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29758 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Professionalism; Professional Discipline; Client's Best Interest
Standard(s) Violated: Article 1.4; 4.4; Article 3(d); 4.3
Matter Type(s): FINRA Discipline; Client Dissatisfaction; FINRA Arbitration
Decision Date: 02/01/2019
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct when he recommended an investment strategy to an elderly client that was unsuitable because it unduly concentrated her portfolio in risky, leveraged precious metal products.


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.

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.

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.

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.

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.

21319 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline; Misrepresentation; Failure to Register; Failure to Respond to CFP Board; Professionalism
Standard(s) Violated: Article 101(b); 606(b); 612; Article 3(g); 607; 606(a); Article 3(f)
Matter Type(s): Other Professional Discipline
Decision Date: 11/07/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he conducted unregistered financial planning seminars about insurance products without identifying himself as an insurance producer, offered inducements to purchase financial planning services and conducted business in an unregistered branch office.

21533 – Anonymous Case History
Decision: Suspension
Keyword(s): Professionalism; Misdemeanor; DUI/DWI; Settlement; Felony-Non-Violent Crime
Standard(s) Violated: Article Article 3(c); Article 3(a); 607; Article 12.2
Matter Type(s): Civil Court
Decision Date: 11/07/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when she was convicted of: 1) leaving the scene of an accident involving a serious injury, which is a felony; and 2) driving under the influence, which is a misdemeanor.

21702 – Anonymous Case History
Decision: Suspension
Keyword(s): Judgment Lien; Fraud-Other; Misrepresentation; Court Order Violation; Disclosure to CFP Board; Other Ethics; Professionalism
Standard(s) Violated: Article Article 3(a); 607; Article 3(f); 102; 606(b); 201; 602; 606(a)
Matter Type(s): Professionalism
Decision Date: 02/26/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) was found to have engaged in a fraudulent transfer of real property; 2) was sanctioned for intentional spoliation of data from his computers in violation of a court protective order; and 3) did not pay enrollment fees for a continuing education course he attended, and did not provide proof of payment upon CFP Board’s request.

21937 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Professional Discipline; Supervision; Securities Laws Violation; Fitness; Failure to Notify CFP Board
Standard(s) Violated: Article 606(b); 607; 701; 606(a); 201; Article 3(a)
Matter Type(s): SEC Discipline
Decision Date: 03/26/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to conduct adequate due diligence of investments that he recommended to clients; and 2) entered into a settlement agreement with the Securities and Exchange Commission (“SEC”) in which he agreed to a one-year bar from associating with any investment adviser.

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.

22807 – Anonymous Case History
Decision: Suspension
Keyword(s): Client's Best Interest; Supervision; Fitness; Employer Policy Violation; Forgery
Standard(s) Violated: Article 606(b); Article 3(a); 705; 606(a); 201; 607
Matter Type(s): Other Professional Discipline
Decision Date: 04/25/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) fostered a sales culture that encouraged the utilization of proprietary products to enhance revenue; 2) recommended proprietary products that were not in the best interest of the clients; 3) allowed advisors under his supervision to engage in forgery and false record-keeping; 4) permitted the forging of signatures on documentation submitted to the corporate office to release compensation; and 5) directed his staff person to affix his name on an internal broker-dealer exception request form.

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.

23337 – Anonymous Case History
Decision: Suspension
Keyword(s): Other Ethics; Fitness; Misrepresentation
Standard(s) Violated: Article 607; 102; 101(b); Article 3(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 01/06/2010
Summary: Whether a CFP® certificant (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he used copyrighted materials without permission or attribution.

24289 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Employer Policy Violation; Professional Discipline; Fraud Related to Professional Activity; Fitness; Diligence; Professionalism; Failure to Notify CFP Board; Customer Complaints
Standard(s) Violated: Article 102; 606(a); 607; 606(b); 201; Article 3(d); Article 3(a); Article 3(e); 406
Matter Type(s): FINRA Discipline
Decision Date: 04/06/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he entered into settlement agreements with clients without his firm’s knowledge.

24452 – Anonymous Case History
Decision: Suspension
Keyword(s): Breach of Contract; Lawsuits Involving Financial Matters; Professionalism; Fitness; Other Ethics; Bankruptcy
Standard(s) Violated: Article 6.5; 607; Article 3(a)
Matter Type(s): Professionalism
Decision Date: 08/22/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to satisfy his payment obligations for a least five CFP® professionals who provided instructor services for his consulting company (“Company”); 2) breached his contract with University A and B, resulting in outstanding debt obligations to University A and B; and 3) filed for Chapter 13 Bankruptcy.

24519 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Employer Policy Violation; Professionalism; Forgery; Fitness; Misrepresentation; Professional Discipline
Standard(s) Violated: Article 201; 606(a); 607; Article 3(a); 406; 102; 606(b)
Matter Type(s): Other Professional Discipline
Decision Date: 08/11/2010
Summary: Whether a candidate for CFP® certification (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he signed clients’ names to account documents, denied doing so during an internal review with his former employer, and failed to disclose this information to his current employer.

24651 – Anonymous Case History
Decision: Suspension
Keyword(s): Employer Policy Violation; Forgery; Professional Discipline; Fraud Related to Professional Activity; Misrepresentation; Professionalism; Diligence
Standard(s) Violated: Article 201; 406; 606(b); 102; 607; 606(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 08/06/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he affixed multiple client signatures on documents and purchased financial plans for two clients with his own funds in violation of firm policy, National Association of Securities Dealers (“NASD,” now Financial Industry Regulatory Authority or “FINRA”) Conduct Rule 2110, and a state insurance code provision.

25732 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Client's Best Interest; Professionalism
Standard(s) Violated: Article 606(b); 703; 607; 202; 201
Matter Type(s): FINRA Arbitration
Decision Date: 04/02/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to present the client with a comprehensive financial plan designed to achieve the client’s goals and objectives; 2) recommended an unsuitably risky asset allocation for the client; and 3) advised the client to make a loan to Respondent’s acquaintance.

26284 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to CFP Board; Professionalism; Professional Discipline; Unauthorized Transaction; Suitability; Employer Policy Violation; Diligence
Standard(s) Violated: Article 406; Article 3(d); 606(a); Article 3(g); Article 3(a); 703; 201; 701; Article 3(e); 607; 606(b)
Matter Type(s): FINRA Discipline
Decision Date: 10/17/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to execute trade orders and executed an unauthorized transaction in a client’s account; 2) exercised discretion in a client’s account without prior written authorization from the client to exercise discretion in her account; and 3) violated NASD Conduct Rules 2110 and 2510(b) and IM-2310-2, which resulted in a three-month suspension from FINRA in any capacity.

26286 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline; Outside Business Activity; Fraud Related to Professional Activity; Employer Policy Violation; Supervision; Securities Laws Violation; Misrepresentation
Standard(s) Violated: Article 606(a); 607; 201; 606(b); 102; 408
Matter Type(s): FINRA Discipline
Decision Date: 02/14/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) falsely denied that he acted in a fiduciary capacity for firm customers and had a financial interest in any customer accounts on his firm's compliance questionnaies on seven occasions; and 2) entered into a settlement with the Financial Industry Regulatory Authority, Inc. ("FINRA," formerly know as the National Association of Securities Dealers or "NASD") in which he consented to the entry of findings that he violated NASD Conduct Rule 2110, a one-year suspension from association with any FINRA member in any capacity, and a $10,000 fine.

26289 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline; Outside Business Activity; Professionalism; Disclosure to CFP Board; Employer Policy Violation
Standard(s) Violated: Article 4.4; Article 3(a); 6.4; 6.5; 5.1
Matter Type(s): FINRA Discipline
Decision Date: 11/10/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she: 1) engaged in outside business activities without providing prompt written notice to her employer of her activities, in violation of firm policy, National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority or “FINRA”) Rule 3030 and 2110 and FINRA Rules 3030 and 2010; and 2) failed to notify CFP Board of her FINRA suspension.

26986 – Anonymous Case History
Decision: Suspension
Keyword(s): Misdemeanor; Professionalism; DUI/DWI
Standard(s) Violated: Article Article 3(a); 607; Article 3(c); 6.5
Matter Type(s): Criminal Court
Decision Date: 04/26/2012
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he was convicted of Driving While Intoxicated (“DWI”), a criminal misdemeanor, three times over a period of eight years.

27166 – Anonymous Case History
Decision: Suspension
Keyword(s): Supervision
Standard(s) Violated: Article 201; 606(a); Article 3(e); 701; Article 3(d); 606(b); Article 3(a)
Matter Type(s): FINRA Discipline
Decision Date: 04/02/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) failed to ensure a subordinate provided supporting documentation relating to his subordinate's valuation of the subordinate's hedge fund ("Fund"); 2) failed to ensure that his subordinate obtained an independent financial audit of the Fund; and 3) failed to ensure that the Fund's quarterly statements and newsletters were reviewed and approved.

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