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24289 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Employer Policy Violation; Professional Discipline; Fraud Related to Professional Activity; Fitness; Diligence; Professionalism; Failure to Notify CFP Board; Customer Complaints
Standard(s) Violated: Article 102; 606(a); 607; 606(b); 201; Article 3(d); Article 3(a); Article 3(e); 406
Matter Type(s): FINRA Discipline
Decision Date: 04/06/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he entered into settlement agreements with clients without his firm’s knowledge.

24453 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Misrepresentation; Customer Complaints; Suitability; Fitness
Standard(s) Violated: Article 606(b); Article 3(a); 607; 201
Matter Type(s): Client Dissatisfaction
Decision Date: 11/04/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended that an elderly client with a low net worth and a moderate-aggressive risk tolerance engage in futures contracts trading.

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.

24651 – Anonymous Case History
Decision: Suspension
Keyword(s): Employer Policy Violation; Forgery; Professional Discipline; Fraud Related to Professional Activity; Misrepresentation; Professionalism; Diligence
Standard(s) Violated: Article 201; 406; 606(b); 102; 607; 606(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 08/06/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he affixed multiple client signatures on documents and purchased financial plans for two clients with his own funds in violation of firm policy, National Association of Securities Dealers (“NASD,” now Financial Industry Regulatory Authority or “FINRA”) Conduct Rule 2110, and a state insurance code provision.

24675 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Employer Policy Violation; Fitness; Customer Complaints; Suitability; Settlement
Standard(s) Violated: Article 606(b); 607; 201; Article 3(a); 406
Matter Type(s): Client Dissatisfaction
Decision Date: 04/04/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended that an elderly client with a low net worth and a moderate-aggressive risk tolerance engage in futures contracts trading.

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.

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.

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.

25389 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Suitability
Standard(s) Violated: Article 102; 701; 606(b); 703; 201; 607; 202
Matter Type(s): FINRA Arbitration
Decision Date: 04/03/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended and sold a 73-year-old client two variable annuities and a variable universal life insurance policy.

25530 – Anonymous Case History
Decision: Private Censure
Keyword(s): Arbitration; Suitability; Disclosure to CFP Board
Standard(s) Violated: Article 607; 703; 201; 606(b); 6.3; 102; 202
Matter Type(s): FINRA Arbitration
Decision Date: 04/03/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) sold a client a variable annuity, which resulted in the concentration of the client’s assets in variable annuities and 10% early withdrawal penalties on the client’s monthly withdrawals; 2) held himself out as a financial planner providing comprehensive financial planning services but did not provide financial planning services to the client; and 3) failed to notify CFP Board of a change in his contact information within 45 days, in violation of Rule 6.3.

25698 – Anonymous Case History
Decision: Suspension
Keyword(s): Commission/Compensation; Suitability; Borrowing from Client; Misrepresentation; Conflict of Interest
Standard(s) Violated: Article 704; 102; 606(b); 409; 607; 501; 201
Matter Type(s): Civil Court
Decision Date: 07/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) described three private placement funds to a client as being safe and secure when they were actually highly speculative, nonpublic investments; 2) recommended and implemented a life insurance exchange for a client that resulted in more expense and less benefit for the client and a large commission for Respondent; 3) recommended and implemented an annuity exchange for a client that created a surrender penalty of approximately $21,000 for the client and a large commission for Respondent; 4) recommended three private placements to a client in which Respondent was personally invested; 5) accepted an interest-free loan from a client without executing a promissory note; and 6) forwarded a client’s contact information to the representatives of three private placements without the client’s consent.

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.

25994 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Diligence; Failure to Respond to CFP Board; Professionalism; Professional Discipline; Supervision
Standard(s) Violated: Article Article 3(a); 701; 201; 606(a); 607; 606(b); 406
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 did not respond to a Complaint issued to him by CFP Board.

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.

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.

26612 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Borrowing from Client; Suitability; Bankruptcy
Standard(s) Violated: Article 606(b); 102; 607; 1.4; 501; 202; 6.5; 401(a); 103(d)
Matter Type(s): Civil Court
Decision Date: 08/14/2014
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he made a series of misrepresentations to financial planning clients related to a loan used to purchase bank stock on behalf of the clients.

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.

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.

27321 – Anonymous Case History
Decision: Suspension
Keyword(s): Securities Laws Violation; Suitability
Standard(s) Violated: Article 201; Article 3(e); Article 3(a); 606(a); 701; 102; 401(a); 607; Article 3(d); 606(b)
Matter Type(s): Other Professional Discipline
Decision Date: 07/03/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) failed to disclose that he was selling unregistered securities, in violation of State law; 2) failed to disclose that he would be compensated for the sale of securities, in violation of State law; 3) sold unregistered, nonexempt securities to 13 clients, in violation of State law; 4) sold an unsuitable promissory note to his client; and 5) failed to adhere to the principles of good business practice when he failed to execute his client's sell orders in a timely manner.

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.

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.

28139 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to CFP Board; Diligence; Professional Discipline
Standard(s) Violated: Article 606(b); 201; 6.4; 606(a); 701; 607
Matter Type(s): Other Professional Discipline
Decision Date: 04/02/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) signed and issued an audit opinion letter as a “CPA” in State 1, when Respondent was not licensed in the state as a CPA with the State 1 CPA Board; 2) stated that he had performed an audit of Company 1, when he did not; and 3) did not have any working papers or any other audit documentation to support the audit opinion he signed and issued on behalf of Company 1.

28508 – Anonymous Case History
Decision: Private Censure
Keyword(s): Client's Best Interest; Supervision; Fraud Related to Professional Activity; Professionalism; Suitability
Standard(s) Violated: Article 201; 407(a); 705; 401(a); 703; 202; 607
Matter Type(s): FINRA Arbitration
Decision Date: 05/14/2014
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) recommended the Biotech Company stock to Client without giving the client the prospectuses or PPMs for the penny stock investments: 2) sold the Biotech Company stock to Client without the knowledge or approval of Firm; 3) discouraged the Clients from selling the penny stocks, while he sold his own Biotech Company shares; 4) recommended to Client the loan to Biotech Company, a company in which he had a personal stake, without disclosing the inherent conflict of interest; and 5) personally reimbursed Client $30,000 as compensation for a loan recommendation he made to Client.

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