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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.

22305 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Employer Policy Violation; Conflict of Interest; Borrowing from Client
Standard(s) Violated: Article Article 3(a); 406; 201; 606(b); 409; 607
Matter Type(s): Professionalism; Civil Court
Decision Date: 04/06/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) accepted a $100,000 loan from a client, which violated his firm's policy against borrowing from clients; 2) failed to repay the client's loan according to the original terms of the promssory note; 3) failed to disclose any potential conflicts of interest and the risks associated with the promissory note; 4) failed to determine whether the promissory note he executed with his client was appropriate for his client; 5) allowed the client to purchase a piece of real estate for Respondent's benefit; and 6) failed to disclose any potential conflicts of interest and the risks associated with the client's purchase of a piece of real estate.

22516 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Professional Discipline; Professionalism; Supervision
Standard(s) Violated: Article 607; 701; Article 3(a); 705; 606(a)
Matter Type(s): FINRA Arbitration
Decision Date: 08/10/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to reasonably supervise a registered representative (“Representative”); and 2) did not respond adequately to red flags that should have alerted him that the Representative’s transactions were unsuitable for her customers.

22807 – Anonymous Case History
Decision: Suspension
Keyword(s): Client's Best Interest; Supervision; Fitness; Employer Policy Violation; Forgery
Standard(s) Violated: Article 606(b); Article 3(a); 705; 606(a); 201; 607
Matter Type(s): Other Professional Discipline
Decision Date: 04/25/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) fostered a sales culture that encouraged the utilization of proprietary products to enhance revenue; 2) recommended proprietary products that were not in the best interest of the clients; 3) allowed advisors under his supervision to engage in forgery and false record-keeping; 4) permitted the forging of signatures on documentation submitted to the corporate office to release compensation; and 5) directed his staff person to affix his name on an internal broker-dealer exception request form.

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.

22879 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Misrepresentation; Fitness; Professional Discipline; Advertising; Employer Policy Violation
Standard(s) Violated: Article 606(b); 102; Article 3(a); 406; Article 3(d); 606(a); 607
Matter Type(s): FINRA Arbitration
Decision Date: 05/17/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to comply with Financial Industry Regulatory Authority (“FINRA,” formerly National Association of Securities Dealers or “NASD”) rules relating to the approval and content of advertisements.

22986 – Anonymous Case History
Decision: Suspension
Keyword(s): Interim Suspension; Professional Discipline; Outside Business Activity; Misrepresentation; Professionalism; Disclosure to Clients; Employer Policy Violation; Fraud Related to Professional Activity; Suitability; Disclosure to CFP Board
Standard(s) Violated: Article 612; Article 3(e); 607; Article 3(a); 201; 606(a); 401(a); Article 3(d); 102; 606(b)
Matter Type(s): FINRA Discipline; Other Professional Discipline
Decision Date: 12/08/2010
Summary: Whether a candidate for CFP® certification (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she: 1) engaged in outside business activities without obtaining written approval from her employer; 2) did not notify CFP Board of her suspension; 3) recommended that her clients invest in promissory notes issued by her son’s company; and 4) did not disclose risks and other material and relevant information regarding the promissory notes to her clients.

23068 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Commingling; Employer Policy Violation; Professional Discipline; Loaning to Client; Failure to Notify CFP Board
Standard(s) Violated: Article 606(a); 606(b); 607; Article 3(e); 201; 406; Article 3(d); 102; Article 3(a)
Matter Type(s): Other Professional Discipline
Decision Date: 03/26/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) made a loan to a client (“Client”) in violation of his employer’s written procedures and National Association of Securities Dealers (“NASD” now know as the Financial Industry Regulatory Authority or “FINRA”) Conduct Rules; 2) did not disclose to his employer (“Firm”) that he made the loan to the Client, in violation of Firm policy; 3) did not disclose to his firm that he executed a Power of Attorney granted by the Client; 4) exercised the Power of Attorney in connection with the sale of Respondent’s real property to the Client; 5) established a joint bank account with the Client; 6) was suspended and fined by the FINRA; and 7) did not disclose his FINRA suspension to CFP Board within 10 days.

23323 – Anonymous Case History
Decision: Suspension
Keyword(s): Securities Laws Violation; Diligence; Outside Business Activity; Failure to Notify CFP Board; Fitness; Professional Discipline; Commingling; Fraud Related to Professional Activity; Employer Policy Violation
Standard(s) Violated: Article 606(b); 103(d); 406; 606(a); 607; Article 3(d); 102; Article 3(e); Article 3(a); 201
Matter Type(s): Other Professional Discipline
Decision Date: 04/19/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he engaged in unauthorized outside business activities resulting in a fine and a suspension of his securities, insurance, and investment advisor licenses for 30 days.

23352 – Anonymous Case History
Decision: Suspension
Keyword(s): Customer Complaints; Client's Best Interest; Suitability; Fiduciary Duty
Standard(s) Violated: Article Article 3(a); 202; 201; 607; 606(b); Article 3(b); 703
Matter Type(s): Client Dissatisfaction
Decision Date: 12/28/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct (“Standards”) when he failed to: 1) perform an investigation and analysis into the insurance needs of his clients prior to recommending that they purchase insurance policies; 2) perform a cash flow analysis regarding his client’s ability to pay the premiums for the insurance policies recommended by Respondent; and 3) present his insurance recommendations and ensure that the recommendations met his client’s expectations with respect to their ability to “premium offset” in five years.

23408 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Failure to Notify CFP Board; Employer Policy Violation; Professional Discipline; Continuing Education Violation; Fitness; Diligence
Standard(s) Violated: Article Article 3(e); Article 3(d); Article 3(a); 406; 606(a); 606(b); 607; 201; 102
Matter Type(s): FINRA Discipline
Decision Date: 04/29/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he allowed a trainee to complete portions of his required CFP Board continuing education credits.

23715 – Anonymous Case History
Decision: Suspension
Keyword(s): Bankruptcy; Arbitration; Fitness; Employer Policy Violation
Standard(s) Violated: Article Article 3(a); 607; 6.5
Matter Type(s): Other Arbitration
Decision Date: 04/19/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) arranged a meeting with a real estate development company to facilitate his client’s investment in a company that had not been properly evaluated by Respondent or his employer; and 2) filed for Chapter 7 Bankruptcy.

23730 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Diligence; Fraud Related to Professional Activity; Fitness; Employer Policy Violation; Failure to Respond to CFP Board; Professional Discipline; Confidentiality
Standard(s) Violated: Article 201; Article 3(a); 607; 606(a); 102; 406; 606(b)
Matter Type(s): Other Professional Discipline
Decision Date: 04/29/2010
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.

23777 – Anonymous Case History
Decision: Private Censure
Keyword(s): Professionalism; Suitability; Fitness; Customer Complaints; Professional Discipline
Standard(s) Violated: Article Article 3(a); 201; 606(b); 607; 606(a)
Matter Type(s): Other Professional Discipline
Decision Date: 08/11/2010
Summary: Whether a candidate for CFP® certification (“Respondent”) violated CFP Board’s Standards of Professional Conduct when his recommendation resulted in 70% of the clients’ assets being invested in annuities.

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.

24019 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fitness; Professional Discipline; Employer Policy Violation; Professionalism
Standard(s) Violated: Article 406; 606(a); 607; 606(b); 6.5; 201; Article 3(a)
Matter Type(s): Professionalism
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to file the required documentation regarding brief remarks at a cocktail party (“Presentation”); and 2) failed to disclose to his firm and a state regulator that he conducted the Presentation.

24078 – Anonymous Case History
Decision: Suspension
Keyword(s): Employer Policy Violation; Disclosure to CFP Board; Fraud Related to Professional Activity; Professional Discipline
Standard(s) Violated: Article Article 3(a); 606(b); 607; 102; 606(a)
Matter Type(s): Other Professional Discipline
Decision Date: 07/23/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he did not report trust fees as income on his tax returns for the years 2002 to 2003 and was subsequently suspended from legal practice.

24084 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Unauthorized Transaction; Fitness; Settlement; Professional Discipline; Employer Policy Violation; Customer Complaints
Standard(s) Violated: Article 607; Article 3(a)
Matter Type(s): Client Dissatisfaction
Decision Date: 04/26/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he applied funds of a homeowner’s association (“Association”), which he had oversight and charge of, without proper association authorization, which led the State Department of Insurance to assess monetary penalties against Respondent and his firm to terminate his employment.

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.

24467 – Anonymous Case History
Decision: Private Censure
Keyword(s): Misrepresentation; Professional Discipline; Employer Policy Violation; Fraud Related to Professional Activity; Fitness; Forgery
Standard(s) Violated: Article Article 3(d); 406; Article 3(a); 102; 607; Article 3(e)
Matter Type(s): Other Professional Discipline
Decision Date: 08/11/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended that the clients over-concentrate their assets in annuities.

24519 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Employer Policy Violation; Professionalism; Forgery; Fitness; Misrepresentation; Professional Discipline
Standard(s) Violated: Article 201; 606(a); 607; Article 3(a); 406; 102; 606(b)
Matter Type(s): Other Professional Discipline
Decision Date: 08/11/2010
Summary: Whether a candidate for CFP® certification (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he signed clients’ names to account documents, denied doing so during an internal review with his former employer, and failed to disclose this information to his current employer.

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.

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