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30952 – Anonymous Case History
Decision: Remedial-CE; Private Censure
Keyword(s): Failure to Register
Standard(s) Violated: Article Article 3(a); 4.3
Matter Type(s): State Regulatory Action
Decision Date: 06/12/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he served as an Registered Investment Advisor (“RIA”) and Investment Adviser Representative (“IAR”) prior to completing the state registration process.


30897 – Anonymous Case History
Decision: Suspension
Keyword(s): Failure-to-Respond-to-Staff; Failure to Cooperate with Staff; Bankruptcy; Tax-Lien
Standard(s) Violated: Article Article 3(f); Article 3(a); 6.5
Decision Date: 06/12/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) incurred 2016 and 2017 IRS tax liens; (2) filed for Chapter 13 Bankruptcy in 2018; and (3) failed to timely and adequately respond to CFP Board’s Notices of Investigation.


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.


30421 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Record-Keeping; Fraud Related to Professional Activity
Standard(s) Violated: Article Article 3(d); Article 3(a); 5.1; 4.3
Matter Type(s): Termination
Decision Date: 06/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he maintained blank documents that were pre-signed by his clients in order to facilitate transactions for clients. 
 

30674 – Anonymous Case History
Decision: Private Censure
Keyword(s): Settlement; Client-Agreement-Forms; Record-Keeping
Standard(s) Violated: Article Article 3(a); 4.3
Matter Type(s): Regulatory Action
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to produce completed client Agreements for five clients to a state regulatory division.


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. 

30537 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Court Order Violation; Misappropriation; Breach of Contract; Arbitration
Standard(s) Violated: Article Article 3(a); 6.5; 5.1; 3.1
Matter Type(s): Civil Suit; Civil Court; AAA Arbitration
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) took client information from his old firm to a new firm without authorization from either the old firm or the clients; (2) breached his contract with the old firm by taking client information to a new firm and failing to timely notify the old firm of his resignation; and (3) failed to make payments on a breach of contract judgment issued by a court with appropriate jurisdiction.

30596 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Client's Best Interest; Fiduciary Duty
Standard(s) Violated: Article Article 3(a); 4.3
Matter Type(s): Regulatory Action
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) violated a State’s fiduciary rule by failing to refund prepaid and unearned fees in a timely manner, as stipulated by Respondent’s Forms ADV; (2) failed to provide notice to clients for the withholding of such fees over $500, in violation of State A’s rules; and (3) failed to provide each client with a compliant Form ADV.

30719 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Settlement; Equitable-Principles-of-Trade; Professionalism; Fraud Related to Professional Activity
Standard(s) Violated: Article Article 3(a); Article 3(d); 6.5; 4.3
Matter Type(s): FINRA Discipline
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he, on four occasions, telephoned insurance company’s annuity service departments and impersonated two clients who held equity index annuities with the company.

30758 – Anonymous Case History
Decision: Suspension
Keyword(s): Fraud Related to Professional Activity; Professional Discipline; Employer Policy Violation
Standard(s) Violated: Article Article 3(a); Article 3(d); 5.1; 4.4; 4.3
Matter Type(s): Employer Action; FINRA Discipline
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he altered documents already signed by clients, which resulted in employment termination and a FINRA suspension. 

30411 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): DUI/DWI; Third-DUI-Offense; Misdemeanor
Standard(s) Violated: Article Article 3(c); Article 3(a); 6.5
Matter Type(s): Criminal Court; Criminal
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he was convicted of DUI, Second Offense, his third DUI conviction since 1989.  
 

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.


30894 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Forged-Client-Signatures; Fraud Related to Professional Activity
Standard(s) Violated: Article Article 3(a); 4.3; 5.1
Matter Type(s): FINRA Discipline
Decision Date: 06/12/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she signed three customer names on documents and submitted the documents to the customers’ annuity carrier.


30604 – Anonymous Case History
Decision: Private Censure
Keyword(s): Failure-to-Supervise
Standard(s) Violated: Article Article 3(a); 5.1; 4.6; 4.3
Matter Type(s): State Regulatory Action
Decision Date: 06/01/2018
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: failed to supervise an employee, resulting in the firm’s violation of several state regulatory rules.


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.


30764 – Anonymous Case History
Decision: Private Censure
Keyword(s): Custody-of-Client-Funds; Failure-to-Supervise; Record-Keeping; Books and Records
Standard(s) Violated: Article 4.1; Article 3(d); Article 3(a)
Matter Type(s): Other Professional Discipline; Regulatory Action
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he failed to maintain proper books and records, failed to provide proper custody of client funds, and failed to verify the credentials of a colleague that were posted on Respondent’s business website. 
 

30210 – Anonymous Case History
Decision: Suspension
Keyword(s): Professionalism; Fiduciary Duty; Client's Best Interest; Professional Discipline; Securities Laws Violation; Misrepresentation
Standard(s) Violated: Article Article 3(d); Article 3(a); 4.4; 4.3; 2.1; 1.4
Matter Type(s): FINRA Discipline; FINRA Regulatory Action; Regulatory Action; Professionalism; Professional Organization Disciplinary Action; Other Professional Discipline
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) invested client resources into two hedge funds managed by the Respondent, when the sole investment of the funds was an Energy company with only one illiquid asset; (2) misrepresented the assets held by the hedge funds to investors; and (3) oversaw improper valuations of the hedge funds’ assets that were in violation of rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). 

30777 – Anonymous Case History
Decision: Private Censure
Keyword(s): Failure-to-Maintain-Net-Capital; Record-Keeping; Books and Records; Settlement; Custody-of-Client-Funds
Standard(s) Violated: Article Article 3(a); 4.3
Matter Type(s): Regulatory Action
Decision Date: 02/05/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) took action with client funds while having custody of such; (2) failed to have his firm maintain net capital of at least $25,000 for one fiscal year; (3) failed to notify a state regulatory body within 24 hours of his firm’s deficient net capital and to suspend business operations upon the net capital deficiency; (4) failed to have his firm submit audited financial statements to a state regulatory body for two fiscal years; (5) failed to prepare and maintain true, accurate, and current firm records; and (6) failed to have his firm file an amended Form ADV. 
 

30782 – Anonymous Case History
Decision: Private Censure
Keyword(s): Employer Policy Violation; Unauthorized Transaction; Felony-Non-Violent Crime
Standard(s) Violated: Article Article 3(a); Article 3(d); 4.3
Matter Type(s): Employer Action; Criminal; Criminal Court
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) performed 40 unauthorized trades in a deceased person’s account; (2) failed to notify his firm of the death of two advisory clients, in violation of firm policy; and (3) accidentally brought a loaded firearm into an international airport and, thereafter, pled guilty to felony charges. 

30831 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Unreasonable-Assumptions; Misrepresentation; Failure-to-Comply-with-Custody-Rule; Securities Laws Violation
Standard(s) Violated: Article Article 3(d); Article 3(a); 4.4; 4.3; 2.1; 1.4
Matter Type(s): Regulatory Action
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) used unreasonable assumptions that resulted in large overstatements fund investment values to fund investors; (2) misrepresented the  nature  of  a fund’s principal investment relationship with a foreign company as a partnership in MD&A's sent to fund investors; (3) falsely disclosed to clients and prospective clients that the principal investment had obtained a letter of intent from a large development bank when they had not; and (4) failed to comply with applicable regulatory rules by committing enumerated acts 1-3. 

30781 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Settlement; Employer Policy Violation; Private-Securities-Transaction
Standard(s) Violated: Article Article 3(d); Article 3(a); 4.3; 606(a)
Matter Type(s): FINRA Discipline; Employer Action
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he personally invested in a private securities transaction without the consent of his firm. 

30788 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Settlement; Employer Policy Violation; Private-Securities-Transaction; Outside Business Activity
Standard(s) Violated: Article Article 3(d); Article 3(a); 5.1; 4.4; 4.3
Matter Type(s): Employer Action; FINRA Discipline
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) exceeded the scope of his pre-approved outside business activities (“OBAs”) by providing services to a company amounting to day-to-day management; (2) engaged in two undisclosed OBAs (i.e., managing a consulting firm and a family member’s LLC); and (3) engaged in a private securities transaction for the family member’s LLC without his firm’s prior approval. 

30803 – Anonymous Case History
Decision: Suspension
Keyword(s): Settlement; Customer Complaints; Private-Securities-Transaction; Outside Business Activity; Professional Discipline; Failure-to-timely-Amend-U-4; Employer Policy Violation
Standard(s) Violated: Article Article 3(a); 5.1; 4.4; 4.3
Matter Type(s): FINRA Discipline; Employer Action
Decision Date: 02/01/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) failed to timely amend and update his Form U4 to disclose a short sale and a compromise (2) introduced and recommended to clients that they provide a short-term business loan to an investment without providing prior and/or prompt written notice to his firm; and (3) introduced and recommended an investment to three firm clients without providing prior written notice to ABC of his participation in the transactions. 

29324 – Anonymous Case History
Decision: Letter of Admonition
Keyword(s): Unfair-Business-Practices; Fraud Related to Professional Activity; Misappropriation; Professionalism; Employer Policy Violation; Confidentiality; Breach of Contract
Standard(s) Violated: Article Article 3(a); 6.5; 5.1; 4.3; 3.2; 3.1
Matter Type(s): Civil Suit; Civil Court; FINRA Discipline; FINRA Regulatory Action
Decision Date: 02/05/2018
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he: (1) took client information from Respondent’s old firm without authorization from the firm or clients; (2) transferred client information to Respondent’s new firm for financial gain; (3) failed to treat client information with the level of confidentiality required by applicable law; and (4) failed to securely handle electronically stored information. 

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