Page 1 of 1 , 9 Items in Total
18767 – Anonymous Case History
Decision: Suspension
Keyword(s): Outside Business Activity; Misrepresentation; Professional Discipline; Commission/Compensation; Arbitration
Standard(s) Violated: Article 607; Article 3(a); 701; 406; Article 3(e); Article 3(d); 606(a); 606(b); 102; 201; 202; 405
Matter Type(s): FINRA Arbitration
Decision Date: 04/26/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he violated: 1) sections of the State Securities Act by selling unregistered securities; 2) the 2004 State Securities Board (“SSB”) Undertaking and 2005 SSB Order regarding supervision; 3) the 2004 SSB Undertaking and sections of the State Securities Act by failing to fully complete forms before obtaining client signatures; 4) sections of the State Securities Act by failing to disclose required information on his Form U4 and making material misrepresentations to the State Commissioner; 5) the 2004 SSB Undertaking and 2005 SSB Order by engaging in unsuitable transactions; and 6) National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority or “FINRA”) Conduct Rules by accepting a gift and/or gratuity in excess of $100 and charging clients both investment advisory fees and prohibited commissions.

19075 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Fiduciary Duty; Professionalism; Commission/Compensation; Disclosure to Clients; Commingling; Suitability; Diligence; Client's Best Interest; Fitness
Standard(s) Violated: Article 402; 610; 607; 703; 103(e); 702(a); Article 3(a); 201; 405; 701; 103(d); 202
Matter Type(s): Client Dissatisfaction; Professionalism; Civil Court
Decision Date: 08/13/2009
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct (“Standards”) when he performed financial planning services for a client’s (“Client”) father (“Client’s Father”) without providing to the Client’s Father a written financial planning agreement and written disclosures and when he received the Client’s Father’s funds through a bank account controlled by Respondent.

20996 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Commission/Compensation
Standard(s) Violated: Article 703; 606(b); 202; 607; 702(b); 701; 102; 201
Matter Type(s): Civil Court
Decision Date: 03/27/2012
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) represented that an annuity maximization concept was appropriate and reasonably designed to meet Client’s needs and goals; 2) failed to disclose to Client that he received a commission due to his sale of a universal life insurance policy to her; 3) misrepresented Client’s assets in order to obtain the universal life insurance policy; 4) recommending a transaction that was inappropriate for Client but allowed Respondent to gain financially; 5) failed to disclose the tax consequences of the sale of mutual funds; 6) failed to fully investigate Client’s heir’s tax liability by considering the state and federal inheritance tax exemptions and the cost basis of each individual annuity; and 7) failed to appropriately determine Client’s cash flow needs in relation to her potential long-term care needs.

22451 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Competency; Employer Policy Violation; Professional Discipline; Commission/Compensation; Suitability; Failure to Respond to CFP Board; Failure to Notify CFP Board; Disclosure to CFP Board; Conflict of Interest; Disclosure to Clients
Standard(s) Violated: Article 302; 401(a); 606(a); 408; 406; Article 3(d); 201; Article 3(e); Article 3(f)
Matter Type(s): Client Dissatisfaction; FINRA Arbitration
Decision Date: 08/10/2009
Summary: Whether a CFP® certificant violated CFP Board’s Standards of Professional Conduct when he: 1) sold promissory notes to individuals who were not customers of his broker-dealer (“Broker-Dealer”) without notice to the Broker-Dealer; and 2) received compensation for the sale of the promissory notes without permission from the Broker-Dealer.

25123 – Anonymous Case History
Decision: Private Censure
Keyword(s): Fitness; Commission/Compensation; Employer Policy Violation; Professional Discipline; Misrepresentation; Outside Business Activity
Standard(s) Violated: Article 408; 606(a); 201; 607; 407(a); Article 3(a); 102; 406; 606(b)
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: 1) transacted business in the State without being properly registered as an agent of the issuer; 2) offered and sold unregistered securities of the issuer; and 3) entered into a Letter of Engagement with Controlling Company, in violation of his broker-dealer’s internal policy.

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.

26226 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to Clients; Outside Business Activity; Commission/Compensation
Standard(s) Violated: Article 606(b); 102; 5.1; 607; 6.5; 201; Article 3(d); 606(a); Article 3(a); 406
Matter Type(s): FINRA Discipline
Decision Date: 07/22/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) engaged in a private securities transaction with a client and failed to: a) give prior written notice to his firm regarding his outside business activities; and b) obtain prior written approval from his firm regarding his outside business activities, in violation of his firm’s company policy requiring disclosure of outside business activities; and 2) failed to disclose to a client the referral fee he received for the client’s investment in the private securities transaction.

28285 – Anonymous Case History
Decision: Suspension
Keyword(s): Conflict of Interest; Professional Discipline; Outside Business Activity; Commission/Compensation; Employer Policy Violation; Client's Best Interest
Standard(s) Violated: Article 2.2(b); 6.5; 1.4; 5.1; 4.4; 4.3
Matter Type(s): FINRA Discipline
Decision Date: 09/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) engaged in an outside business activity without providing notice and receiving prior written approval from his Firm; and 2) falsely certified to his broker-dealer that he was not engaged in outside business activity.

29246 – Anonymous Case History
Decision: Suspension
Keyword(s): Fiduciary Duty; Misrepresentation; Commission/Compensation; Conflict of Interest; Professional Discipline; Suitability; Securities Laws Violation
Standard(s) Violated: Article 4.5; 2.1; 2.2(a); 2.2(b); 4.3; 1.4; Article 3(d)
Matter Type(s): Other Professional Discipline
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct by making material misstatements and omissions to their clients while recommending that the clients invest in what was found to be a Ponzi-like investment scheme.


Page 1 of 1 , 9 Items in Total