Page 1 of 1 , 13 Items in Total
24832 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Misrepresentation; Fraud Related to Professional Activity
Matter Type(s): Criminal Court; Client Dissatisfaction
Decision Date: 03/29/2013
Summary: Whether a CFP ® professional (“Respondent”) adequately proved under Standards of Professional Conduct that she did not pose an immediate threat to the public and that the gravity of the nature of her conduct did not impinge upon the stature and reputation of the marks when she: 1) was the subject of a criminal investigation into allegations that she had engaged in fraud by misrepresenting a third party transfer, and committing elder financial abuse; and 2) was barred by FINRA for failure to cooperate with its investigation of allegations of misappropriation of client funds.

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.

25775 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Customer Complaints; Misrepresentation; Employer Policy Violation; Securities Laws Violation
Standard(s) Violated: Article 406; 5.1; 6.5; Article 3(a); 704; 102; 201; 607; 4.4; 606(b); 606(a)
Matter Type(s): Client Dissatisfaction; Other Professional Discipline
Decision Date: 07/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) stated an annual income figure for a client on that client’s account application which he knew to be inaccurate, causing his firm’s books and records to be inaccurate and in violation of NASD Rules 3110 and 2110; 2) recommended to a client that she purchase a variable universal life insurance policy with an annual premium of $10,000 when Respondent knew that the client was unemployed; and 3) was placed on heightened supervision by his firm for violation of the firm’s lending policy and for failure to comply with firm policies and procedures relating to following pre-approval restrictions by accepting a trade on a client’s account from an unauthorized third party; and 4) was terminated by his firm for violating firm policy regarding use of discretion and accepting a trade from an unauthorized party.

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.

28077 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Professional Discipline; Misrepresentation; Employer Policy Violation
Standard(s) Violated: Article 4.4; 4.3; 5.1; 2.1; 6.1
Matter Type(s): Professionalism
Decision Date: 07/31/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she provided information to a client’s creditors regarding purported wire transfers from the client’s brokerage accounts which the client had not actually made.

28146 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Misrepresentation; Employer Policy Violation
Standard(s) Violated: Article 6.5; 5.1; 4.3; 4.4
Matter Type(s): FINRA Discipline
Decision Date: 03/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she knowingly allowed a client to impersonate her daughter during a phone call with an insurance company, which lead to Respondent’s termination by his Firm and a 2012 Financial Industry Regulatory Authority, Inc. (“FINRA”) Letter of Acceptance, Waiver and Consent (“AWC”).

28165 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline; Client's Best Interest; Misrepresentation; Securities Laws Violation; Suitability
Standard(s) Violated: Article Article 3(a); 6.5; 4.3; 1.4; 4.4; Article 3(d); 5.1
Matter Type(s): FINRA Discipline
Decision Date: 07/31/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) used discretion to buy and sell approximately 120 Inverse Floater CMOs for his clients’ accounts without obtaining prior written authorization from the clients and prior written acceptance of their accounts as discretionary by his firm, in violation of the firm’s policy, National Association of Securities Dealers (“NASD”, now known as the Financial Industry Regulatory Authority, Inc. or “FINRA”) Rule 2510 and FINRA Rule 2010; and 2) was suspended by FINRA for violating FINRA rules.

28203 – Anonymous Case History
Decision: Suspension
Keyword(s): Employer Policy Violation; Professional Discipline; Record-Keeping; Misrepresentation
Standard(s) Violated: Article 4.4; 5.1; 6.5
Matter Type(s): FINRA Discipline; Other Professional Discipline
Decision Date: 03/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) entered false information regarding Client’s state of residence into Firm 1’s electronic books and records; 2) included false information in an annuity application regarding the state in which Client signed the document; 3) transacted insurance business without proper state registration; and 4) was suspended by the Financial Industry Regulatory Authority, Inc. (“FINRA”, formerly known as the National Association of Securities Dealers or “NASD”).

28379 – Anonymous Case History
Decision: Private Censure
Keyword(s): Misrepresentation; Professional Discipline; Employer Policy Violation; Failure to Notify CFP Board
Standard(s) Violated: Article Article 3(d); 406; 5.1; Article 3(g); Article 3(e); Article 3(a)
Matter Type(s): FINRA Discipline
Decision Date: 07/26/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) engaged in outside business activities without prior written approval; 2) denied receiving compensation outside his broker-dealer on his 2007, 2008, and 2009 compliance questionnaires while he was receiving compensation directly from Client; 3) stated in 2007, 2008, and 2009 compliance questionnaires that he delivered all transaction documents and other items requiring approval but did not deliver documents regarding his outside transactions; 4) was suspended by the Financial Industry Regulatory Authority, Inc. (“FINRA” formerly known as the National Association of Securities Dealers, Inc “NASD”); and 5) failed to report his FINRA suspension to CFP Board within 30 days.

28383 – Anonymous Case History
Decision: Private Censure
Keyword(s): Securities Laws Violation; Record-Keeping; Professional Discipline
Standard(s) Violated: Article 4.3; 6.5
Matter Type(s): Other Professional Discipline
Decision Date: 09/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) violated State Law by failing to file financial statements for his registered investment advisor for fiscal years 2009, 2010, and 2011 no later than 90 days after the end of each year; and 2) failed to respond to two requests for information filed by CFP Board.

28442 – Anonymous Case History
Decision: Denied But Allow Reapplication
Keyword(s): Misrepresentation; Fitness; Judgment Lien
Matter Type(s): Civil Court
Decision Date: 12/06/2013
Summary: Whether a candidate for CFP® certification (“Respondent”) could be certified when CFP Board discovered the following: 1) a 2005 Civil Judgment for approximately $24,000 (“2005 Judgment”) and 2) a 2008 Internal Revenue Service (“IRS”) Federal Tax Lien for approximately $58,000 (“2008 IRS Tax Lien”).

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.

28374 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Misrepresentation
Standard(s) Violated: Article 4.4; 6.5; 5.1
Matter Type(s): Other Professional Discipline; FINRA Discipline
Decision Date: 07/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she impersonated a client on the telephone in order to effect a transaction to that client’s account, knowing that proper firm procedure was to obtain authorization directly from the client.

Page 1 of 1 , 13 Items in Total