Page 1 of 1 , 19 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.


30210 – Anonymous Case History
Decision: Suspension
Keyword(s): Professionalism; Fiduciary Duty; Client's Best Interest; Professional Discipline; Securities Laws Violation; Misrepresentation
Standard(s) Violated: Article Article 3(d); Article 3(a); 4.4; 4.3; 2.1; 1.4
Matter Type(s): FINRA Discipline; FINRA Regulatory Action; Regulatory Action; Professionalism; Professional Organization Disciplinary Action; Other Professional Discipline
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) invested client resources into two hedge funds managed by the Respondent, when the sole investment of the funds was an Energy company with only one illiquid asset; (2) misrepresented the assets held by the hedge funds to investors; and (3) oversaw improper valuations of the hedge funds’ assets that were in violation of rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). 

30831 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Unreasonable-Assumptions; Misrepresentation; Failure-to-Comply-with-Custody-Rule; Securities Laws Violation
Standard(s) Violated: Article Article 3(d); Article 3(a); 4.4; 4.3; 2.1; 1.4
Matter Type(s): Regulatory Action
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) used unreasonable assumptions that resulted in large overstatements fund investment values to fund investors; (2) misrepresented the  nature  of  a fund’s principal investment relationship with a foreign company as a partnership in MD&A's sent to fund investors; (3) falsely disclosed to clients and prospective clients that the principal investment had obtained a letter of intent from a large development bank when they had not; and (4) failed to comply with applicable regulatory rules by committing enumerated acts 1-3. 

29793 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline; Outside Business Activity; Failure to Cooperate with Staff
Standard(s) Violated: Article Article 3(d); Article 3(a); 6.1; 5.1; 4.4; 4.3
Matter Type(s): Regulatory Action; FINRA Discipline; FINRA Regulatory Action
Decision Date: 07/01/2017
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) charged 47 advisory clients a “one-time set up fee” when they opened their accounts, despite the fact that he had been informed by his supervisor that he could not charge such fees; (2) charged 32 clients for his services in preparing their tax returns and received payment directly from the clients; (3) received commissions for selling insurance products directly from outside insurance carriers; and (4) failed to contact his former firm to request information related to the an arbitration, thereby failing to fully cooperate with CFP Board’s investigation and obstructing CFP Board’s staff in the performance of their duty.  


29573 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fraud Related to Professional Activity; Misrepresentation
Standard(s) Violated: Article 4.3; 102; 606(a); 2.1; 607; 6.5
Matter Type(s): Arbitration; Regulatory Action
Decision Date: 11/06/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he held himself out to the public as a licensed Certified Public Accountant (“CPA”) while he was not licensed as a CPA.

29661 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Bankruptcy; Borrowing from Client
Standard(s) Violated: Article 1.4; 6.5; 3.6; 4.3
Matter Type(s): Regulatory Action
Decision Date: 04/25/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he entered into a loan with a client that he subsequently discharged in bankruptcy.

29680 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Professional Discipline; Misrepresentation; Securities Laws Violation; Outside Business Activity
Standard(s) Violated: Article 4.3; 5.1; 6.2; 3.7; 6.5; 4.4
Matter Type(s): Regulatory Action
Decision Date: 12/04/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) participated in at least three separate outside business activities without providing prior notice to, or receiving approval from, his employer member firms; 2) loaned money to three individuals who were Respondent’s clients, in violation of firm policy; 3) presented a private securities transaction to clients in which eight clients ultimately invested without seeking or obtaining written approval from his employer member firms; 4) provided false information and false documents to FINRA; and 5) represented to his employer in a compliance questionnaire that he was not participating in any outside business activities that required disclosure and that he had not participated in any private securities transactions when he was involved in outside business activities and private securities transactions.

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.

29798 – Anonymous Case History
Decision: Private Censure
Keyword(s): Unauthorized Transaction; Securities Laws Violation; Professional Discipline
Standard(s) Violated: Article 4.4; 5.1; 4.3; 6.1
Matter Type(s): Regulatory Action
Decision Date: 12/23/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she was terminated by Firm for processing an unauthorized wire transfer on a client’s behalf.

29800 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to CFP Board; Professional Discipline; Bankruptcy; Failure to Notify CFP Board
Standard(s) Violated: Article 2.1; 5.1; 4.3; 6.2; 6.5
Matter Type(s): Regulatory Action
Decision Date: 10/30/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) from January 2010 through December 2010, held himself out to the public, and practiced as a CPA when he was not currently licensed; and b) failed to timely amend his Form U4 to disclose a personal bankruptcy filing.

29801 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Failure to Notify CFP Board; Outside Business Activity; Disclosure to CFP Board; Employer Policy Violation
Standard(s) Violated: Article 6.5; 6.1; 5.1
Matter Type(s): Termination; Regulatory Action
Decision Date: 12/04/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) accepted customer checks made payable to him personally; 2) failed to disclose outside business activities to his Firm; 3) failed to disclose his professional suspension to CFP Board within 30-calendar days; and 4) falsely represented on his CFP Board ethics declaration that his professional license had never been suspended and he had never been terminated for cause.

29802 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Securities Laws Violation; Customer Complaints
Standard(s) Violated: Article 5.1; 4.3; 6.5
Matter Type(s): Regulatory Action
Decision Date: 12/04/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she was the subject of a Financial Industry Regulatory Authority, Inc. (“FINRA”) regulatory action and a 2008 customer complaint.

29948 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Employer Policy Violation; Professional Discipline; Securities Laws Violation; Failure to Notify CFP Board
Standard(s) Violated: Article 6.5; 6.2; Article 3(e)
Matter Type(s): Criminal; Regulatory Action
Decision Date: 07/22/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when (a) he copied drivers licenses of “extraordinary persons” in violation of State law, (b) State criminally convicted him of a misdemeanor, which resulted in a felony charge from State, (c) he failed to promptly disclose to Firm 1 that he had been charged with a felony, (d) he failed to amend his Form U4, in violation of Financial Industry Regulatory Industry, Inc. (“FINRA” formerly known as the National Association of Securities Dealers or “NASD”) Rule 2010 and NASD Rule 3070(b), (e) the State Securities Division concluded that Respondent was not of “good business repute” and denied Respondent’s State securities salesperson license and investment adviser representative license applications, (f) Firm 1 terminated Respondent’s employment because of his criminal indictment, and (g) Firm 2 terminated Respondent’s employment due to the State Securities Division’s Order of Denial.

30008 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Bankruptcy; Professional Discipline
Standard(s) Violated: Article Article 3(e); Article 3(a); 6.5; Article 3(d)
Matter Type(s): Regulatory Action
Decision Date: 03/02/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to amend his Form U4 to disclose his 2010 Chapter 7 bankruptcy until 2013, in violation of the Financial Industry Regulatory Authority, Inc. (“FINRA”) Rules 1122 and 2010.

30033 – Anonymous Case History
Decision: Private Censure
Keyword(s): Disclosure to Clients; Fee-Only; Securities Laws Violation
Standard(s) Violated: Article Article 3(a); 4.3; 2.2(a); 2.1
Matter Type(s): Regulatory Action
Decision Date: 07/21/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) communicated, directly or indirectly, to clients or prospective clients misleading information directly or indirectly related to the certificant’s professional qualifications or services when he misrepresented his compensation structure as “fee-only” despite receiving commissions; 2) failed to disclose to prospective clients or clients an accurate and understandable description of the compensation arrangements being offered; 3) failed to separately invoice clients each time he withdrew his fee from the client’s account causing him to violate net-capital requirements; and 4) entered into, extended, or renewed investment advisory contracts which failed to disclose accurate advisory fees.

30072 – Anonymous Case History
Decision: Private Censure
Keyword(s): Securities Laws Violation; Professional Discipline; Suitability
Standard(s) Violated: Article 4.3; Article 3(a); 4.4
Matter Type(s): Regulatory Action
Decision Date: 07/21/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she advised others, for compensation, as to the value of securities or as to the advisability of investing in, purchasing or selling securities at a time when she was not registered as an investment adviser.

30309 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Employer Policy Violation; Commission/Compensation; Professional Discipline
Standard(s) Violated: Article 6.5; 4.3
Matter Type(s): Regulatory Action
Decision Date: 04/07/2017
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to provide testimony as requested by Financial Industry Regulatory Authority, Inc. (“FINRA”), which resulted in a bar from associating with any FINRA member in any capacity; and 2) failed to timely disclose the FINRA bar to CFP Board.

30676 – Anonymous Case History
Decision: Private Censure
Keyword(s): Securities Laws Violation; Disclosure to CFP Board; Employer Policy Violation; Unauthorized Transaction
Standard(s) Violated: Article Article 3(d); Article 3(a); 5.1; 4.3; 4.4
Matter Type(s): Regulatory Action; Employer Action; FINRA Regulatory Action; FINRA Discipline
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he (1) Executed transactions on behalf of clients without prior authorization from either the clients or Respondent’s firm; (2) traded securities in his own account receiving a better price on the same side of the market on the same day in violation of firm policy; and (3) failing to report Financial Industry Regulatory Authority (“FINRA”) and state regulatory actions against Respondent to CFP Board within 30 calendar days. 

30868 – Anonymous Case History
Decision: Suspension
Keyword(s): False-Statements-in-Forms-ADV; Custody-of-Client-Funds; Record-Keeping; Failure-to-Disclose; Securities Laws Violation; Misrepresentation
Standard(s) Violated: Article Article 3(e); Article 3(d); Article 3(a); 4.4; 4.3; 2.1; 1.4
Matter Type(s): Regulatory Action
Decision Date: 06/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) relied on the private fund adviser exemption from registration although he was not entitled to; (2) used Inflated Asset Valuations; (3) made misrepresentations on Forms ADV; (4) failed to have his firms submit to surprise examinations as required by the Securities and Exchange Commission’s (“SEC”) Custody Rule; (5) failed to have his firms comply with the SEC's Compliance Rule; (6) improperly used fund assets to pay his legal fees; (7) contracted to earn a performance fee for managing a fund, without determining whether the fund's investors were qualified clients; and (8) failed to disclose a SEC bar related to the foregoing conduct to CFP Board. 
 

Page 1 of 1 , 19 Items in Total