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26612 – Anonymous Case History
Decision: Revocation by DEC
Keyword(s): Borrowing from Client; Suitability; Bankruptcy
Standard(s) Violated: Article 606(b); 102; 607; 1.4; 501; 202; 6.5; 401(a); 103(d)
Matter Type(s): Civil Court
Decision Date: 08/14/2014
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he made a series of misrepresentations to financial planning clients related to a loan used to purchase bank stock on behalf of the clients.

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.

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