 05/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he concentrated clients’ assets in private placements.

27092 – Anonymous Case History
Decision: Private Censure
Keyword(s): Securities Laws Violation; Commission/Compensation; Advertising; Employer Policy Violation; Misuse of the Marks; Client's Best Interest; Misrepresentation
Standard(s) Violated: Article 4.1; 2.1; 4.5; 6.1; Article 3(a); 6.5; 1.4; 4.3; 5.1; 4.4
Matter Type(s): Professionalism
Decision Date: 08/09/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he 1) sold allegedly unsuitable insurance policies to his financial planning clients; 2) communicated to clients and prospective clients allegedly misleading information related to client testimonials, the registration status of his firm (“Respondent’s Firm”), and his compensation; 3) was terminated by Firm due to his use of client testimonials, failure to disclose outside business activities, and advertising violations; 4) violated State securities laws related to registration of his business entities, disclosure of outside business activities, client testimonials, and disclosure of his criminal charge to all regulatory bodies; 5) pleaded guilty to one misdemeanor count of Obtaining Contents of Communications; and 6) improperly used the CFP® marks in the Internet domain name www.respondentsnamecfp.com, the email addresses respondent@respondentsnamecfp.com and employee@respondentsnamecfp.com, and the Twitter handle @respondentsnameCFP and the corresponding Internet domain name https://twitter.com/#!/respondentsnamecfp.

27228 – Anonymous Case History
Decision: Granted Petition
Keyword(s): Client's Best Interest; Suitability
Standard(s) Violated: Article Article 3(f); 607; 704; 406; 701; 606(a); 606(b); 202; 201
Matter Type(s): FINRA Arbitration
Decision Date: 07/27/2012
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he did not respond to a Complaint issued to him by CFP Board.

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.


30850 – Anonymous Case History
Decision: Suspension
Keyword(s): Failure-to-Report; Client's Best Interest; Fiduciary Duty; Misrepresentation; Suitability
Standard(s) Violated: Article Article 3(e); Article 3(d); Article 3(a); 4.5; 4.4; 4.3; 2.1; 1.4
Matter Type(s): FINRA Arbitration; Failure to Disclose to CFP Board; FINRA Discipline
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he (1) made an unsuitable investment recommendation to a client; (2) misrepresented the values of annuities being recommended to that client; (3) placed his interest above his client’s interest by making an unsuitable recommendation that resulted in more than $25,000 in commission fees for the Respondent; and (4) failed to report a subsequent suspension by the Financial Industry Regulatory Authority (“FINRA”) to CFP Board within 30 days.


27406 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Misrepresentation; Client's Best Interest; Fiduciary Duty
Standard(s) Violated: Article Article 3(a); 4.3; 4.4; 4.5; 1.4; 2.1; Article 3(b); 6.5
Matter Type(s): Client Dissatisfaction
Decision Date: 09/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) relied on a non-guaranteed 12% gross rate of return in a Variable Universal Life (“VUL”) Insurance policy illustration to determine how long the product would remain in force; 2) recommended that his client purchase a VUL with a limited no lapse period when the client’s goal was life insurance paid up for life; and 3) told a client that a VUL would almost triple her money.

28738 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Disclosure to Clients; Diligence; Suitability; Client's Best Interest; Fitness
Standard(s) Violated: Article 202; 102; 703; 701; 401(b); 6.5; 406; 607; 702(a); 201
Matter Type(s): FINRA Arbitration
Decision Date: 06/09/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he 1) failed to inform his clients of the taxes, penalties and interest associated with a Net Unrealized Appreciation (“NUA”) strategy; 2) failed to diligently follow up with the clients regarding the NUA strategy; 3) offered the Clients free advisory services, a refund of advisory/financial planning fees already paid and compensation for the early withdrawal penalty; and 4) did not provide documents requested by CFP Board.

29051 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Suitability; Professional Discipline; Client's Best Interest
Standard(s) Violated: Article 4.5; 1.4; 5.1; 4.1; 6.5; 4.4; 4.3
Matter Type(s): Other Professional Discipline
Decision Date: 06/10/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended a client liquidate her variable annuity without: 1) becoming the agent of record on the variable annuity; 2) handling the liquidation through his employer; 3) seeking approval from his employer for conducting outside business activities; and 4) knowing the cost basis of the variable annuity prior to making the recommendation.

29350 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Suitability; Client's Best Interest; Securities Laws Violation; Professional Discipline
Standard(s) Violated: Article 2.1; 4.1; 6.5; 4.5; 4.6; 4.3; 4.4
Matter Type(s): FINRA Discipline
Decision Date: 04/10/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to disclose information related to the liquidity of, risks associated with, and the assets underlying an investment product; 2) failed to make and preserve books and records as required under the Exchange Act rules by having a record of basic identifying and financial information for the two clients involved in purchasing an investment; 3) allowed an unregistered employee to effect the purchase of an investment; and 4) failed to enforce his firm’s written supervisory procedures by failing to prepare new account forms and record basic identifying and financial information for the clients’ who purchased an investment.

Page 1 of 1 , 19 Items in Total