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31185 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Professional Discipline; Unreasonable-Assumptions; Fiduciary Duty; Due-Diligence; Client Neglect
Standard(s) Violated: Article Article 3(d); 4.5; 4.3
Matter Type(s): Employer-Investigation; FINRA Arbitration
Decision Date: 02/01/2019
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct when he made recommendations for short-term trading of Unit Investment Trusts that were unsuitable in view of the frequency and cost of the transactions, which caused clients to incur unnecessary sales charges.


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.

30648 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Client Neglect; Client's Best Interest; Embezzlement or Other Financial; Arbitration
Standard(s) Violated: Article 5.1; 4.4; 4.3; 3.2; Article 3(a)
Matter Type(s): Employer Action; CFP Board; FINRA Arbitration
Decision Date: 10/02/2017
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she 1) conducted securities-related business communications with a firm customer using an outside/personal email account, in violation of Firm’s compliance policies, which expressly stated that the use of an outside email system by a financial advisor to communicate with clients, prospects or other Firm associated persons regarding Firm business, or for any other Firm business purpose is prohibited; 2) forwarded account information for a securities customer to the same outside/personal email address, in violation of FINRA Rule 2010; and 3) failed to take prudent steps to protect the security of information and property, including the security of stored information, whether physically or electronically, that was within Respondent’s control when she conducted securities-related business communications with a firm customer using an outside/personal email account.


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