Page 1 of 1 , 22 Items in Total
30547 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Failure-to-Disclose-to-Firm; Client's Best Interest; Fiduciary Duty; Failure-to-Supervise
Standard(s) Violated: Article Article 3(g); Article 3(a); 6.1; 4.6; 5.1; 4.3; 6.5; 1.4
Matter Type(s): Employer-Investigation
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) failed to properly supervise subordinates, resulting in one subordinate being named as a beneficiary of several clients’ accounts, creating a conflict of interest; (2) was named as a beneficiary in several client accounts, in violation of firm policy; and (3) failed to disclose and obtain approval from his firm after he was named as a beneficiary of both client and non-client accounts.


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.

13677 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professionalism; Other Ethics; Arbitration; Professional Discipline
Standard(s) Violated: Article 102; 406; 606(b); 607; Article 3(a); 201; 606(a)
Matter Type(s): FINRA Arbitration
Decision Date: 10/17/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) sold the major asset of his investment advisory firm for his own benefit and to the detriment of his minority shareholders, who were also investment advisory clients; 2) failed to disclose on his state insurance license renewal application that he had been named in National Association of Securities Dealers (“NASD,” now known as the Financial Industry Regulatory Authority or “FINRA”) arbitrations and customer complaints; and 3) engaged in an adulterous relationship with his client while both were married.

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.

22350 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Previous Discipline; Disclosure to CFP Board; Securities Laws Violation; Supervision
Standard(s) Violated: Article Article 12.2; Article 3(e); 406; 606(b); 607; 606(a); Article 3(a)
Matter Type(s): FINRA Discipline; Professionalism
Decision Date: 06/21/2011
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he performed supervisory functions without proper registration and received a Financial Industry Regulatory Authority, Inc. (“FINRA” formerly known as National Association of Securities Dealers or “NASD”) suspension and fine as a result.

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.

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.

24675 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Employer Policy Violation; Fitness; Customer Complaints; Suitability; Settlement
Standard(s) Violated: Article 606(b); 607; 201; Article 3(a); 406
Matter Type(s): Client Dissatisfaction
Decision Date: 04/04/2011
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.

24874 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Securities Laws Violation; Professional Discipline
Standard(s) Violated: Article 406; 606(a); 606(b); 607; 201
Matter Type(s): FINRA Discipline
Decision Date: 02/14/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) violated National Association of Securities Dealers ("NASD", now known as the Financial Industry Regulatory Authority, Inc. or "FINRA") Conduct Rules 2510(b) and 2110; 2) signed a Letter of Acceptance, Waiver and Consent ("AWC") wherein he accepted the findings of the NASD Rule violations; and 3) consented to a $10,000 fine and suspension from association with any FINRA member for a period of 20 business days.

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.

25775 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Customer Complaints; Misrepresentation; Employer Policy Violation; Securities Laws Violation
Standard(s) Violated: Article 406; 5.1; 6.5; Article 3(a); 704; 102; 201; 607; 4.4; 606(b); 606(a)
Matter Type(s): Client Dissatisfaction; Other Professional Discipline
Decision Date: 07/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) stated an annual income figure for a client on that client’s account application which he knew to be inaccurate, causing his firm’s books and records to be inaccurate and in violation of NASD Rules 3110 and 2110; 2) recommended to a client that she purchase a variable universal life insurance policy with an annual premium of $10,000 when Respondent knew that the client was unemployed; and 3) was placed on heightened supervision by his firm for violation of the firm’s lending policy and for failure to comply with firm policies and procedures relating to following pre-approval restrictions by accepting a trade on a client’s account from an unauthorized third party; and 4) was terminated by his firm for violating firm policy regarding use of discretion and accepting a trade from an unauthorized party.

26425 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Outside Business Activity; Client's Best Interest; Employer Policy Violation; Borrowing from Client
Standard(s) Violated: Article 406; 407(a); 201; 606(b); Article 3(a); 607; 409
Matter Type(s): Other Professional Discipline
Decision Date: 02/14/2012
Summary: Whether a CFP® professional ("Respondent") violated CFP Board's Standards of Professional Conduct when he: 1) issued two promissory notes to a client in connection with a real estate-related outside business activity without prior approval from his firm; and 2) was terminated by his firm for issuing the promissory notes.

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.

30640 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Unauthorized Transaction
Standard(s) Violated: Article 4.3; 5.1; Article 3(a); Article 3(d); Article 3(g)
Matter Type(s): FINRA Regulatory Action
Decision Date: 10/18/2017
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he exercised discretion without written authorization in numerous customer accounts. 


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.

30845 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Failure to Notify CFP Board; Settlement; Unfair-Business-Practices; Misappropriation; Fraud Related to Professional Activity; Confidentiality
Standard(s) Violated: Article Article 3(g); Article 3(a); 6.5
Matter Type(s): Failure to Disclose to CFP Board; Civil Suit; Civil Court
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) sought and obtained confidential client information from another firm; (2) accepted an unredacted, 52-page billing report that a colleague had printed from secure networks at another firm; (3) was found responsible by a state court for the commission of (a) misappropriating trade secrets and (b) unfair business practices; and (4) failed to disclose such to CFP Board.  
 

Page 1 of 1 , 22 Items in Total