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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.

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.

21544 – Anonymous Case History
Decision: Suspension
Keyword(s): Failure to Respond to CFP Board; Failure to Cooperate with Staff; Settlement; Misrepresentation; Professional Discipline
Standard(s) Violated: Article 406; 606(a); 102; Article 3(d); 202; 501(a); 607; 201
Matter Type(s): FINRA Discipline
Decision Date: 04/04/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when she impersonated a client in order to effect a transfer of accounts from one Broker-Dealer to another.

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.

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.

25123 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fitness; Commission/Compensation; Employer Policy Violation; Professional Discipline; Misrepresentation; Outside Business Activity
Standard(s) Violated: Article 408; 606(a); 201; 607; 407(a); Article 3(a); 102; 406; 606(b)
Matter Type(s): Other Professional Discipline
Decision Date: 03/25/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) transacted business in the State without being properly registered as an agent of the issuer; 2) offered and sold unregistered securities of the issuer; and 3) entered into a Letter of Engagement with Controlling Company, in violation of his broker-dealer’s internal policy.

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.

26226 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to Clients; Outside Business Activity; Commission/Compensation
Standard(s) Violated: Article 606(b); 102; 5.1; 607; 6.5; 201; Article 3(d); 606(a); Article 3(a); 406
Matter Type(s): FINRA Discipline
Decision Date: 07/22/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) engaged in a private securities transaction with a client and failed to: a) give prior written notice to his firm regarding his outside business activities; and b) obtain prior written approval from his firm regarding his outside business activities, in violation of his firm’s company policy requiring disclosure of outside business activities; and 2) failed to disclose to a client the referral fee he received for the client’s investment in the private securities transaction.

28197 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fee-Only; Commission/Compensation
Standard(s) Violated: Article 2.2(a); 2.1; 6.5
Matter Type(s): Professionalism
Decision Date: 04/18/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she represented her compensation structure as “fee-only” on a public search engine.

28263 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fee-Only; Commission/Compensation
Standard(s) Violated: Article 6.5; 2.2(a); 2.1
Matter Type(s): CFP Board
Decision Date: 05/09/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she represented on her firm website that there were no conflicts of interest associated with her commission-based advice.

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.

28295 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Commission/Compensation; Fee-Only
Standard(s) Violated: Article 2.1; 2.2(a); 6.5
Matter Type(s): Professionalism
Decision Date: 06/17/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he represented his compensation as “fee-only” and later as “salary.”

28296 – Anonymous Case History
Decision: Dismiss--No Merit
Keyword(s): Commission/Compensation
Standard(s) Violated: Article 6.5; 2.2(a); 2.1
Matter Type(s): Professionalism
Decision Date: 05/15/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he represented that he was a salaried employee of his firm.

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.


28972 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fee-Only; Commission/Compensation
Standard(s) Violated: Article 2.1; 6.5; 2.2(a)
Matter Type(s): Professionalism
Decision Date: 07/31/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he misrepresented his compensation structure as “fee-only” on CFP Board’s “Find a CFP® Professional” search tool.

29019 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fee-Only; Commission/Compensation
Standard(s) Violated: Article 6.5; 2.2(a); 2.1
Matter Type(s): Professionalism
Decision Date: 11/20/2014
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct (“Standards”) when he inaccurately disclosed his compensation structure as “fee-only” on CFP Board’s “Find a CFP® Professional” search function.

29042 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Commission/Compensation; Fee-Only
Standard(s) Violated: Article 2.2(a); 2.1; 6.5
Matter Type(s): Professionalism
Decision Date: 12/08/2014
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he publicly misrepresented his compensation method as “fee only” to clients and prospective clients on CFP Board’s “Find a CFP® Professional” search tool.

29043 – Anonymous Case History
Decision: Private Censure
Keyword(s): Commission/Compensation; Fee-Only
Standard(s) Violated: Article 2.2(a); 2.1; 6.5
Matter Type(s): Professionalism
Decision Date: 04/29/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she disclosed her compensation structure as “fee-only” on CFP Board’s “Find a CFP® Professional” search function despite her employment with Bank, which is affiliated with a broker-dealer.

29220 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fee-Only; Commission/Compensation; Disclosure to Clients
Standard(s) Violated: Article 6.5; 2.1; 2.2(a)
Matter Type(s): CFP Board
Decision Date: 06/26/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he publicly represented his compensation method as “fee only” on the “Find” search tool while registered with a broker-dealer that earns commissions for selling securities and while he still receives commissions for securities and insurance products that he previously sold.

29221 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Commission/Compensation; Fee-Only
Standard(s) Violated: Article 2.2(a); 2.1; 6.5
Matter Type(s): CFP Board
Decision Date: 04/29/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he disclosed his compensation structure as “fee-only” on CFP Board’s “Find a CFP® Professional” search function while registered as a registered representative with a broker-dealer and while receiving trailing commissions as a licensed insurance agent.

29234 – Anonymous Case History
Decision: Private Censure
Keyword(s): Commission/Compensation; Fee-Only
Standard(s) Violated: Article 6.5; 2.2(a); 2.1
Matter Type(s): CFP Board
Decision Date: 04/13/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he disclosed his compensation structure as “fee-only” on CFP Board’s “Find a CFP® Professional” search function while serving as a registered representative of a broker-dealer.

29235 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Fee-Only; Commission/Compensation
Standard(s) Violated: Article 6.5; 2.2(a); 2.1
Matter Type(s): CFP Board
Decision Date: 04/24/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he disclosed his compensation structure as “fee-only” on CFP Board’s “Find a CFP® Professional” search function, while registered as a registered representative and while receiving commissions from insurance sales.

29262 – Anonymous Case History
Decision: Private Censure
Keyword(s): Commission/Compensation; Fee-Only
Standard(s) Violated: Article 2.2(a); 6.5; 2.1
Matter Type(s): CFP Board
Decision Date: 04/10/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he inaccurately disclosed his compensation structure as “fee-only” on CFP Board’s “Find a CFP® Professional” search function.

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