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27713 – Anonymous Case History
Decision: Suspension
Keyword(s): Customer Complaints; Professional Discipline; Suitability
Standard(s) Violated: Article 1.4; 201; 4.5; 6.5
Decision Date: 06/12/2017
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended and sold clients alternative investments that resulted in an unsuitable concentration of the clients’ assets in alternative investments and were unsuitable due to the clients’ ages, risk tolerances, and investment objectives.

28825 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Diligence; Professional Discipline; Professionalism
Standard(s) Violated: Article 701; 6.5; 201; 606(a); 607
Matter Type(s): Other Professional Discipline
Decision Date: 05/05/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he violated the securities laws of two states by: 1) acting as an unregistered investment adviser, securities salesperson and/or broker-dealer; 2) offering and selling an unregistered and nonexempt security; 3) offering securities to non-qualified investors; 4) misrepresented by omission in offering materials that the general partner entered into a sub-advisory agreement and shared fees with the sub-advisor; and 5) failed to disclose a state consent order on his Form ADV.

28992 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Professional Discipline; Securities Laws Violation; Outside Business Activity; Employer Policy Violation
Standard(s) Violated: Article 401(a); 4.3; 406; 4.1; 4.4; 2.2(b); 606(a); 201; 1.4; 407(a)
Matter Type(s): Professionalism
Decision Date: 04/07/2017
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) engaged in outside business activities (“OBAs”) without provide notice to, and obtaining approval from, his firm in accordance with ICP’s procedures; 2) served in a fiduciary capacity as either a primary or successor trustee, or attorney-in-fact for clients without adequately disclosing to the clients how those roles might conflict with his position as their financial advisor; 3) encouraged and assisted a client to make him the beneficiary of the client’s annuity without adequately disclosing the conflict of interest created between Respondent serving as the client’s financial advisor and being designated as the beneficiary of one of the client’s assets; and 4) advised clients not to seek advice regarding the conflict of interest of making him the fiduciary of their estate and/or trust a beneficiary.

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.

29347 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Securities Laws Violation; Professional Discipline; Fiduciary Duty; Customer Complaints
Standard(s) Violated: Article 4.1; 2.2(a); 1.4; 4.3; Article 3(b); Article 3(a); 5.1; 4.4; 2.1; 2.2(e)
Matter Type(s): Client Dissatisfaction
Decision Date: 04/26/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he directed his clients to sign, but not date, numerous incomplete and blank forms, including account registration forms, transfer forms, and annuity application forms, which did not include written disclosure of information such as fees, sales charges, or surrender charges.

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.

30197 – Anonymous Case History
Decision: Suspension
Keyword(s): Failure to Notify CFP Board; Employer Policy Violation; Suitability; Professional Discipline
Standard(s) Violated: Article 4.5; 5.1; 4.3; Article 3(a); Article 3(g); Article 3(d); Article 3(e)
Matter Type(s): Regulatory Action; Termination
Decision Date: 04/10/2017
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to make and/or implement only recommendations that are suitable for the client by recommending and selling an unsuitable investment to a brokerage customer who lost money on an investment he admitted was inconsistent with her goals and objectives.

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