CFP Board Imposes Public Discipline

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CFP Board Imposes Public Discipline

Feb 06, 2018
Disciplinary actions relate to 18 current or former CFP® professionals

Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today public disciplinary actions against the following individuals, effective immediately or on the date noted in each case. Public disciplinary actions taken by CFP Board, in order of increasing severity, include letters of admonition, suspensions and permanent revocations.

This release contains information about disciplinary actions relating to 18 current or former CFP® professionals. Of these actions, there were 8 letters of admonition, 6 suspensions, and 4 administrative revocations.

The basis for each decision can be found in a Disciplinary Action Report below and on CFP Board’s website. The public may check on an individual’s disciplinary history and certification status with CFP Board at www.CFP.net/verify.

CFP Board’s enforcement process is a critical consumer protection. CFP® professionals agree to abide by CFP Board’s Standards of Professional Conduct (Standards), which includes the Code of Ethics and Professional Responsibility (Code of Ethics), Rules of Conduct and Financial Planning Practice Standards (Practice Standards). The Standards set forth the ethical standards for financial planners who hold the CFP® certification.

CFP Board enforces its ethical standards by investigating incidents of alleged unethical behavior by CFP® professionals. In cases where violations are found, the Disciplinary and Ethics Commission (Commission) may impose discipline ranging from a private censure or public letter of admonition to the suspension or revocation of an individual’s right to use the CFP® marks. CFP Board’s Disciplinary Rules and Procedures (Disciplinary Rules) set forth the process for investigating matters and imposing discipline where violations have been found.

The Commission meets at least three times a year to provide a fair, unbiased review of any matter in which a CFP® professional is alleged to have committed violations of the Standards

The Commission functions in accordance with the Disciplinary Rules and reviews all matters on a case-by-case basis, taking into account the details specific to an individual case. While CFP Board has attempted to capture the details relevant to each decision, the summary nature of these releases may omit certain details affecting the decision. Accordingly, the decisions and/or rationale described in the releases may not apply to other cases reviewed by the Commission or reflect the Commission’s future interpretation or application of the Standards.

STATE

NAME

LOCATION

DISCIPLINE

California

Ash Narayan

Irvine

Administrative Revocation

Colorado

Brian D. Havermann, CFP®

Arvada

Letter of Admonition

Connecticut

Gregory W. Kearney, CFP®

Fairfield

Letter of Admonition

Florida

Michael J. DeBoer

Spring Hill

Administrative Revocation

Florida

Stephen D. Ostrofsky, CFP®

Boca Raton

Letter of Admonition

Florida

Bruce M. Weinstein

Boca Raton

Suspension

Georgia

Richard A. Sampley

Atlanta

Suspension

Missouri

Michael L. Bohannon

Sikeston

Letter of Admonition

New Jersey

Joseph P. Canciglia, III, CFP®

Hillsdale

Suspension

New Jersey

Thomas E. Connors

Toms River

Suspension

New Jersey

Peter G. Neuberg, CFP®

Chester

Suspension

Ohio

Scott Everhart, CFP®

Dublin

Letter of Admonition

Ohio

Matthew Romeo, CFP®

Dublin

Letter of Admonition

Pennsylvania

Larry W. Farmbry, CFP®

Bala Cynwyd

Letter of Admonition

South Carolina

Randy L. Alford

Conway

Administrative Revocation

South Carolina

Matthew Clary Smith

Spartanburg

Suspension

South Carolina

Jason A. Schall

Charleston

Administrative Revocation

Texas

Paul E. Ferraresi, CFP®

Bellaire

Letter of Admonition


LETTERS OF ADMONITION

COLORADO

Brian D. Havermann, CFP® (Arvada): In August 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) issued an order in which Mr. Havermann received a Letter of Admonition.  The Commission issued its order after determining that Mr. Havermann: 1) failed to act with the duty of care of a fiduciary when he charged clients an unreasonable investment advisory fee because he valued assets under management that he purchased at a discount at the audited price of the asset; 2) failed to disclose or otherwise omitted facts where that disclosure was necessary to avoid misleading clients when he failed to disclose the risks involved with Real Estate Investment Trusts (REITs) and non-traded REITS in his Form ADV Part 2; and 3) failed to comply with applicable regulatory requirements when he failed to comply with Colorado statutes and regulations, which resulted in a Stipulation and Consent Order with the State of Colorado. The Commission determined that Mr. Havermann’s conduct violated Rules 1.4, 2.1, and 4.3 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures.  Accordingly, the Commission admonished Mr. Havermann with regard to the above-mentioned conduct. 

CONNECTICUT

Gregory W. Kearney, CFP® (Fairfield):  In August 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) and Mr. Kearney entered into a settlement agreement wherein Mr. Kearney received a Letter of Admonition. In the settlement agreement, Mr. Kearney consented to CFP Board’s findings that he was convicted of two counts of misdemeanor Operating Under the Influence and one count of misdemeanor Interfering with an Officer.  CFP Board determined that Mr. Kearney’s conduct violated Rule 6.5 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(C) of CFP Board’s Disciplinary Rules and Procedures.  Accordingly, the Commission admonished Mr. Kearney with regard to the above-mentioned conduct. 

FLORIDA

Stephen D. Ostrofsky, CFP® (Boca Raton):  In September 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) and Mr. Ostrofsky entered into a settlement agreement wherein Mr. Ostrofsky received a Letter of Admonition.  In the settlement agreement, Mr. Ostrofsky consented to CFP Board’s finding that he communicated misleading information to clients or prospective clients when he repeatedly represented his compensation method as “fee-only” on CFP Board’s Find a CFP® Professional search tool.  Mr. Ostrofsky’s use of fee-only was misleading because he was registered with a broker-dealer, licensed, appointed and otherwise eligible to receive insurance commissions, and he collected commissions from the sale of annuities, insurance products, sale of equities, mutual funds, and other types of securities.  Mr. Ostrofsky also consented to CFP Board’s finding that he communicated false or misleading information to clients or prospective clients when he: 1) stated that he operated without any conflicts of interest; 2) suggested that he was not paid through commissions; and 3) stated that all advisors who earn commissions (a) do not act in the client’s best interests, (b) make recommendations based on their own personal enrichment, and (c) fail to disclose to clients all relevant facts.  CFP Board determined that Mr. Ostrofsky’s conduct violated Rule 2.1 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Article 3(A) of CFP Board’s Disciplinary Rules and Procedures.  Accordingly, the Commission admonished Mr. Ostrofsky with regard to the above-mentioned conduct and required Mr. Ostrofsky to take the remedial action of removing any language from his or his firm’s website that would indicate an advisor that solely or primarily earns fees does not have conflicts of interest.   

MISSOURI

Michael L. Bohannon, CFP® (Sikeston):  In January 2018, CFP Board’s Disciplinary and Ethics Commission (Commission) entered into a settlement agreement with Mr. Bohannon in which he received a Letter of Admonition and was required to complete 20 hours of remedial education.  In the settlement agreement, Mr. Bohannon consented to CFP Board’s findings that he: 1) engaged in outside business activities that were previously denied by his firm, in violation of firm policy; and 2) provided misleading or false answers on his firm’s compliance questionnaire when he falsely answered “no” to a question which asked whether he had engaged in any outside business activities.  At the time he completed the questionnaire, Mr. Bohannon was engaged in outside business activities that his firm had declined to approve.  CFP Board determined Mr. Bohannon’s conduct violated Rules 5.1 and 6.5 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Bohannon with regard to the above-mentioned conduct. 

OHIO

Scott Everhart, CFP® (Dublin): In January 2018, CFP Board’s Disciplinary and Ethics Commission (Commission) entered into a settlement agreement with Mr. Everhart in which he received a Letter of Admonition.  In the settlement agreement, Mr. Everhart consented to CFP Board’s findings that he: 1) did not act with the duty of care of a fiduciary when he failed to (a) seek best execution for clients and invested them in share classes that charged 12b-1 fees despite the availability of corresponding share classes without the fees and (b) disclose in his firm’s Form ADV and advisory agreements the conflicts of interest that existed regarding his recommendations to clients of mutual funds that contained 12b-1 fees; and 2) failed to perform required annual compliance reviews.  The Securities and Exchange Commission (SEC) issued a Cease and Desist Order in which the SEC determined Mr. Everhart and his firm violated Sections 206(2) of the Advisers Act, Section 207 of the Advisers Act, Section 206(4) of the Advisers Act, Rule 206(4)-7 under the Advisers Act, Section 204 of the Advisers Act, Rules 204-3(a), 204-3(b)(1) and 204-3(b)(2). The SEC censured Mr. Everhart and ordered him to: cease and desist from committing or causing any violations of the above-referenced statutes and rules; jointly and severally with other defendants, disgorge a total of $201,985.66 plus prejudgment interest of $23,422.66; and pay a $40,000 civil penalty. CFP Board determined Mr. Everhart’s conduct violated Rules 1.4, 2.2(b), 4.3 and 4.4 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures.  Accordingly, the Commission admonished Mr. Everhart with regard to the above-mentioned conduct. 

Matthew Romeo, CFP® (Dublin): In January 2018, CFP Board’s Disciplinary and Ethics Commission (Commission) entered into a settlement agreement with Mr. Romeo in which he received a Letter of Admonition.  In the settlement agreement, Mr. Romeo consented to CFP Board’s findings that he: 1) did not act with the duty of care of a fiduciary when he failed to (a) seek best execution for clients and invested them in share classes that charged 12b-1 fees despite the availability of corresponding share classes without the fees and (b) disclose in his firm’s Form ADV and advisory agreements the conflicts of interest that existed regarding his recommendations to clients of mutual funds that contained 12b-1 fees; and 2) failed to perform required annual compliance reviews.  The Securities and Exchange Commission (SEC) issued a Cease and Desist Order in which the SEC determined Mr. Romeo and his firm violated Sections 206(2) of the Advisers Act, Section 207 of the Advisers Act, Section 206(4) of the Advisers Act, Rule 206(4)-7 under the Advisers Act, Section 204 of the Advisers Act, Rules 204-3(a), 204-3(b)(1) and 204-3(b)(2). The SEC censured Mr. Romeo and ordered him to: cease and desist from committing or causing any violations of the above-referenced statutes and rules; jointly and severally with other defendants, disgorge a total of $201,985.66 plus prejudgment interest of $23,422.66; and pay a $40,000 civil penalty. CFP Board determined Mr. Romeo’s conduct violated Rules 1.4, 2.2(b), 4.3 and 4.4 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures.  Accordingly, the Commission admonished Mr. Romeo with regard to the above-mentioned conduct. 

PENNSYLVANIA

Larry W. Farmbry, CFP® (Bala Cynwyd): In August 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) entered into a settlement agreement with Mr. Farmbry in which he received a Letter of Admonition. In the settlement agreement, Mr. Farmbry consented to CFP Board’s findings that he exercised discretion without written authorization in numerous customer accounts.  The Financial Industry Regulatory Authority, Inc. (FINRA) determined that Mr. Farmbry’s conduct violated National Association of Securities Dealers Rule 2510 and FINRA Rule 2010.  FINRA suspended Mr. Farmbry from association with any FINRA member in any capacity for 30 days and fined him $5,000.  Mr. Farmbry also consented to CFP Board’s finding that he made a false statement to CFP Board when he represented to CFP Board that he had not been the subject of a self-regulatory organization inquiry or investigation and that he had never been terminated for cause.  CFP Board determined Mr. Farmbry’s conduct violated Rules 4.3 and 5.1 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A), 3(D) and 3(G) of CFP Board’s Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Farmbry with regard to the above-mentioned conduct. 

TEXAS

Paul E. Ferraresi, CFP® (Bellaire): In August 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) issued an order in which Mr. Ferraresi received a Letter of Admonition.  The Commission issued its order after determining that Mr. Ferraresi made a false communication to clients and prospective clients that he was fee-only while he was licensed and appointed to sell insurance products for commissions and received commissions for the sale of an insurance product.  The Commission determined Mr. Ferraresi’s conduct violated Rule 2.1 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Article 3(A) of CFP Board’s Disciplinary Rules and Procedures.  Accordingly, the Commission admonished Mr. Ferraresi with regard to the above-mentioned conduct. 

SUSPENSIONS

FLORIDA

Bruce M. Weinstein (Boca Raton): In August 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) issued an order in which the Commission imposed a four-year suspension on Mr. Weinstein.  The Commission issued its order after determining that Mr. Weinstein: 1) knowingly submitted false expense reports to his firm, causing his firm to maintain inaccurate books and records, in violation of Financial Industry Regulatory Authority, Inc. (FINRA) Rules 2010 and 4511; and 2) filed his second bankruptcy petition, a Chapter 11 Bankruptcy Petition, to avoid a possible FINRA Award against him stemming from an arbitration over his loan repayment to his firm. FINRA barred Mr. Weinstein from association with any FINRA member in any capacity.  The Commission determined that Mr. Weinstein’s conduct violated Rules 5.1 and 6.5 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures.  The Commission suspended Mr. Weinstein’s right to use the CFP® certification for four years.  Mr. Weinstein’s suspension is effective from October 3, 2017 until October 3, 2021. 

GEORGIA

Richard A. Sampley (Atlanta): In August 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) issued an order in which the Commission imposed a three-month suspension on Mr. Sampley.  The Commission issued its order after determining that Mr. Sampley participated in private securities transactions without providing prior written notice to, or obtaining approval from, his firm.  Mr. Sampley participated in the private securities transactions by arranging for and facilitating the granting to and subsequent exercise of the warrants by his customers. The Financial Industry Regulatory Authority, Inc. (FINRA) suspended Mr. Sampley for 10 months from association with any FINRA member in all capacities and fined him $15,000.  The Commission determined that Mr. Sampley’s conduct violated Rules 4.3 and 5.1 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures.  The Commission suspended Mr. Sampley’s right to use the CFP® certification for three months.  Mr. Sampley’s suspension was effective from October 3, 2017 until January 3, 2018.

NEW JERSEY

Joseph P. Canciglia, III, CFP® (Hillsdale): In August 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) issued an order in which the Commission imposed a 30-day suspension on Mr. Canciglia.  The Commission issued its order after determining that Mr. Canciglia exercised discretion in four accounts belonging to two clients without written authorization from the clients and without approval and acceptance of the accounts as discretionary from his firm. The Financial Industry Regulatory Industry, Inc. (FINRA, formerly known as the National Association of Securities Dealers, Inc. or NASD) determined that Mr. Canciglia’s conduct violated NASD Conduct Rule 2510(b) and FINRA Rule 2010.  FINRA suspended Mr. Canciglia for 45 calendar days from association with any FINRA member firm in any capacity and fined him $10,000.  The Commission also determined that Mr. Canciglia failed to disclose the FINRA suspension to the State of New Jersey Department of Banking and Insurance within 30 days, resulting in a $1,000 fine. Finally, the Commission determined that Mr. Canciglia recommended to a client an investment that was not approved by his broker-dealer, resulting in a Cautionary Action Letter from FINRA for engaging in a private securities transaction, in violation of NASD Rule 3040.  The Commission determined that Mr. Canciglia’s conduct violated Rules 4.3, 4.4 and 5.1 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A), 3(D), and 3(E) of CFP Board’s Disciplinary Rules and Procedures. Mr. Canciglia’s suspension was effective from October 3, 2017 until November 2, 2017.

Thomas E. Connors (Toms River): In August 2017, CFP Board’s Disciplinary and Ethics Commission (Commission) issued an order in which the Commission imposed a two-year suspension on Mr. Connors.  The Commission issued its order after determining that Mr. Connors failed to provide his firm with prior written notice of three outside business activities.  First, Mr. Connors charged 47 advisory clients a “one-time set-up fee” when they opened their accounts, despite being informed by his supervisor that he could not charge such fees.  Second, Mr. Connors charged 32 clients for his services in preparing their tax returns and received payment directly from clients.  Third, Mr. Connors received commissions for selling insurance products directly from outside insurance carriers.  The Financial Industry Regulatory Authority, Inc. (FINRA) determined that Mr. Connors’s conduct violated FINRA Rules 3270 and 2010.  FINRA suspended Mr. Connors from associating with any member firm in any capacity for 14 months, fined him $40,000 and ordered him to pay approximately $6,000 in hearing costs. The Commission also determined that Mr. Connors failed to cooperate with CFP Board’s investigation and obstructed CFP Board’s staff in the performance of its duties when he failed to contact his former firm to request information to a client arbitration.   The Commission determined that Mr. Connors’s conduct violated Rules 4.3, 4.4, 5.1 and 6.1 of the Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures.  Mr. Connors’s suspension is effective from October 3, 2017 until October 3, 2019.

Peter G. Neuberg, CFP® (Chester): In January 2018, CFP Board’s Disciplinary and Ethics Commission (Commission) entered into a settlement agreement with Mr. Neuberg in which he received a three-month suspension.  In the settlement agreement, Mr. Neuberg consented to CFP Board’s findings that he failed to reasonably supervise his assistant, who altered documents relating to customer accounts, including by reusing signatures from forms that previously had been completed by customers, caused the falsified forms to be maintained in the customers’ files and falsified documents to expedite transactions as an accommodation to customers.  The Financial Industry Regulatory Industry, Inc. (FINRA, formerly known as the National Association of Securities Dealers, Inc. or NASD) determined that Mr. Neuberg’s conduct violated NASD Conduct Rule 3010 and FINRA Rule 2010.  FINRA suspended Mr. Neuberg for six months from association with any FINRA member firm in a principal capacity, fined him $15,000, and required him to requalify as a General Securities Principal by passing the Series 24 examination prior to associating with any FINRA member firm in any principal capacity following the six-month principal-capacity suspension.  The Commission determined that Mr. Neuberg’s conduct violated Rules 4.3 and 4.6 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures. Mr. Neuberg’s suspension is effective from February 6, 2018 until May 6, 2018.

SOUTH CAROLINA

Matthew Clary Smith (Spartanburg): In January 2018, CFP Board’s Disciplinary and Ethics Commission (Commission) entered into a settlement agreement with Mr. Smith in which he received a three-month suspension.  In the settlement agreement, Mr. Smith consented to CFP Board’s findings that he: 1) maintained customer-signed, but blank, forms to submit to his firm regarding mutual fund exchanges; and 2) he had clients sign blank or undated forms and allowed staff to “white-out” dates on those forms in order to reuse the forms.  Mr. Smith’s firm did not require these forms to be signed prior to the mutual fund exchanges.  The Financial Industry Regulatory Industry, Inc. (FINRA) determined that Mr. Smith’s conduct violated FINRA Rule 2010.  FINRA suspended Mr. Smith for three months from association with any FINRA member firm in any capacity and fined him $5,000.  The Commission determined that Mr. Smith’s conduct violated Rules 4.3 and 5.1 of CFP Board’s Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures. Mr. Smith’s suspension is effective from February 6, 2018 until May 6, 2018.

ADMINISTRATIVE REVOCATIONS

CALIFORNIA

Ash Narayan (Irvine): In April 2017, CFP Board issued an order permanently revoking Mr. Narayan’s right to use the CFP® certification marks.  This discipline followed Mr. Narayan’s failure to file an answer to CFP Board’s Complaint within the required timeframe.  CFP Board’s Complaint alleged, among other things, that Mr. Narayan: 1) sold clients an unsuitable private placement; 2) fraudulently transferred his advisory clients’ funds to the private placement; 3) failed to disclose material information regarding his (a) position on the board of directors for the private placement, (b) ownership interest in the private placements, and (c) receipt of finder’s fees from the private placement; 4) executed Ponzi-like payments to hide the private placement’s dire financial situation and his own profit; and 5) misrepresented himself to be a Certified Public Accountant when he was not licensed as such.  The Securities and Exchange Commission determined that Mr. Narayan’s conduct violated Section 10(b) of the Securities and Exchange Act of 1934 and Rules 10b-5(a), (b), and (c) thereunder, Section 17(a)(1), (2), and (3) of the Securities Exchange Act of 1933, and Sections 206(1) and 206(2) of the Investment Advisors Act of 1940.  CFP Board’s Complaint alleged that Mr. Narayan’s conduct violated Rules 1.4, 2.1, 4.3 and 4.5 of CFP Board’s Rules of Conduct, providing grounds for discipline under Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures (Disciplinary Rules).  Mr. Narayan failed to file an Answer to CFP Board’s Complaint within 20 calendar days of the date of service, as required by Article 7.3 of Disciplinary Rules.  In accordance with Article 7.4 of the Disciplinary Rules, the allegations set forth in the Complaint were deemed admitted, and CFP Board issued an Administrative Order of Revocation. Mr. Narayan’s revocation was effective as of July 7, 2017.

FLORIDA

Michael J. DeBoer (Spring Hill): In October 2017, CFP Board issued an order permanently revoking Mr. DeBoer’s right to use the CFP® certification marks.  This discipline followed Mr. Deboer’s failure to file an answer to CFP Board’s Complaint within the required timeframe.  CFP Board’s Complaint alleged, among other things, that Mr. DeBoer agreed to the imposition of a bar by the Financial Industry Regulatory Authority, Inc. (FINRA, formerly known as the National Association of Securities Dealers, Inc. or NASD) based on the following misconduct: 1) engaging in private securities transactions without providing prior written notice to his firm; 2) recommending securities without first undertaking reasonable due diligence to confirm that the investment being recommended was suitable for his customers; and 3) engaging in an outside business relationship without providing written notice to his firm.  FINRA determined that Mr. DeBoer’s conduct violated NASD Rules 2310, 3030 and 3040, NASD IM-2310-2 and FINRA Rules 3270 and 2010.  CFP Board’s Complaint also alleged that Mr. DeBoer failed to disclose to his firm the following activities: 1) his involvement in recommending securities of a software development company; 2) his receipt of compensation for referring customers to the software company; and 3) his involvement in an outside business relationship with a company to which he referred approximately 28 people who invested more than $1.8 million in the company.  CFP Board’s Complaint alleged that Mr. DeBoer’s conduct violated Rules 4.3 and 5.1 of CFP Board’s Rules of Conduct, providing grounds for discipline under Articles 3(A) and 3(D) of CFP Board’s Disciplinary Rules and Procedures (Disciplinary Rules).  Mr. DeBoer failed to file an Answer to CFP Board’s Complaint within 20 calendar days of the date of service, as required by Article 7.3 of Disciplinary Rules.  In accordance with Article 7.4 of the Disciplinary Rules, the allegations set forth in the Complaint were deemed admitted, and CFP Board issued an Administrative Order of Revocation. Mr. DeBoer’s revocation was effective as of November 13, 2017.

SOUTH CAROLINA

Randy L. Alford (Conway): In June 2017, CFP Board issued an order permanently revoking Mr. Alford’s right to use the CFP® certification marks.  This discipline followed Mr. Alford’s failure to file an answer to CFP Board’s Complaint within the required timeframe.  CFP Board’s Complaint alleged, among other things, that Mr. Alford: 1) violated Financial Industry Regulatory Authority, Inc. (FINRA) Rules 8210 and 2010 by failing to provide documents and information to FINRA as requested; 2) failed to provide statements, documents, and information that CFP Board had requested in its Notice of Investigation; and 3) failed to notify CFP Board about his suspension and subsequent bar by FINRA within 30 days of receiving notice of each sanction.  CFP Board’s Complaint alleged that Mr. Alford’s conduct violated Rules 4.3 and 6.1 of CFP Board’s Rules of Conduct, providing grounds for discipline under Articles 3(A), 3(D) and 3(E) of CFP Board’s Disciplinary Rules and Procedures (Disciplinary Rules).  Mr. Alford failed to file an Answer to CFP Board’s Complaint within 20 calendar days of the date of service, as required by Article 7.3 of Disciplinary Rules.  In accordance with Article 7.4 of the Disciplinary Rules, the allegations set forth in the Complaint were deemed admitted, and CFP Board issued an Administrative Order of Revocation. Mr. Alford’s revocation was effective as of July 6, 2017.

Jason A. Schall (Charleston): In June 2017, CFP Board issued an order permanently revoking Mr. Schall’s right to use the CFP® certification marks. This discipline followed Mr. Schall’s failure to file an answer to CFP Board’s Complaint within the required timeframe. CFP Board’s Complaint alleged, among other things, that Mr. Schall: 1) engaged in unauthorized trades, misrepresentation fraud and breach of fiduciary duty with respect to a client; 2) twice represented to CFP Board that he had not been a defendant or respondent in a civil action or arbitration, when he had, in fact, been a defendant or respondent in both a civil suit and an arbitration; 3) failed to respond to multiple CFP Board requests for information; 4) failed to request documents from the Financial Industry Regulatory Authority, Inc. after being asked to do so by CFP Board; and 5) obstructed CFP Board staff in the performance of its duties.  CFP Board’s Complaint alleged that Mr. Schall’s conduct violated Rules 2.1, 4.1, 4.4 and 6.1 of CFP Board’s Rules of Conduct and provided grounds for discipline under Articles 3(A), 3(F) and 3(G) of CFP Board’s Disciplinary Rules and Procedures (Disciplinary Rules).  Mr. Schall failed to file an Answer to CFP Board’s Complaint within 20 calendar days of the date of service, as required by Article 7.3 of Disciplinary Rules.  In accordance with Article 7.4 of the Disciplinary Rules, the allegations set forth in the Complaint were deemed admitted, and CFP Board issued an Administrative Order of Revocation. Mr. Schall’s revocation was effective as of July 7, 2017.


ABOUT CFP BOARD

The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.  CFP Board currently authorizes nearly 80,000 individuals to use these marks in the U.S.

CONTACT: Dan Drummond, Director of Communications P: 202-379-2252 M: 202-243-8621 E: ddrummond@cfpboard.org Twitter: @cfpboardmedia

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