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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.

20996 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Commission/Compensation
Standard(s) Violated: Article 703; 606(b); 202; 607; 702(b); 701; 102; 201
Matter Type(s): Civil Court
Decision Date: 03/27/2012
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) represented that an annuity maximization concept was appropriate and reasonably designed to meet Client’s needs and goals; 2) failed to disclose to Client that he received a commission due to his sale of a universal life insurance policy to her; 3) misrepresented Client’s assets in order to obtain the universal life insurance policy; 4) recommending a transaction that was inappropriate for Client but allowed Respondent to gain financially; 5) failed to disclose the tax consequences of the sale of mutual funds; 6) failed to fully investigate Client’s heir’s tax liability by considering the state and federal inheritance tax exemptions and the cost basis of each individual annuity; and 7) failed to appropriately determine Client’s cash flow needs in relation to her potential long-term care needs.

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.

24481 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Fitness; Lawsuits Involving Financial Matters; Customer Complaints; Suitability; Professionalism; Misrepresentation; Settlement
Standard(s) Violated: Article 102; 606(b); 201; 607; Article 3(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 10/17/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended that his unaccredited client with limited assets invest over half her assets in an illiquid investment that required investor accreditation.

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