Page 1 of 1 , 18 Items in Total
31010 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Diligence; Suitability; Fiduciary Duty
Standard(s) Violated: Article 1.4; 4.5
Matter Type(s): Client Dissatisfaction
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct by recommending that a client surrender of an annuity contract when Respondent did not properly estimate the cost basis of the annuity and incorrectly advised her client about the tax consequences of withdrawing funds from the annuity.


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.


26505 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Unauthorized Transaction; Diligence
Standard(s) Violated: Article 701; 607; 606(b); 202; 201
Matter Type(s): FINRA Arbitration
Decision Date: 04/30/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he effectuated a series of withdrawals totaling approximately $22,000 from Client’s 401(k) account based solely on the oral instructions of her husband, despite Respondent’s previous assurances to Client that her husband had no access to the account, resulting in surrender penalties of almost $500, as well as income taxes on the withdrawals and a 10% early withdrawal penalty.

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.

18861 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Settlement; Professional Discipline; Professionalism; Misrepresentation; Diligence
Standard(s) Violated: Article 701; Article 3(a); 607; 606(b); 102; 201; 606(a)
Matter Type(s): Professionalism
Decision Date: 11/07/2008
Summary: Whether CFP® certificant (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he inaccurately completed a health insurance application for a client (“Client”), leading to rescission of the Client’s coverage and Respondent’s violation of a state statutory provision.

21365 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Securities Laws Violation; Supervision; Record-Keeping; Advertising; Misrepresentation; Continuing Education Violation; Diligence; Disclosure to Clients; Professional Discipline
Standard(s) Violated: Article 401(b); 101(a); 705; 701; 401(a); 606(a); Article 3(a)
Matter Type(s): Professionalism
Decision Date: 08/11/2008
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when a Financial Industry Regulatory Authority investigation showed that he and his company violated securities laws related to the sale of securities on military bases.

21403 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professionalism; Customer Complaints; Arbitration; Unauthorized Transaction; Professional Discipline; Securities Laws Violation; Fitness
Standard(s) Violated: Article Article 3(a); 701; 606(a); 607; 201; 606(b)
Matter Type(s): FINRA Arbitration
Decision Date: 04/14/2010
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she executed trades in a trust account without the trustee’s authorization.

21718 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Arbitration; Securities Laws Violation; Professional Discipline
Standard(s) Violated: Article 606(b); 701; 607; 201; Article 3(a); 406; 606(a)
Matter Type(s): FINRA Arbitration
Decision Date: 04/05/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) corrected a trading error in a client’s account by reimbursing the client from his own personal funds, rather than following firm policy with respect to resolving trading errors; and 2) traded a security in his personal securities account ahead of trading the same security in a client’s account.

24137 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Fraud Related to Professional Activity; Customer Complaints; Professionalism; Client's Best Interest
Standard(s) Violated: Article 4.4; 2.1; 6.5; 4.5; 1.4
Matter Type(s): Civil Court
Decision Date: 12/06/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) obtained approval for a commission increase on a 401K plan from a company executive who did not normally approve such changes; and 2) recommended that officers of the company transfer management of their personal assets to Respondent’s new firm without disclosing that they would incur surrender charges.

24272 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Diligence; Misrepresentation; Fitness; Record-Keeping; Professional Discipline; Revocation of Other Professional License; Settlement
Standard(s) Violated: Article 606(b); Article 3(e); 102; Article 3(d); 201; Article 3(a); 607; 701; 606(a)
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 she improperly notarized a power of attorney and had her notary license revoked as a result.

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.

25306 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Failure to Notify CFP Board; Settlement; Borrowing from Client
Standard(s) Violated: Article Article 3(d); Article 3(a); Article 3(e); 3.6; 6.5
Matter Type(s): FINRA Discipline
Decision Date: 04/13/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) borrowed $8,000 from his clients; 2) did not inform his Firm of the loan and was allowed to resign as a result; 3) violated National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority or “FINRA”) Conduct Rules, resulting in a suspension and fine; and 4) failed to notify CFP Board of the suspension.

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.

28679 – Anonymous Case History
Decision: Letter of Admonition
Standard(s) Violated: Article 606(b); 607; 302; 701; 606(a); 201
Matter Type(s): Other Professional Discipline
Decision Date: 08/08/2014
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to have his wife file a tax return for the 2005 tax year and therefore did not report a possible gain based on the differential between the remaining debt on the promissory note and the adjusted tax basis of a property; 2) failed to generate records to sufficiently document his mother’s intentions as proof of the legitimacy a 2003 tax deferred exchange; 3) failed to seek a formal independent third-party review of the 1031 exchange; and 4) provided financial guidance and assistance to his mother in 2003 regarding Medicaid planning although he lacked the requisite knowledge regarding Medicaid and did not seek an independent third-party review of his plan.

28825 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Diligence; Professional Discipline; Professionalism
Standard(s) Violated: Article 701; 6.5; 201; 606(a); 607
Matter Type(s): Other Professional Discipline
Decision Date: 05/05/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he violated the securities laws of two states by: 1) acting as an unregistered investment adviser, securities salesperson and/or broker-dealer; 2) offering and selling an unregistered and nonexempt security; 3) offering securities to non-qualified investors; 4) misrepresented by omission in offering materials that the general partner entered into a sub-advisory agreement and shared fees with the sub-advisor; and 5) failed to disclose a state consent order on his Form ADV.

29051 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Suitability; Professional Discipline; Client's Best Interest
Standard(s) Violated: Article 4.5; 1.4; 5.1; 4.1; 6.5; 4.4; 4.3
Matter Type(s): Other Professional Discipline
Decision Date: 06/10/2015
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended a client liquidate her variable annuity without: 1) becoming the agent of record on the variable annuity; 2) handling the liquidation through his employer; 3) seeking approval from his employer for conducting outside business activities; and 4) knowing the cost basis of the variable annuity prior to making the recommendation.

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.

30164 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Misdemeanor; Customer Complaints; DUI/DWI
Standard(s) Violated: Article 1.4; 3.6; 4.3; 5.1
Matter Type(s): Criminal
Decision Date: 11/02/2016
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he was convicted of two counts of battery.

Page 1 of 1 , 18 Items in Total