CFP Board Censures Improper CFP® Certificant Conduct
| STATE | NAME | LOCATION | DISCIPLINE |
| California | Steven T. Bissell | Fairfield | Revocation |
| Florida | Jeffrey Cimbal | Parkland | Suspension |
| Robert C. Jensen | Miami Lakes | Revocation | |
| Richard I. Weise | Naples | Revocation | |
| Illinois | John M. Carlson | Bloomingdale | Permanent Relinquishment |
| James W. Jonen | Hoffman Estates | Revocation | |
| New Jersey | Michael R. Casey | Park Ridge | Revocation |
| Barbara Edwards | Township of Washington | Revocation | |
| Wisconsin | Anthony F. Fricano | Brookfield | Revocation |
Public disciplinary actions taken by CFP Board, in order of decreasing severity, include permanent revocation, suspension and letters of admonition.
Under terms of the revocations, Bissell, Casey, Edwards, Fricano, Jensen, Jonen and Weise no longer have the right to use the CFP® certification marks. CFP Board suspended Cimbal's right to use the CFP® certification marks, and Carlson agreed to permanently relinquish his right to use the CFP® certification marks pursuant to a settlement agreement.
These disciplinary actions were taken by the Board of Professional Review, a board of CFP® certificants that interprets and applies CFP Board's Code of Ethics and Professional Responsibility and Financial Planning Practice Standards as well as investigates, deliberates and takes appropriate action with respect to alleged violations of the Code of Ethics or Practice Standards by CFP certificants. The basis for each decision can be found in the attached report. Consumers can check on a planner's disciplinary history and certification status with CFP Board at www.CFP.net/search.
CFP Board, a nonprofit regulatory organization, fosters professional standards in personal financial planning so that the public values, has access to and benefits from competent and ethical financial planning. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame logo). These marks are awarded to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 42,000 individuals to use these marks in the United States. For more about CFP Board, visit www.CFP.net.
DISCIPLINARY ACTION REPORT
October 2003
Revocations of Right to Use CFP Certification Marks
CALIFORNIA
Steven T. Bissell (Fairfield): In June 2003, CFP Board permanently revoked Mr. Bissell's right to use the CFP marks after its investigation of a grievance filed with CFP Board. After a hearing, CFP Board found that Mr. Bissell took inappropriate loans from the grievant's father, failed to repay the loans and then had the loans discharged in bankruptcy. Mr. Bissell admitted that he did not disclose to his broker/dealer at the time that he took a loan from a client.
FLORIDA
Robert C. Jensen (Miami Lakes): In July 2003, CFP Board permanently revoked Mr. Jensen's right to use the CFP marks after its investigation of a complaint forwarded to CFP Board by his state's department of banking and finance. After a hearing was conducted, CFP Board found that 1) Mr. Jensen had the client wire money directly into his account for a home purchase; 2) he entered into an agreement to use client funds that were transferred into his own account; 3) the timeline of the home purchase established that the state land trust was filed eight months after he used the client's IRA funds for the purchase; 4) he transferred the client's IRA funds without the proper paperwork to identify the transfer as a rollover and failed to create the proper trust documentation in a timely manner, thereby causing the client to have a taxable distribution of retirement assets; and 5) he testified that he was in a personal relationship with the co-signor on the home purchase documents.
Richard I. Weise (Naples): In July 2003, CFP Board permanently revoked Mr. Weise's right to use the CFP marks after he failed to respond to CFP Board's complaint investigating a letter of acceptance, waiver and consent (AWC), into which he entered with the National Association of Securities Dealers. Pursuant to the AWC, Mr. Weise consented to the entry of findings that he participated in private securities transactions involving the sale and lease-back of coin-operated telephones without providing written notice to and obtaining written approval from his member firm. Mr. Weise was fined $15,000, including the disgorgement of $12,460 in earned commissions, and suspended from association with any NASD member for nine months. CFP Board also discovered that Mr. Weise was the subject of an investigation by the State of Florida into the sale of unregistered securities. Due to Mr. Weise's failure to respond to CFP Board's complaint, the allegations in the complaint were deemed admitted and an order of revocation was issued.
ILLINOIS
James W. Jonen (Hoffman Estates): In July 2003, CFP Board permanently revoked Mr. Jonen's right to use the CFP marks after he failed to respond to CFP Board's complaint investigating a letter of acceptance, waiver and consent (AWC), into which Mr. Jonen entered with the National Association of Securities Dealers. Pursuant to the AWC, Mr. Jonen consented to the entry of findings that without having authority, he received a check made payable to his member firm, endorsed the check to himself and deposited the check into his personal investment account. The findings in the AWC also stated that Mr. Jonen endorsed and misdirected commission checks totaling $20,559.99 into his personal investment account. Pursuant to the AWC, Mr. Jonen consented to being barred from association with any NASD member in any capacity. As a result of Mr. Jonen's failure to file an answer to CFP Board's complaint, the allegations in the complaint were deemed admitted and an order of revocation was issued.
NEW JERSEY
Michael R. Casey (Park Ridge): In September 2003, CFP Board permanently revoked Mr. Casey's right to use the CFP marks after he failed to respond to CFP Board's complaint investigating grievances filed by two of Mr. Casey's clients. Both clients alleged that Mr. Casey failed to honor the terms of an investment he owned by failing to return the funds upon request, as agreed. As a result of Mr. Casey's failure to respond to CFP Board's complaint, the allegations in the complaint were deemed admitted and an order of revocation was issued. After Mr. Casey filed an appeal, CFP Board's Board of Appeals affirmed the issuance of the order of revocation.
Barbara Edwards (Township of Washington): In July 2003, CFP Board permanently revoked Ms. Edwards' right to use the CFP marks after its investigation of a letter of acceptance, waiver and consent (AWC), into which she entered with the National Association of Securities Dealers. After a hearing, CFP Board found that pursuant to the AWC, Ms. Edwards had consented to findings that 1) she failed to inform her firm that one of her clients died; 2) she misrepresented to her supervisor that that client was still living; and 3) she engaged in unauthorized transactions in the deceased's account. Pursuant to the AWC, Ms. Edwards consented to a fine of $5,000 and a one-year suspension from association with any NASD member firm.
WISCONSIN
Anthony F. Fricano (Brookfield): In May 2003, CFP Board permanently revoked Mr. Fricano's right to use the CFP marks after he failed to respond to CFP Board's complaint investigating a civil suit alleging that although the clients requested the purchase of viatical settlement investments, their funds were instead placed in escrow with a firm that misappropriated investor funds. The complaint also investigated Mr. Fricano's disclosure to CFP Board that he entered into a consent agreement with his state department of securities, whereby he was prohibited from offering or selling in the state any securities not registered or exempt from registration and censured, and was prohibited from selling any securities without the written authorization of his broker/dealer. The consent order followed the state's investigation of Mr. Fricano's sale of viatical settlement investments to at least three persons. Because Mr. Fricano failed to respond to CFP Board's complaint, the allegations in the complaint were deemed admitted and an order of revocation was issued.
Suspensions of Right to Use CFP Certification Marks
FLORIDA
Jeffrey Cimbal (Parkland): In July 2003, CFP Board suspended Mr. Cimbal's right to use the CFP marks for a period of two years after its investigation of three National Association of Securities Dealers arbitrations in which he, as an officer and part owner, and his firm were named. All three arbitrations generally alleged that Mr. Cimbal failed to supervise brokers who engaged in misconduct. After a hearing, CFP Board found that Mr. Cimbal failed to disclose on the appropriate renewal forms that he had been named in the arbitrations and that NASD arbitrators found his company liable in all three arbitrations for failure to supervise his firm representatives.
Permanent Relinquishment of the Right to Use CFP Certification Marks
ILLINOIS
John M. Carlson (Bloomingdale): In July 2003, Mr. Carlson entered into a settlement agreement with CFP Board in which he permanently relinquished his right to use the CFP marks and consented to findings that, on or around January 12, 2001, he entered into a settlement with the Securities and Exchange Commission of a pending civil action against him where he consented, without admitting or denying the allegations of the SEC's complaint, to the entry of an order barring him permanently from association with any broker, dealer or investment advisor.