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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.

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.

21744 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Professionalism; Client's Best Interest; Forgery; Misrepresentation; Professional Discipline; Unauthorized Transaction; Employer Policy Violation; Fraud Related to Professional Activity; Settlement
Standard(s) Violated: Article Article 3(d); 201; 406; 102; 103(c); 607; 202; 606(b)
Matter Type(s): FINRA Discipline; Client Dissatisfaction
Decision Date: 12/19/2008
Summary: Whether a candidate for CFP® certification violated CFP Board’s Standards of Professional Conduct when he signed clients’ signatures on documents without their authorization.

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