Page 1 of 1 , 24 Items in Total
30547 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Failure-to-Disclose-to-Firm; Client's Best Interest; Fiduciary Duty; Failure-to-Supervise
Standard(s) Violated: Article Article 3(g); Article 3(a); 6.1; 4.6; 5.1; 4.3; 6.5; 1.4
Matter Type(s): Employer-Investigation
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) failed to properly supervise subordinates, resulting in one subordinate being named as a beneficiary of several clients’ accounts, creating a conflict of interest; (2) was named as a beneficiary in several client accounts, in violation of firm policy; and (3) failed to disclose and obtain approval from his firm after he was named as a beneficiary of both client and non-client accounts.


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.

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.

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.

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.

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.

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.

24137 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Fraud Related to Professional Activity; Customer Complaints; Professionalism; Client's Best Interest
Standard(s) Violated: Article 4.4; 2.1; 6.5; 4.5; 1.4
Matter Type(s): Civil Court
Decision Date: 12/06/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) obtained approval for a commission increase on a 401K plan from a company executive who did not normally approve such changes; and 2) recommended that officers of the company transfer management of their personal assets to Respondent’s new firm without disclosing that they would incur surrender charges.

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.

27092 – Anonymous Case History
Decision: Private Censure
Keyword(s): Securities Laws Violation; Commission/Compensation; Advertising; Employer Policy Violation; Misuse of the Marks; Client's Best Interest; Misrepresentation
Standard(s) Violated: Article 4.1; 2.1; 4.5; 6.1; Article 3(a); 6.5; 1.4; 4.3; 5.1; 4.4
Matter Type(s): Professionalism
Decision Date: 08/09/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he 1) sold allegedly unsuitable insurance policies to his financial planning clients; 2) communicated to clients and prospective clients allegedly misleading information related to client testimonials, the registration status of his firm (“Respondent’s Firm”), and his compensation; 3) was terminated by Firm due to his use of client testimonials, failure to disclose outside business activities, and advertising violations; 4) violated State securities laws related to registration of his business entities, disclosure of outside business activities, client testimonials, and disclosure of his criminal charge to all regulatory bodies; 5) pleaded guilty to one misdemeanor count of Obtaining Contents of Communications; and 6) improperly used the CFP® marks in the Internet domain name www.respondentsnamecfp.com, the email addresses respondent@respondentsnamecfp.com and employee@respondentsnamecfp.com, and the Twitter handle @respondentsnameCFP and the corresponding Internet domain name https://twitter.com/#!/respondentsnamecfp.

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.

28165 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline; Client's Best Interest; Misrepresentation; Securities Laws Violation; Suitability
Standard(s) Violated: Article Article 3(a); 6.5; 4.3; 1.4; 4.4; Article 3(d); 5.1
Matter Type(s): FINRA Discipline
Decision Date: 07/31/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) used discretion to buy and sell approximately 120 Inverse Floater CMOs for his clients’ accounts without obtaining prior written authorization from the clients and prior written acceptance of their accounts as discretionary by his firm, in violation of the firm’s policy, National Association of Securities Dealers (“NASD”, now known as the Financial Industry Regulatory Authority, Inc. or “FINRA”) Rule 2510 and FINRA Rule 2010; and 2) was suspended by FINRA for violating FINRA rules.

28190 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Continuing Education Violation; Disclosure to CFP Board
Standard(s) Violated: Article 102; 606(a); 201; 606(b); 607
Matter Type(s): FINRA Discipline
Decision Date: 03/29/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) allowed an individual to sign roster sheets indicating that he had attended insurance CE class sessions taught by Respondent, when the individual had not; and 2) provided the same individual with State Insurance Department course completion certificates for courses the individual had not completed.

28285 – Anonymous Case History
Decision: Suspension
Keyword(s): Conflict of Interest; Professional Discipline; Outside Business Activity; Commission/Compensation; Employer Policy Violation; Client's Best Interest
Standard(s) Violated: Article 2.2(b); 6.5; 1.4; 5.1; 4.4; 4.3
Matter Type(s): FINRA Discipline
Decision Date: 09/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) engaged in an outside business activity without providing notice and receiving prior written approval from his Firm; and 2) falsely certified to his broker-dealer that he was not engaged in outside business activity.

30438 – Anonymous Case History
Decision: Suspension
Keyword(s): Client's Best Interest; Bankruptcy
Standard(s) Violated: Article 6.5; 4.1; 1.4
Matter Type(s): Bankruptcies; Civil Court
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she: (1) failed to provide advice that was in the best interest of her client, who was her mother (“Decedent”), regarding her estate planning; (2) exerted undue influence over the client in order to transfer assets from the client to herself; and (3) filed for bankruptcy in 1995, 2011, and 2017.

31119 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Continuing Education Violation; Misrepresentation
Standard(s) Violated: Article 2.1; 6.2; Article 3(g); 6.5
Matter Type(s): Case Developed By Staff
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct when he falsely self-reported to CFP Board that he had completed more than 30 Continuing Education (“CE”) courses providing approximately 80 hours of credits during three CE reporting. 


27406 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Misrepresentation; Client's Best Interest; Fiduciary Duty
Standard(s) Violated: Article Article 3(a); 4.3; 4.4; 4.5; 1.4; 2.1; Article 3(b); 6.5
Matter Type(s): Client Dissatisfaction
Decision Date: 09/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) relied on a non-guaranteed 12% gross rate of return in a Variable Universal Life (“VUL”) Insurance policy illustration to determine how long the product would remain in force; 2) recommended that his client purchase a VUL with a limited no lapse period when the client’s goal was life insurance paid up for life; and 3) told a client that a VUL would almost triple her money.

28738 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Disclosure to Clients; Diligence; Suitability; Client's Best Interest; Fitness
Standard(s) Violated: Article 202; 102; 703; 701; 401(b); 6.5; 406; 607; 702(a); 201
Matter Type(s): FINRA Arbitration
Decision Date: 06/09/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he 1) failed to inform his clients of the taxes, penalties and interest associated with a Net Unrealized Appreciation (“NUA”) strategy; 2) failed to diligently follow up with the clients regarding the NUA strategy; 3) offered the Clients free advisory services, a refund of advisory/financial planning fees already paid and compensation for the early withdrawal penalty; and 4) did not provide documents requested by CFP Board.

28815 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Client's Best Interest; Arbitration; Professional Discipline; Misrepresentation; Professionalism
Standard(s) Violated: Article 703; 202; 704; 606(a); 607; 201; 606(b); 6.5; 6.2
Matter Type(s): Other Professional Discipline; Other Arbitration
Decision Date: 04/10/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she 1) recommended a client invest 75% of her IRA funds in a risky, illiquid alternative investment; 2) recommended and facilitated the sale of interests in six unregistered, real estate investment contracts to 55 of her clients; 3) facilitated the sale of investments without reasonable grounds to believe that the recommendation was suitable for her customers; and 4) failed to disclose a government investigation and a client-related civil suit on her 2011 Renewal Application.

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.

29328 – Anonymous Case History
Decision: Private Censure
Keyword(s): Professional Discipline; Failure to Register; Supervision; Disclosure to Clients
Standard(s) Violated: Article 4.6; 6.5; 4.3
Matter Type(s): Other Professional Discipline
Decision Date: 04/10/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) allowed an employee to act as an investment adviser representative without registration as an investment adviser representative; 2) failed to ensure that Firm’s annual updating amendments to the Form ADV were filed timely; 3) failed to ensure that Firm provided accurate account statements; 4) failed to amend his Form U4 timely to reflect the change of his residential address; 5) failed to ensure that Firm’s owners were properly disclosed on Form ADV; 6) failed to supervise Firm and his designee, JE, by virtue of his failure to ensure that the firm’s requisite annual reviews were conducted annually (i.e., 2011 and 2012), and when they were conducted (i.e., 2009 and 2010), they were reasonably designed to detect the numerous failures cited by SSC; and 7) entered into the Order with the SSC regarding violations of state securities laws and regulations.

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.

Page 1 of 1 , 24 Items in Total