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30692 – Anonymous Case History
Decision: Revocation
Keyword(s): Failure-to-Disclose; Due-Diligence; Failure-to-Disclose-to-Firm; Outside Business Activity
Standard(s) Violated: Article Article-3(e)-3(d); 5.1; 4.4; 4.3; 4.2
Matter Type(s): Failure to Disclose to CFP Board; FINRA Regulatory Action; FINRA Discipline
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) engaged in an undisclosed outside business activity; (2) failed to perform due diligence in connection with the outside business activity, leading to a bar by the Financial Industry Regulatory Authority (“FINRA”); and (3) failed to disclose his FINRA bar to CFP Board.


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. 
 

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