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30621 – Anonymous Case History
Decision: Dismiss--w/Caution
Keyword(s): Securities Laws Violation; Record-Keeping; Professional Discipline; Disclosure to Clients; Books and Records
Standard(s) Violated: Article Article 3(a); 4.3
Matter Type(s): Regulatory Action
Decision Date: 10/25/2017
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she violated the State administrative code by: a) excluding the formula used to calculate the advisory fee on its invoices; b) failing to concurrently send invoices at the time the advisory fee was deducted; c) taking action to withdraw funds when failing to comply with safekeeping requirements; d) failing to maintain net capital of at least $25,000; e) failing to notify the State within 24 hours of its deficient net capital and to suspend business operations during the time of the net capital deficiency; f) failing to amend multiple items on its Form ADV; and g) failing to file timely financial statements.

30586 – Anonymous Case History
Decision: Suspension
Keyword(s): Bankruptcy; Professional Discipline; Misrepresentation
Standard(s) Violated: Article Article 3(d); Article 3(a); 5.1; 6.5
Matter Type(s): Bankruptcies; FINRA Regulatory Action
Decision Date: 10/18/2017
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) knowingly submitted false expense reports to his firm, causing his firm to maintain inaccurate books and records; and 2) filed his second bankruptcy petition, a Chapter 11 Bankruptcy Petition, to avoid a possible Financial Industry Regulatory Authority, Inc’s (“FINRA”) award against him.  


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