Page 1 of 1 , 14 Items in Total
30450 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Books and Records; Conflict of Interest; Disclosure to Clients; Client's Best Interest
Standard(s) Violated: Article Article 3(d); 4.4; 4.3; 2.2(b); 1.4; Article 3(a)
Matter Type(s): Regulatory Action; CFP Board
Decision Date: 10/02/2017
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to: (a) seek best execution for clients when investing them in share classes that charged 12b-1 fees despite the availability of corresponding share classes without the fees; (b) disclose in his firm’s Forms ADV and advisory agreements the conflicts of interest that existed regarding his recommendations to clients of mutual funds that contained 12b-1 fees; and (c) perform required annual compliance reviews.


24933 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Disclosure to Clients; Fitness; Customer Complaints; Unauthorized Transaction; Professionalism; Diligence
Standard(s) Violated: Article Article 3(a); 4.4; 6.5; 2.2(b)
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: 1) made unauthorized trades by liquidating a deceased client’s trust account causing the trust to incur commissions; 2) was unaware that the bank trustee could have contacted the broker-dealer directly to avoid transaction costs; and 3) agreed to accept $200,000 as a beneficiary of the client’s trust account, while maintaining his role advisor to the trust.

27227 – Anonymous Case History
Decision: Suspension
Keyword(s): Fitness; Employer Policy Violation; Supervision; Forgery; Bankruptcy
Standard(s) Violated: Article 5.1; 6.5; 4.3; Article 3(a); 4.1; 4.4
Matter Type(s): Civil Court
Decision Date: 07/20/2012
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conductwhen he: 1) filed for Chapter 7 Bankruptcy in 2010; 2) allowed clients to sign incomplete documents; and 3) allowed an assistant to add information to documents after clients had signed the document.

27640 – Anonymous Case History
Decision: Denied But Allow Reapplication
Keyword(s): Bankruptcy; Fitness
Standard(s) Violated: Article 6.5; 4.4; 4.1; 5.1; 4.3; Article 3(a)
Matter Type(s): Civil Court
Decision Date: 07/20/2012
Summary: Whether a candidate for CFP® certification (“Respondent”) could be certified when his employer terminated him because he sold fixed-indexed annuities outside without his employer’s approval, and in violation of his employer’s policy.

27854 – Anonymous Case History
Decision: Suspension
Standard(s) Violated: Article 606(b); 408; 102; 406; 5.1; 4.5; 606(a); 6.5; 701; 201; 4.1; 4.4; 407(a); 4.3; 607
Matter Type(s): Professionalism
Decision Date: 03/29/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) helped another individual to sell away variable annuities; 2) engaged in private securities transactions without obtaining the prior approval and consent of his employer; 3) shared commissions without the prior approval and consent of his employer; and 4) purchased new variable annuities for his clients without first processing 1035 Exchanges for the old variable annuities, thereby creating a taxable event and potentially exposing his clients to higher capital gains taxes.

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.

29246 – Anonymous Case History
Decision: Suspension
Keyword(s): Fiduciary Duty; Misrepresentation; Commission/Compensation; Conflict of Interest; Professional Discipline; Suitability; Securities Laws Violation
Standard(s) Violated: Article 4.5; 2.1; 2.2(a); 2.2(b); 4.3; 1.4; Article 3(d)
Matter Type(s): Other Professional Discipline
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct by making material misstatements and omissions to their clients while recommending that the clients invest in what was found to be a Ponzi-like investment scheme.


30876 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Securities Laws Violation
Standard(s) Violated: Article Article 3(d); 4.4; 4.3; 4.1; 2.1
Matter Type(s): Other Professional Discipline
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he allocated block trades in a manner inconsistent with his firm’s disclosed trading policy.


29005 – Anonymous Case History
Decision: Suspension
Keyword(s): Employer Policy Violation; Fiduciary Duty; Suitability; Disclosure to Clients
Standard(s) Violated: Article 4.6; 102; 1.4; 201; 5.1; 406; 606(b); 4.1; 4.4; 401(a); 606(a); 6.5; 2.2(a); 4.3
Matter Type(s): Other Professional Discipline
Decision Date: 11/20/2014
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she sold “C” shares to her clients not because they were suitable, but as a method of ensuring that she was paid for her advisory services, and failed to: 1) enter into written advisory agreements with her “C” share advisory clients; 2) provide written disclosures required by Part 2 of Form ADV to her “C” share advisory clients; and 3) provide a complete description of the share class options and fees of mutual funds to her “C” share advisory clients and failed to: 1) ensure that salespersons were making suitable “C” share investment recommendations; 2) enforce the RIA Manual requirement of a written advisory agreement for clients using “C” shares as an advisory fee; and 3) enforce the requirement of delivery of the Disclosure Document. Respondent also failed to reasonably supervise her salespersons by failing to ensure that salespersons were making suitable “C” share investment recommendations. Respondent also failed to report her suspension by State from acting in any principal or supervisory capacity for twelve months to CFP Board within 30 calendar days, in violation of Article 13.2 of the Disciplinary Rules and Procedures (“Disciplinary Rules”).

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.

29693 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to Clients; Fraud Related to Professional Activity; Fiduciary Duty
Standard(s) Violated: Article 2.1; 4.4; 2.2(b); 5.1; 1.4; 4.3
Matter Type(s): Regulatory Action; Termination
Decision Date: 11/25/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to make disclosures regarding his ownership of an investment advisory firm.

30034 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professionalism; Securities Laws Violation; Professional Discipline
Standard(s) Violated: Article 4.3; 4.1; Article 3(a); 1.4
Matter Type(s): Regulatory Action
Decision Date: 10/06/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he entered into a settlement with the State Department of Consumer and Business Services Division of Finance and Corporate Securities (“State”), in which State found Respondent charged unreasonable advisory fees on rare coins because he relied on an inaccurate source to value the coins.

Page 1 of 1 , 14 Items in Total