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30896 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Revocation of a Financial Professional License; Fraud Related to Professional Activity
Standard(s) Violated: Article Article 3(d); 6.5; 5.1; 4.3
Matter Type(s): FINRA Discipline
Decision Date: 06/01/2019
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he obtained reimbursement from his firm for computer equipment he purchased but then returned or cancelled, and when he encouraged other employees to do the same and to lie to firm investigators about it.

30804 – Anonymous Case History
Decision: Deny Reinstatement
Keyword(s): Suitability; Reinstatement
Matter Type(s): Application-for-Reinstatement
Decision Date: 10/01/2017
Summary:

Whether a petitioner, who had his right to use the CFP® certification suspended for a period of four years (“Respondent”), has proven by clear and convincing that he has been rehabilitated, has complied with all applicable disciplinary orders and provisions of CFP Board’s Disciplinary Rules, and that he is fit to use the CFP® marks.


31010 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Diligence; Suitability; Fiduciary Duty
Standard(s) Violated: Article 1.4; 4.5
Matter Type(s): Client Dissatisfaction
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct by recommending that a client surrender of an annuity contract when Respondent did not properly estimate the cost basis of the annuity and incorrectly advised her client about the tax consequences of withdrawing funds from the annuity.


30421 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Record-Keeping; Fraud Related to Professional Activity
Standard(s) Violated: Article Article 3(d); Article 3(a); 5.1; 4.3
Matter Type(s): Termination
Decision Date: 06/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he maintained blank documents that were pre-signed by his clients in order to facilitate transactions for clients. 
 

30674 – Anonymous Case History
Decision: Private Censure
Keyword(s): Settlement; Client-Agreement-Forms; Record-Keeping
Standard(s) Violated: Article Article 3(a); 4.3
Matter Type(s): Regulatory Action
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to produce completed client Agreements for five clients to a state regulatory division.


30337 – Anonymous Case History
Decision: Suspension
Keyword(s): Failure to Notify CFP Board; Suitability
Standard(s) Violated: Article 500-2; 400-3; 400-1; Article 3(g); Article 3(b); Article 3(a); 703; 607; 202; 201
Matter Type(s): FINRA Arbitration; Arbitration; Failure to Disclose to CFP Board
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) made unsuitable investments on behalf of his client—resulting in an overconcentration of the client’s principal— which was in contradiction to the client’s risk tolerance and investment goals; and (2) failed to disclose the related FINRA arbitration settlement to CFP Board. 

30719 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Settlement; Equitable-Principles-of-Trade; Professionalism; Fraud Related to Professional Activity
Standard(s) Violated: Article Article 3(a); Article 3(d); 6.5; 4.3
Matter Type(s): FINRA Discipline
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he, on four occasions, telephoned insurance company’s annuity service departments and impersonated two clients who held equity index annuities with the company.

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.

12637 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Suitability; Fitness; Misuse of the Marks; Settlement; Arbitration; Customer Complaints; Professionalism
Standard(s) Violated: Article 606(b); 601; 607; 4.2; 606(a); 201
Matter Type(s): FINRA Arbitration
Decision Date: 06/21/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she: 1) engaged in a pattern of recommending that clients invest their entire retirement savings in unsuitable variable annuities and sub-account allocations, as evidenced by four National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority, Inc. or “FINRA”) arbitrations; and 2) when she used “cfp” after her name on her Web site.

13449 – Anonymous Case History
Decision: Private Censure
Keyword(s): Professional Discipline; Professionalism; Lawsuits Involving Financial Matters; Suitability; Arbitration
Standard(s) Violated: Article 201; Article 3(a); 606(b)
Matter Type(s): FINRA Arbitration
Decision Date: 06/21/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards Standards of Professional Conduct when he: 1) recommended clients over-concentrate their assets in annuities; 2) failed to adequately supervise while serving as both a broker-dealer principal and compliance officer of a broker-dealer in twenty-two states with fifty brokers and five registered investment advisors; 3) violated the state securities act (“Act”) resulting in a Settlement Order (“Order”); and 4) was named in a National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority or “FINRA”) Arbitration.

13677 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professionalism; Other Ethics; Arbitration; Professional Discipline
Standard(s) Violated: Article 102; 406; 606(b); 607; Article 3(a); 201; 606(a)
Matter Type(s): FINRA Arbitration
Decision Date: 10/17/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) sold the major asset of his investment advisory firm for his own benefit and to the detriment of his minority shareholders, who were also investment advisory clients; 2) failed to disclose on his state insurance license renewal application that he had been named in National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority or “FINRA”) arbitrations and customer complaints; and 3) engaged in an adulterous relationship with his client while both were married.

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.

15250 – Anonymous Case History
Decision: Dismiss--w/Caution
Keyword(s): Arbitration; Misrepresentation; Professional Discipline; Disclosure to CFP Board; Suitability; Employer Policy Violation
Matter Type(s): FINRA Arbitration
Decision Date: 04/04/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he was named in two customer complaints that resulted in a National Association of Securities Dealers arbitration.

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.

16836 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Record-Keeping; Client Neglect; Suitability; Arbitration
Standard(s) Violated: Article 701; 201; Article 3(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 04/07/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) implemented an aggressive investment strategy for an elderly client (“Client”); 2) did not inform the Client that she had unrealistic investment expectations; 3) did not review the Client’s accounts after implementing the investment; and 4) did not respond to the Client’s calls.

17554 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fiduciary Duty; Settlement; Diligence; Misrepresentation; Breach of Contract; Negligence
Standard(s) Violated: Article 701
Matter Type(s): Civil Court
Decision Date: 08/18/2009
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he completed a client’s (“Client”) life insurance application inaccurately, resulting in the Client’s wife being denied benefits under the Client’s life insurance policy after the Client’s death.

17604 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Professional Discipline; Professionalism; Advertising; Failure to Respond to CFP Board; Settlement; Failure to Register
Standard(s) Violated: Article 607; 201; 102; Article 3(f); 401(b); 606(a); 101(a); 401(a)
Matter Type(s): Professionalism
Decision Date: 08/08/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he did not respond to a Settlement Offer issued to him by CFP Board.

18861 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Settlement; Professional Discipline; Professionalism; Misrepresentation; Diligence
Standard(s) Violated: Article 701; Article 3(a); 607; 606(b); 102; 201; 606(a)
Matter Type(s): Professionalism
Decision Date: 11/07/2008
Summary: Whether CFP® certificant (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he inaccurately completed a health insurance application for a client (“Client”), leading to rescission of the Client’s coverage and Respondent’s violation of a state statutory provision.

19075 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Fiduciary Duty; Professionalism; Commission/Compensation; Disclosure to Clients; Commingling; Suitability; Diligence; Client's Best Interest; Fitness
Standard(s) Violated: Article 402; 610; 607; 703; 103(e); 702(a); Article 3(a); 201; 405; 701; 103(d); 202
Matter Type(s): Client Dissatisfaction; Professionalism; Civil Court
Decision Date: 08/13/2009
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct (“Standards”) when he performed financial planning services for a client’s (“Client”) father (“Client’s Father”) without providing to the Client’s Father a written financial planning agreement and written disclosures and when he received the Client’s Father’s funds through a bank account controlled by Respondent.

19812 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Settlement; Lawsuits Involving Financial Matters; Negligence; Misrepresentation; Breach of Contract; Fiduciary Duty
Standard(s) Violated: Article 701
Matter Type(s): Civil Court
Decision Date: 08/24/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when a state civil court found him liable for violation of a state Consumer Protection Act after the wife of a former client (“Client”) lost her claim for benefits due to an inaccurate answer on the Client’s life insurance application.

19888 – Anonymous Case History
Decision: Private Censure
Keyword(s): Suitability; Arbitration; Professionalism
Standard(s) Violated: Article 606(b); 201; 607
Matter Type(s): FINRA Arbitration
Decision Date: 08/11/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he invested all of the life savings of a client in variable annuities.

20420 – Anonymous Case History
Decision: Private Censure
Keyword(s): Suitability; Churning; Lawsuits Involving Financial Matters; Professional Discipline; Unauthorized Transaction; Diligence; Misrepresentation
Standard(s) Violated: Article Article 3(a); 701; 703; 201
Matter Type(s): Other Professional Discipline; Professionalism; FINRA Arbitration; Civil Court
Decision Date: 03/06/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he executed numerous trades in the account of a client without her approval.

20942 – Anonymous Case History
Decision: Private Censure
Keyword(s): Record-Keeping; Client Neglect; Diligence; Customer Complaints
Standard(s) Violated: Article 201; Article 3(a); 701
Matter Type(s): Professionalism; Client Dissatisfaction
Decision Date: 11/06/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he did not notify a client (“Client”) that he would not be preparing her tax returns, and did not follow up with the Client regarding her tax returns.

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