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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.

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.

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.

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.

21547 – Anonymous Case History
Decision: Private Censure
Keyword(s): Disclosure to Clients; Suitability; Commission/Compensation; Conflict of Interest; Client's Best Interest
Standard(s) Violated: Article Article 3(a); 607; 202; 201; 401(a)
Matter Type(s): FINRA Arbitration
Decision Date: 03/27/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when she: 1) invested the majority of a client’s investment funds in a long-term contract when one of the client’s goals was liquidity; 2) did not inform the client of a federal tax benefit that would allow for liquidity; 3) did not disclose information about fees, charges or commissions regarding a variable annuity in which she invested the client’s funds; and 4) did not disclose to the client that Respondent was only authorized to sell long-term care insurance policies for one company.

21725 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Failure to Register; Professionalism; Client's Best Interest; Borrowing from Client; Interim Suspension; Failure to Respond to CFP Board; Suitability
Standard(s) Violated: Article Article 3(f); Article 3(a); 606(b); 607; 201; 202; 703
Matter Type(s): Client Dissatisfaction
Decision Date: 08/08/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) did not prepare a financial plan for a client (“Client”) after agreeing to do so; 2) borrowed money from the Client; 3) recommended and sold a viatical to the Client, who was 85 years old at the time, when Respondent was not licensed to do so; and 4) did not provide an Answer to CFP Board’s Complaint.

21744 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Professionalism; Client's Best Interest; Forgery; Misrepresentation; Professional Discipline; Unauthorized Transaction; Employer Policy Violation; Fraud Related to Professional Activity; Settlement
Standard(s) Violated: Article Article 3(d); 201; 406; 102; 103(c); 607; 202; 606(b)
Matter Type(s): FINRA Discipline; Client Dissatisfaction
Decision Date: 12/19/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he signed clients’ signatures on documents without their authorization.

21866 – Anonymous Case History
Decision: Private Censure
Keyword(s): Commingling; Professionalism; Borrowing from Client; Client's Best Interest
Standard(s) Violated: Article 602; Article 3(a); 607; 201
Matter Type(s): Client Dissatisfaction
Decision Date: 03/27/2009
Summary: Whether a CFP® certificant (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he borrowed $70,000 from his client’s margin account to invest in a business owned and controlled by Respondent’s wife.

22513 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Diligence; Failure to Respond to CFP Board; Fitness; Bankruptcy; Client's Best Interest; Disclosure to CFP Board; Commingling; Borrowing from Client; Fraud Related to Professional Activity
Standard(s) Violated: Article 606(b); 102; 409; Article 3(a); 607; 201; 704; 103(d)
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 did not respond to a Complaint issued to him by CFP Board.

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.

22866 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to Clients; Conflict of Interest; Client's Best Interest; Diligence; Suitability; Misrepresentation
Standard(s) Violated: Article 102; 607; 202; 606(b); 201; 701; 703; Article 3(a)
Matter Type(s): FINRA Arbitration
Decision Date: 12/28/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to disclose in the financial planning agreement that his employer had a material conflict of interest because it maintained “preferred supplier” relationships in which it received financial bonuses for selling the “preferred suppliers’” products that were in excess of the financial compensation it received for selling other products; 2) failed to provide the client with sufficient alternatives to his investment recommendations; 3) implemented his investment recommendations prior to presenting the client with the initial financial plan; and 4) placed a majority of the client’s assets in deferred annuities, which did not provide a regular income stream to meet the client’s projected expenses and did not meet their goal of minimizing estate taxes.

23037 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Customer Complaints; Fitness; Client's Best Interest; Disclosure to Clients; Fraud Related to Professional Activity; Lawsuits Involving Financial Matters; Professionalism; Misrepresentation
Standard(s) Violated: Article 409; 607; Article 3(a); 606(b); 102; 201; 606(a); 202
Matter Type(s): Client Dissatisfaction
Decision Date: 06/21/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to inform his financial planning client that he was renting her property below the market price and that he exercised discretionary authority over her online account without obtaining prior written authorization from the client and principal approval from Respondent’s firm.

23352 – Anonymous Case History
Decision: Suspension
Keyword(s): Customer Complaints; Client's Best Interest; Suitability; Fiduciary Duty
Standard(s) Violated: Article Article 3(a); 202; 201; 607; 606(b); Article 3(b); 703
Matter Type(s): Client Dissatisfaction
Decision Date: 12/28/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct (“Standards”) when he failed to: 1) perform an investigation and analysis into the insurance needs of his clients prior to recommending that they purchase insurance policies; 2) perform a cash flow analysis regarding his client’s ability to pay the premiums for the insurance policies recommended by Respondent; and 3) present his insurance recommendations and ensure that the recommendations met his client’s expectations with respect to their ability to “premium offset” in five years.

23408 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Failure to Notify CFP Board; Employer Policy Violation; Professional Discipline; Continuing Education Violation; Fitness; Diligence
Standard(s) Violated: Article Article 3(e); Article 3(d); Article 3(a); 406; 606(a); 606(b); 607; 201; 102
Matter Type(s): FINRA Discipline
Decision Date: 04/29/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he allowed a trainee to complete portions of his required CFP Board continuing education credits.

24265 – Anonymous Case History
Decision: Private Censure
Keyword(s): Client's Best Interest; Negligence; Suitability; Diligence
Standard(s) Violated: Article 704; 201; 606(b); Article 3(a)
Matter Type(s): Professionalism
Decision Date: 11/28/2011
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) recommended that the client ("Client") replace her existing mutual funds with a variable annuity, thereby incurring additional fees and charges; 2) failed to research alternative options that would have been more beneficial to Client; and 3) placed over 75% of Client's investment assets in a long-term variable annuity with limited liquidity.

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.

26425 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Outside Business Activity; Client's Best Interest; Employer Policy Violation; Borrowing from Client
Standard(s) Violated: Article 406; 407(a); 201; 606(b); Article 3(a); 607; 409
Matter Type(s): Other Professional Discipline
Decision Date: 02/14/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) issued two promissory notes to a client in connection with a real estate-related outside business activity without prior approval from his firm; and 2) was terminated by his firm for issuing the promissory notes.

26476 – Anonymous Case History
Decision: Suspension
Keyword(s): Arbitration; Suitability; Client's Best Interest; Fiduciary Duty
Standard(s) Violated: Article 6.5; 4.4; 202; 1.4; 4.5; 606(b); 201; 102; 607; 1.3; 703
Matter Type(s): FINRA Arbitration
Decision Date: 05/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he concentrated clients’ assets in private placements.

26933 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Continuing Education Violation
Standard(s) Violated: Article 607; 606(a); 606(b); 102
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 he received a Financial Industry Regulatory Authority (“FINRA” previously known as National Association of Securities Dealers “NASD”) suspension and $5,000 fine for using an answer key to complete a Long-Term Care (“LTC”) Continuing Education (“CE”) examination.

27228 – Anonymous Case History
Decision: Granted Petition
Keyword(s): Client's Best Interest; Suitability
Standard(s) Violated: Article Article 3(f); 607; 704; 406; 701; 606(a); 606(b); 202; 201
Matter Type(s): FINRA Arbitration
Decision Date: 07/27/2012
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he did not respond to a Complaint issued to him by CFP Board.

27453 – Anonymous Case History
Decision: Private Censure
Keyword(s): Conflict of Interest; Failure to Cooperate with Staff; Client's Best Interest; Lawsuits Involving Financial Matters
Standard(s) Violated: Article 202; 102; 201; 6.5; 702(a); 606(b); 6.1; 607
Matter Type(s): Civil Court
Decision Date: 09/17/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) assisted a client to amend his living trust and pour-over will that provided compensation and assets to the client’s life partner and multiple charities; and 2) failed to respond to CFP Board’s requests for information.

27735 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Suitability; Fraud Related to Professional Activity; Professionalism; Disclosure to Clients; Client's Best Interest; Customer Complaints
Standard(s) Violated: Article 202; 606(b); 201; 703; 607
Matter Type(s): Client Dissatisfaction
Decision Date: 05/14/2014
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she: 1) recommended that a client, a risk-adverse retiree, invest $100,000 into The Fund, an investment that Respondent described as a partnership, but which was in actuality a hedge fund; 2) failed to disclose the conflict of interest that existed as a result of Respondent’s role as Advisor for The Fund; 3) recommended The Fund to Grievant although Respondent when the client may not have met the requirements to be an accredited investor; and 4) denied any remunerative connection to The Fund, despite her advisory role.

27841 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Client's Best Interest; Suitability; Customer Complaints; Securities Laws Violation
Standard(s) Violated: Article 201; 607; 701; 606(b)
Matter Type(s): FINRA Arbitration
Decision Date: 11/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he sold clients a tenant in common (“TIC”) interest that concentrated the clients’ total net worth and investable assets into a single property without performing a cash flow analysis to determine if the clients would have sufficient income and liquid assets to cover their living expenses.

27927 – Anonymous Case History
Decision: Suspension
Keyword(s): Unauthorized Transaction; Professional Discipline; Churning
Standard(s) Violated: Article 607; 406; 401(b); 201
Matter Type(s): FINRA Arbitration
Decision Date: 03/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he executed 14 exchange-traded fund (“ETF”) transactions without the knowledge or consent of the customer.

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