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31010 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Diligence; Suitability; Fiduciary Duty
Standard(s) Violated: Article 1.4; 4.5
Matter Type(s): Client Dissatisfaction
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct by recommending that a client surrender of an annuity contract when Respondent did not properly estimate the cost basis of the annuity and incorrectly advised her client about the tax consequences of withdrawing funds from the annuity.


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.


30337 – Anonymous Case History
Decision: Suspension
Keyword(s): Failure to Notify CFP Board; Suitability
Standard(s) Violated: Article 500-2; 400-3; 400-1; Article 3(g); Article 3(b); Article 3(a); 703; 607; 202; 201
Matter Type(s): FINRA Arbitration; Arbitration; Failure to Disclose to CFP Board
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) made unsuitable investments on behalf of his client—resulting in an overconcentration of the client’s principal— which was in contradiction to the client’s risk tolerance and investment goals; and (2) failed to disclose the related FINRA arbitration settlement to CFP Board. 

29246 – Anonymous Case History
Decision: Suspension
Keyword(s): Fiduciary Duty; Misrepresentation; Commission/Compensation; Conflict of Interest; Professional Discipline; Suitability; Securities Laws Violation
Standard(s) Violated: Article 4.5; 2.1; 2.2(a); 2.2(b); 4.3; 1.4; Article 3(d)
Matter Type(s): Other Professional Discipline
Decision Date: 10/01/2018
Summary:

Whether a CFP® professional violated CFP Board’s Standards of Professional Conduct by making material misstatements and omissions to their clients while recommending that the clients invest in what was found to be a Ponzi-like investment scheme.


30850 – Anonymous Case History
Decision: Suspension
Keyword(s): Failure-to-Report; Client's Best Interest; Fiduciary Duty; Misrepresentation; Suitability
Standard(s) Violated: Article Article 3(e); Article 3(d); Article 3(a); 4.5; 4.4; 4.3; 2.1; 1.4
Matter Type(s): FINRA Arbitration; Failure to Disclose to CFP Board; FINRA Discipline
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he (1) made an unsuitable investment recommendation to a client; (2) misrepresented the values of annuities being recommended to that client; (3) placed his interest above his client’s interest by making an unsuitable recommendation that resulted in more than $25,000 in commission fees for the Respondent; and (4) failed to report a subsequent suspension by the Financial Industry Regulatory Authority (“FINRA”) to CFP Board within 30 days.


Page 1 of 1 , 5 Items in Total