Page 1 of 1 , 24 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.


11045 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Failure to Respond to CFP Board; Professional Discipline; Employer Policy Violation; Diligence; Court Order Violation; Fitness
Standard(s) Violated: Article 406; 606(b); 607; 606(a); 701; 201
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.

14399 – Anonymous Case History
Decision: Suspension
Keyword(s): Record-Keeping; Failure to Notify CFP Board; Outside Business Activity; Previous Discipline; Conflict of Interest
Standard(s) Violated: Article 406; Article 3(a); 606(a); Article 3(e); 607; 606(b); 407(a)
Matter Type(s): FINRA Arbitration; Civil Court
Decision Date: 08/10/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he conducted outside business activities without disclosing them to his employer and without obtaining his employer’s approval.

15982 – Anonymous Case History
Decision: Private Censure
Keyword(s): Diligence; Disclosure to Clients; Fitness; Customer Complaints; Arbitration; Employer Policy Violation; Professionalism
Standard(s) Violated: Article 606(b); 201; 406; 606(a); 607; Article 3(a); 701; 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) failed to clarify his lack of involvement in recommending and endorsing a particular investment to his clients; and 2) executed transactions on a client’s behalf without first confirming that the proper written authorization was in place.

16502 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Fraud-Other; Unauthorized Transaction; Disclosure to Clients; Professionalism; Misrepresentation; Employer Policy Violation; Professional Discipline; Securities Laws Violation; Diligence
Standard(s) Violated: Article 406; 606(a); Article 3(a); 102; 704; 606(b); 607; 201; 701
Matter Type(s): Civil Court
Decision Date: 11/10/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he sold promissory notes without receiving prior approval from his firm, resulting in: 1) a National Association of Securities Dealers (“NASD”) bar; 2) two terminations; and 3) two civil suits being filed against him.

19834 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Misrepresentation; Professionalism; Professional Discipline; Diligence; Fraud Related to Professional Activity
Standard(s) Violated: Article 606(a); 606(b); 406; 102; Article 3(a); 201; 607; 701
Matter Type(s): FINRA Discipline
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he obtained waivers of Contingent Deferred Sales Charges (“CDSCs”) for approximately 14 customers by claiming that these customers were disabled, when, in fact, they were not.

19994 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Outside Business Activity; Misrepresentation; Disclosure to Clients; Employer Policy Violation; Failure to Respond to CFP Board; Conflict of Interest
Standard(s) Violated: Article Article 3(a); 201; 409; 406; 607; 102; Article 3(f); 606(b); 407(a); 408
Matter Type(s): Professionalism; Client Dissatisfaction; Civil Court
Decision Date: 04/07/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when she sold an interest-bearing promissory note to her client (“Client”) that she represented to the Client as a limited liability interest in a real estate investment venture.

21594 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Diligence; Failure to Respond to CFP Board; Employer Policy Violation; Unauthorized Transaction; Professionalism; Professional Discipline
Standard(s) Violated: Article Article 3(a); 607; 606(a); 201; 701; 406; 606(b)
Matter Type(s): Professionalism
Decision Date: 09/23/2010
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.

22054 – Anonymous Case History
Decision: Granted Petition
Keyword(s): Professionalism; Employer Policy Violation; Misdemeanor; Forgery; Settlement; Diligence
Standard(s) Violated: Article Article 3(a); 102; 606(a); 701; 606(b); 607
Matter Type(s): Other Professional Discipline; Criminal Court
Decision Date: 11/25/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) was convicted of driving under the influence and; 2) was asked to resign from a financial services firm (“Firm”) after he photocopied a client’s (“Client”) signature onto a Firm document.

22166 – Anonymous Case History
Decision: Denied But Allow Reapplication
Keyword(s): Professional Discipline; Employer Policy Violation; Diligence; Forgery; Fraud Related to Professional Activity; Professionalism
Standard(s) Violated: Article 701; 201; 607; 606(b); 406; 102; Article 3(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 11/06/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he: 1) signed clients’ names on documents that the clients did not authorize Respondent to sign; and 2) violated the corporate policy of his broker-dealer in doing so.

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.

23825 – Anonymous Case History
Decision: Private Censure
Keyword(s): Professionalism; Outside Business Activity; Diligence; Settlement; Employer Policy Violation; Disclosure to Clients; Customer Complaints
Standard(s) Violated: Article 701; Article 3(a); 406; 606(b); 607; 201
Matter Type(s): Client Dissatisfaction
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to add a living benefit rider to an annuity as requested by two clients; 2) represented that an annuity had a principal guarantee when the guarantee existed only upon death; and 3) failed to disclose his outside fixed annuity business to his employer.

24809 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Failure to Notify CFP Board; Suitability; Diligence; Employer Policy Violation; Professional Discipline; Borrowing from Client; Fitness; Settlement; Revocation of a Financial Professional License; Misrepresentation
Standard(s) Violated: Article Article 3(d); 202; Article 3(e); 406; 606(a); 607; 606(b); 701; 201; 102; 401(a); Article 3(a)
Matter Type(s): Other Professional Discipline; FINRA Arbitration
Decision Date: 04/26/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Board’s Standards of Professional Conduct when he: 1) offered and sold unregistered securities to clients in violation of sections of the State Securities Act; 2) failed to inform clients that the foreign currency exchange (“FOREX”) trading program investments were securities that were not registered with any state or federal regulatory authority; 3) participated in private securities transactions for compensation without providing written notice to and receiving written authorization from the Firm, in violation of its written procedures and National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority, Inc. or “FINRA”) Conduct Rules 3040 and 2110; 4) borrowed $200,000 from a client in violation of the Firm’s written procedures and NASD Conduct Rules 2370 and 2110; 5) sold a product that the Firm did not have a selling agreement with, in violation of its written procedures; and 6) failed to provide requested information to FINRA in violation of NASD Rule 8210 and NASD Conduct Rule 2110.

25123 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fitness; Commission/Compensation; Employer Policy Violation; Professional Discipline; Misrepresentation; Outside Business Activity
Standard(s) Violated: Article 408; 606(a); 201; 607; 407(a); Article 3(a); 102; 406; 606(b)
Matter Type(s): Other Professional Discipline
Decision Date: 03/25/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) transacted business in the State without being properly registered as an agent of the issuer; 2) offered and sold unregistered securities of the issuer; and 3) entered into a Letter of Engagement with Controlling Company, in violation of his broker-dealer’s internal policy.

25200 – Anonymous Case History
Decision: Granted Petition
Keyword(s): Commission/Compensation; Misrepresentation; Conflict of Interest; Loaning to Client; Disclosure to Clients; Securities Laws Violation; Competency; Commingling; Fiduciary Duty; Diligence
Standard(s) Violated: Article 402; 301; 606(b); Article 3(a); 607; 102; 606(a); 103(d); 302; 701; 403
Matter Type(s): CFP Board
Decision Date: 03/25/2011
Summary: Whether an applicant for reinstatement of his CFP® certification (“Respondent”) demonstrated rehabilitation by clear and convincing evidence that he complied with all disciplinary orders and provisions of the Disciplinary Rules and Procedures and is, once again, fit to use the CFP®, CERTIFIED FINANCIAL PLANNER™, and certification marks.

26284 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to CFP Board; Professionalism; Professional Discipline; Unauthorized Transaction; Suitability; Employer Policy Violation; Diligence
Standard(s) Violated: Article 406; Article 3(d); 606(a); Article 3(g); Article 3(a); 703; 201; 701; Article 3(e); 607; 606(b)
Matter Type(s): FINRA Discipline
Decision Date: 10/17/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to execute trade orders and executed an unauthorized transaction in a client’s account; 2) exercised discretion in a client’s account without prior written authorization from the client to exercise discretion in her account; and 3) violated NASD Conduct Rules 2110 and 2510(b) and IM-2310-2, which resulted in a three-month suspension from FINRA in any capacity.

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.

26853 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Forgery; Employer Policy Violation; Outside Business Activity; Fraud Related to Professional Activity; Securities Laws Violation
Standard(s) Violated: Article 606(a); 406; 701; 407(a); Article 3(a); 201; 704; 102; 401(a); 607; 606(b)
Matter Type(s): FINRA Discipline
Decision Date: 02/14/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he 1) failed to provide his firm ("Broker-Dealer") with notice of his involvment in private securities transactions with a managed currency program ("Fund"), in violation of National Association Securities Dealers ("NASD", now known as the Financial Industry Regulatory Authority, Inc. or "FINRA") Conduct Rules 3040 and 2110; 2) recommended and sold investments that were not approved by Broker-Dealer and that were outside the scope of his employment with Broker-Dealer; 3) used an outside email accout to skirt Broker-Dealer's internal controls; 4) informed his clients that the Fund was a safe investment when it was not safe; 5) signed a customer's name to account related documnets without the customer's knowledge or consent at least 16 times, in violation of NASD Conduct Rule 2110; 6) did not disclose his compensation arrangement to clients; 7) did not disclose the referral fees he received for directing clients' investments to the Fund; 8) was suspended by FINRA for violating NASD Conduct Rules 3040 and 2110; and 9) had his securities license revoked by the State Securities Division for failing to respond to the State's Order to Show Cause.

26856 – Anonymous Case History
Decision: Suspension
Keyword(s): Employer Policy Violation; Diligence; Unauthorized Transaction
Standard(s) Violated: Article 606(a); Article 3(d); 201; 701; Article 3(a); 606(b); Article 3(e); 406
Matter Type(s): FINRA Discipline
Decision Date: 02/14/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) exercised unauthorized discretion in client accounts by failing to confirm clients' authorization of trades on the dates the trades were executed; 2) exercised unauthorized discretion in client accounts by executing trades without written authorization to exercise discretion and acceptance of the accounts as discretionary by his firm; and 3) failed to execute a trade in a client's account after being directed to do so by the client.

27037 – Anonymous Case History
Decision: Private Censure
Keyword(s): Professional Discipline; Forgery; Suitability; Securities Laws Violation; Employer Policy Violation; Failure to Notify CFP Board
Standard(s) Violated: Article 606(a); 202; 6.5; 405; 607; 606(b); 201; 701; 406
Matter Type(s): FINRA Arbitration
Decision Date: 09/13/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) sold 20,000 stock put options in SH and YH’s account, resulting in a total unrealized loss of $430,000 and a realized loss of almost $2 million; 2) charged SH and YH full commissions on their trades when they should have been entitled to discounted rates based on the size of their investment accounts; 3) charged SH and YH an exorbitant fee of 8% a year; 4) altered the clients’ new account forms with White-out, causing Firm to retain and preserve altered records and causing him to be suspended by Financial Industry Regulatory Authority (“FINRA”) for violation of firm policy and National Association of Securities Dealers (“NASD”) Conduct Rules 2110 and 3110; and 5) failed to report his FINRA suspension within 30 days.

27930 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Diligence
Standard(s) Violated: Article 607; 701; 201; 406
Matter Type(s): Other Professional Discipline
Decision Date: 03/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) did not perform due diligence on a 1031 exchange intermediary prior to recommending him to his clients as a Qualified Intermediary for 1031 exchanges; and 2) failed to immediately report to his employer that Intermediary had borrowed clients’ funds to repay his own Internal Revenue Service (“IRS”) tax liability, and instead loaned Intermediary the money to repay the borrowed funds.

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.

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.


28992 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Professional Discipline; Securities Laws Violation; Outside Business Activity; Employer Policy Violation
Standard(s) Violated: Article 401(a); 4.3; 406; 4.1; 4.4; 2.2(b); 606(a); 201; 1.4; 407(a)
Matter Type(s): Professionalism
Decision Date: 04/07/2017
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) engaged in outside business activities (“OBAs”) without provide notice to, and obtaining approval from, his firm in accordance with ICP’s procedures; 2) served in a fiduciary capacity as either a primary or successor trustee, or attorney-in-fact for clients without adequately disclosing to the clients how those roles might conflict with his position as their financial advisor; 3) encouraged and assisted a client to make him the beneficiary of the client’s annuity without adequately disclosing the conflict of interest created between Respondent serving as the client’s financial advisor and being designated as the beneficiary of one of the client’s assets; and 4) advised clients not to seek advice regarding the conflict of interest of making him the fiduciary of their estate and/or trust a beneficiary.

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