1 2 Next Page 1 of 2 , 37 Items in Total
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.

25389 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Suitability
Standard(s) Violated: Article 102; 701; 606(b); 703; 201; 607; 202
Matter Type(s): FINRA Arbitration
Decision Date: 04/03/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended and sold a 73-year-old client two variable annuities and a variable universal life insurance policy.

25530 – Anonymous Case History
Decision: Private Censure
Keyword(s): Arbitration; Suitability; Disclosure to CFP Board
Standard(s) Violated: Article 607; 703; 201; 606(b); 6.3; 102; 202
Matter Type(s): FINRA Arbitration
Decision Date: 04/03/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) sold a client a variable annuity, which resulted in the concentration of the client’s assets in variable annuities and 10% early withdrawal penalties on the client’s monthly withdrawals; 2) held himself out as a financial planner providing comprehensive financial planning services but did not provide financial planning services to the client; and 3) failed to notify CFP Board of a change in his contact information within 45 days, in violation of Rule 6.3.

25698 – Anonymous Case History
Decision: Suspension
Keyword(s): Commission/Compensation; Suitability; Borrowing from Client; Misrepresentation; Conflict of Interest
Standard(s) Violated: Article 704; 102; 606(b); 409; 607; 501; 201
Matter Type(s): Civil Court
Decision Date: 07/10/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) described three private placement funds to a client as being safe and secure when they were actually highly speculative, nonpublic investments; 2) recommended and implemented a life insurance exchange for a client that resulted in more expense and less benefit for the client and a large commission for Respondent; 3) recommended and implemented an annuity exchange for a client that created a surrender penalty of approximately $21,000 for the client and a large commission for Respondent; 4) recommended three private placements to a client in which Respondent was personally invested; 5) accepted an interest-free loan from a client without executing a promissory note; and 6) forwarded a client’s contact information to the representatives of three private placements without the client’s consent.

25732 – Anonymous Case History
Decision: Suspension
Keyword(s): Suitability; Client's Best Interest; Professionalism
Standard(s) Violated: Article 606(b); 703; 607; 202; 201
Matter Type(s): FINRA Arbitration
Decision Date: 04/02/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) failed to present the client with a comprehensive financial plan designed to achieve the client’s goals and objectives; 2) recommended an unsuitably risky asset allocation for the client; and 3) advised the client to make a loan to Respondent’s acquaintance.

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.

25999 – Anonymous Case History
Decision: Suspension
Keyword(s): Securities Laws Violation; Customer Complaints; Suitability; Professional Discipline
Standard(s) Violated: Article 1.4; 4.3; 4.5; 6.5; 4.4; 3.3
Matter Type(s): FINRA Arbitration
Decision Date: 12/05/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he recommended that clients purchase a high-risk illiquid security without researching the financial condition of the firm proving financial support of the investment.

26476 – Anonymous Case History
Decision: Suspension
Keyword(s): Arbitration; Suitability; Client's Best Interest; Fiduciary Duty
Standard(s) Violated: Article 6.5; 4.4; 202; 1.4; 4.5; 606(b); 201; 102; 607; 1.3; 703
Matter Type(s): FINRA Arbitration
Decision Date: 05/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he concentrated clients’ assets in private placements.

26933 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Continuing Education Violation
Standard(s) Violated: Article 607; 606(a); 606(b); 102
Matter Type(s): FINRA Discipline
Decision Date: 03/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he received a Financial Industry Regulatory Authority (“FINRA” previously known as National Association of Securities Dealers “NASD”) suspension and $5,000 fine for using an answer key to complete a Long-Term Care (“LTC”) Continuing Education (“CE”) examination.

27037 – Anonymous Case History
Decision: Private Censure
Keyword(s): Professional Discipline; Forgery; Suitability; Securities Laws Violation; Employer Policy Violation; Failure to Notify CFP Board
Standard(s) Violated: Article 606(a); 202; 6.5; 405; 607; 606(b); 201; 701; 406
Matter Type(s): FINRA Arbitration
Decision Date: 09/13/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) sold 20,000 stock put options in SH and YH’s account, resulting in a total unrealized loss of $430,000 and a realized loss of almost $2 million; 2) charged SH and YH full commissions on their trades when they should have been entitled to discounted rates based on the size of their investment accounts; 3) charged SH and YH an exorbitant fee of 8% a year; 4) altered the clients’ new account forms with White-out, causing Firm to retain and preserve altered records and causing him to be suspended by Financial Industry Regulatory Authority (“FINRA”) for violation of firm policy and National Association of Securities Dealers (“NASD”) Conduct Rules 2110 and 3110; and 5) failed to report his FINRA suspension within 30 days.

27092 – Anonymous Case History
Decision: Private Censure
Keyword(s): Securities Laws Violation; Commission/Compensation; Advertising; Employer Policy Violation; Misuse of the Marks; Client's Best Interest; Misrepresentation
Standard(s) Violated: Article 4.1; 2.1; 4.5; 6.1; Article 3(a); 6.5; 1.4; 4.3; 5.1; 4.4
Matter Type(s): Professionalism
Decision Date: 08/09/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he 1) sold allegedly unsuitable insurance policies to his financial planning clients; 2) communicated to clients and prospective clients allegedly misleading information related to client testimonials, the registration status of his firm (“Respondent’s Firm”), and his compensation; 3) was terminated by Firm due to his use of client testimonials, failure to disclose outside business activities, and advertising violations; 4) violated State securities laws related to registration of his business entities, disclosure of outside business activities, client testimonials, and disclosure of his criminal charge to all regulatory bodies; 5) pleaded guilty to one misdemeanor count of Obtaining Contents of Communications; and 6) improperly used the CFP® marks in the Internet domain name www.respondentsnamecfp.com, the email addresses respondent@respondentsnamecfp.com and employee@respondentsnamecfp.com, and the Twitter handle @respondentsnameCFP and the corresponding Internet domain name https://twitter.com/#!/respondentsnamecfp.

27453 – Anonymous Case History
Decision: Private Censure
Keyword(s): Conflict of Interest; Failure to Cooperate with Staff; Client's Best Interest; Lawsuits Involving Financial Matters
Standard(s) Violated: Article 202; 102; 201; 6.5; 702(a); 606(b); 6.1; 607
Matter Type(s): Civil Court
Decision Date: 09/17/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) assisted a client to amend his living trust and pour-over will that provided compensation and assets to the client’s life partner and multiple charities; and 2) failed to respond to CFP Board’s requests for information.

27711 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Settlement; Professional Discipline; Securities Laws Violation; Forgery
Standard(s) Violated: Article 607; 606(b); 201; 102
Matter Type(s): Professionalism
Decision Date: 11/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he forged clients’ signatures on an Individual Retirement Account (“IRA”) Transfer Form and IRA Adoption Agreements without the clients’ authorization or knowledge, in violation of National Association of Securities Dealers (“NASD” now known as the Financial Industry Regulatory Authority, Inc. or “FINRA”) Conduct Rule 2110.

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.

27854 – Anonymous Case History
Decision: Suspension
Standard(s) Violated: Article 606(b); 408; 102; 406; 5.1; 4.5; 606(a); 6.5; 701; 201; 4.1; 4.4; 407(a); 4.3; 607
Matter Type(s): Professionalism
Decision Date: 03/29/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) helped another individual to sell away variable annuities; 2) engaged in private securities transactions without obtaining the prior approval and consent of his employer; 3) shared commissions without the prior approval and consent of his employer; and 4) purchased new variable annuities for his clients without first processing 1035 Exchanges for the old variable annuities, thereby creating a taxable event and potentially exposing his clients to higher capital gains taxes.

27927 – Anonymous Case History
Decision: Suspension
Keyword(s): Unauthorized Transaction; Professional Discipline; Churning
Standard(s) Violated: Article 607; 406; 401(b); 201
Matter Type(s): FINRA Arbitration
Decision Date: 03/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he executed 14 exchange-traded fund (“ETF”) transactions without the knowledge or consent of the customer.

27930 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Diligence
Standard(s) Violated: Article 607; 701; 201; 406
Matter Type(s): Other Professional Discipline
Decision Date: 03/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) did not perform due diligence on a 1031 exchange intermediary prior to recommending him to his clients as a Qualified Intermediary for 1031 exchanges; and 2) failed to immediately report to his employer that Intermediary had borrowed clients’ funds to repay his own Internal Revenue Service (“IRS”) tax liability, and instead loaned Intermediary the money to repay the borrowed funds.

28048 – Anonymous Case History
Decision: Private Censure
Keyword(s): Bankruptcy; Failure to Cooperate with Staff
Standard(s) Violated: Article 6.5; 6.1; 607
Matter Type(s): Civil Court
Decision Date: 03/29/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he filed for Chapter 7 Bankruptcy in 1987 and again in 2010.

28077 – Anonymous Case History
Decision: Suspension
Keyword(s): Diligence; Professional Discipline; Misrepresentation; Employer Policy Violation
Standard(s) Violated: Article 4.4; 4.3; 5.1; 2.1; 6.1
Matter Type(s): Professionalism
Decision Date: 07/31/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she provided information to a client’s creditors regarding purported wire transfers from the client’s brokerage accounts which the client had not actually made.

28116 – Anonymous Case History
Decision: Private Censure
Keyword(s): Forgery; Securities Laws Violation; Employer Policy Violation
Standard(s) Violated: Article 5.1; 4.4; 6.5; 4.3
Matter Type(s): Professionalism
Decision Date: 04/02/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she drafted and signed a letter of authorization at the direction of Client’s to facilitate a transfer of funds.

28137 – Anonymous Case History
Decision: Suspension
Keyword(s): Bankruptcy
Standard(s) Violated: Article 607; 6.5
Matter Type(s): Civil Court
Decision Date: 03/25/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he filed for Chapter 7 Bankruptcy in 1994 and Chapter 13 Bankruptcy in 2010.

28139 – Anonymous Case History
Decision: Suspension
Keyword(s): Disclosure to CFP Board; Diligence; Professional Discipline
Standard(s) Violated: Article 606(b); 201; 6.4; 606(a); 701; 607
Matter Type(s): Other Professional Discipline
Decision Date: 04/02/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) signed and issued an audit opinion letter as a “CPA” in State 1, when Respondent was not licensed in the state as a CPA with the State 1 CPA Board; 2) stated that he had performed an audit of Company 1, when he did not; and 3) did not have any working papers or any other audit documentation to support the audit opinion he signed and issued on behalf of Company 1.

28146 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Professional Discipline; Misrepresentation; Employer Policy Violation
Standard(s) Violated: Article 6.5; 5.1; 4.3; 4.4
Matter Type(s): FINRA Discipline
Decision Date: 03/08/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she knowingly allowed a client to impersonate her daughter during a phone call with an insurance company, which lead to Respondent’s termination by his Firm and a 2012 Financial Industry Regulatory Authority, Inc. (“FINRA”) Letter of Acceptance, Waiver and Consent (“AWC”).

28165 – Anonymous Case History
Decision: Suspension
Keyword(s): Professional Discipline; Client's Best Interest; Misrepresentation; Securities Laws Violation; Suitability
Standard(s) Violated: Article Article 3(a); 6.5; 4.3; 1.4; 4.4; Article 3(d); 5.1
Matter Type(s): FINRA Discipline
Decision Date: 07/31/2013
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: 1) used discretion to buy and sell approximately 120 Inverse Floater CMOs for his clients’ accounts without obtaining prior written authorization from the clients and prior written acceptance of their accounts as discretionary by his firm, in violation of the firm’s policy, National Association of Securities Dealers (“NASD”, now known as the Financial Industry Regulatory Authority, Inc. or “FINRA”) Rule 2510 and FINRA Rule 2010; and 2) was suspended by FINRA for violating FINRA rules.

1 2 Next Page 1 of 2 , 37 Items in Total