CFP Board Censures Improper CFP® Professional Conduct
Public disciplinary actions taken by CFP Board, in order of increasing severity, include letters of admonition, suspensions and permanent revocations. The basis for each decision can be found in a Disciplinary Action Report below and on CFP Board’s Web site. Consumers may check on any planner’s disciplinary history and certification status with CFP Board at www.CFP.net/search.
CFP Board's Standards of Professional Conduct, which includes the Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards, sets 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, and following the procedures established in CFP Board's Disciplinary Rules and Procedures. In cases where violations are found, CFP Board may impose discipline ranging from a private censure or public letter of admonition to the suspension or revocation of the right to use the CFP® marks. The Disciplinary Rules and Procedures set forth a fair process for investigating matters and imposing discipline where necessary.
CFP Board's enforcement process is a critical consumer protection. CFP® practitioners agree to abide by CFP Board's Standards of Professional Conduct, which sets forth their ethical responsibilities to the public, clients and employers. CFP® practitioners agree to act fairly and diligently when providing clients with financial planning advice and services, putting the clients' interests first.
| STATE | NAME | LOCATION | DISCIPLINE |
| Arizona | David B. Garrison | Tonopah | Suspension |
| California | Gene Baynes | San Diego | Revocation |
| Florida | Kirk L. Gravelle | Jacksonville | Letter of Admonition |
| Florida | Henry T. Goode | Melbourne | Suspension |
| Florida | Andrew W. MacGill | Tampa | Suspension |
| Illinois | Richard Konst | Chicago | Letter of Admonition |
| Illinois | Algrid M. Norkus | Oak Brook | Interim Suspension |
| Maryland | William F. Cole | California | Suspension |
| Maryland | Kathy W. Gordon | Snow Hill | Suspension |
| Massachusetts | Robert L. O’Neil | Medford | Suspension |
| Michigan | David Philip Globig | Spring Arbor | Letter of Admonition |
| New York | Todd M. Dudonis | East Northport | Letter of Admonition |
| New York | Joseph L. Downey | Massapequa Park | Letter of Admonition |
| New York | Scott M. Fitzgerald | Melville | Letter of Admonition |
| New York | David Chin | New York City | Suspension |
| New York | Thomas W. Laundrie | Garden City | Revocation |
| New York | Matthew D. Weitzman | Armonk | Revocation |
| Ohio | Timothy W. Hyde | Canton | Revocation |
| Oregon | David W. Gwynn | Eugene | Revocation |
| Oregon | Jo Rae Perkins | Albany | Revocation |
| Pennsylvania | Bradley K. Adams | Newtown | Suspension |
| Texas | Linnie Logan Phebus | Austin | Letter of Admonition |
| Texas | Lance R. McCollum | Itasca | Suspension |
| Texas | Craig R. Brockman | Plano | Revocation |
| Utah | Robert P. Aamodt | Farmington | Letter of Admonition |
| Utah | Brian Y. Horne | Centerville | Revocation |
| Vermont | Carol A. Geske | South Burlington | Suspension |
Disciplinary Action Reports
LETTERS OF ADMONITION
FLORIDA
Kirk L. Gravelle (Jacksonville): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a Letter of Admonition to Mr. Gravelle. This discipline followed CFP Board’s investigation of allegations that Mr. Gravelle intentionally misidentified solicited transactions as unsolicited in an effort to circumvent his firm’s “Do Not Solicit” list. Mr. Gravelle was suspended and fined by his employer as a result of this action. The Commission determined that Mr. Gravelle’s conduct violated Rules 102, 201, 406, 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Article 3(a) of CFP Board’s Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Gravelle with regard to the above-mentioned conduct.
ILLINOIS
Richard Konst (Chicago): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a Letter of Admonition to Mr. Konst. This discipline followed CFP Board’s investigation of allegations that Mr. Konst facilitated market timing in the mutual fund sub-accounts of a client’s variable annuities. The National Association of Securities Dealers (“NASD”, now known as the Financial Industry Regulatory Authority, Inc. or “FINRA”) censured and fined Mr. Konst as a result of his market timing activities. The Commission determined that Mr. Konst participated in the implementation of a market timing strategy that was designed specifically to avoid detection by insurance companies trying to monitor excessive trading in variable annuities. The Commission determined that Mr. Konst’s conduct violated Rules 102, 201, 406, 606(a), 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Article 3(a) of CFP Board’s Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Konst with regard to the above-mentioned conduct.
MICHIGAN
David Phillip Globig (Spring Arbor): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a Letter of Admonition to Mr. Globig. This discipline followed CFP Board’s investigation of allegations that Mr. Globig entered into a Consent Order with the State of Michigan Office of Financial and Insurance Services in which he agreed to: 1) cease and desist from conducting business as an investment advisor in the state without being registered; 2) pay a civil fine; and 3) disgorge advisory fees collected from clients. The Commission determined that Mr. Globig’s conduct Code of Ethics and Professional Responsibility and provided grounds for discipline pursuant to Article 3(a) of CFP Board’s Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Globig with regard to the above-mentioned conduct.
NEW YORK
Todd M. Dudonis (East Northport): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a Letter of Admonition to Mr. Dudonis. This discipline followed CFP Board’s investigation of Mr. Dudonis’ 90-day suspension by the Financial Industry Regulatory Authority, Inc. (“FINRA"). Without admitting or denying FINRA’s findings, Mr. Dudonis consented to the finding that he signed his branch office manager’s name on a “Change of Agent of Record” form without the branch office manager’s authorization, knowledge or consent, in violation of NASD Conduct Rule 2110. The Commission determined that Mr. Dudonis’ conduct violated Rules 102, 201, 406, 606(a), 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Article 3(a) of CFP Board’s Disciplinary Rules and Procedures(“Disciplinary Rules”). Accordingly, the Commission admonished Mr. Dudonis with regard to the above-mentioned conduct.
Joseph L. Downey (Massapequa Park): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a Letter of Admonition to Mr. Downey. This discipline followed CFP Board’s investigation of allegations that Mr. Downey referred clients’ accounts to a registered investment adviser who had not been approved by Mr. Downey’s firm, without the clients’ authorization, knowledge or consent, in violation of the firm’s policy. The Commission determined that Mr. Downey’s conduct violated Rules 102, 201, 406, 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Article 3(a) of CFP Board’s Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Downey with regard to the above-mentioned conduct.
Scott M. Fitzgerald (Melville): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a Letter of Admonition to Mr. Fitzgerald. This discipline followed CFP Board’s investigation of allegations that Mr. Fitzgerald entered into a stipulation with the New York Insurance Department in which he agreed to a fine and the finding that he violated New York insurance law when he neglected to complete the proper forms in connection with the replacement of a client’s annuity contract. The Commission determined that Mr. Fitzgerald’s conduct violated Rules 201, 606(a), 606(b) and 701 of the CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Article 3(a) of the Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Fitzgerald with regard to the above-mentioned conduct.
TEXAS
Linnie Logan Phebus (Austin): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a Letter of Admonition to Ms. Phebus. This discipline followed CFP Board’s investigation of Ms. Phebus’ 2007 conviction for felony assault, which led to Ms. Phebus’ statutory disqualification by Financial Industry Regulatory Authority, Inc. (“FINRA”). Ms. Phebus did not report her criminal conviction to CFP Board within ten calendar days of receiving notification of the conviction, as required by Article 12.2 of CFP Board’s Disciplinary Rules and Procedures (“Disciplinary Rules”). The Commission determined that Ms. Phebus’ conduct violated Rule 607 of CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Articles 3(a), 3(c), and 3(e) of CFP Board’s Disciplinary Rules. Accordingly, the Commission admonished Ms. Phebus with regard to the above-mentioned conduct.
UTAH
Robert P. Aamodt (Farmington): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a Letter of Admonition to Mr. Aamodt. This discipline followed CFP Board’s investigation of Mr. Aamodt’s Financial Industry Regulatory Authority, Inc. (“FINRA”) suspension and fine for personally reimbursing losses in a client’s account in violation of NASD Conduct Rules 2330(f) and 2110. CFP Board’s Disciplinary and Ethics Commission (“Commission”) determined that Mr. Aamodt’s conduct violated Rules 201, 202, 406, 606(a), 606(b), 607 and 701 of CFP Board’s Code of Ethics and Professional Responsibility, 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. Aamodt with regard to the above-mentioned conduct.
INTERIM SUSPENSION
ILLINOIS
Algird M. Norkus (Oak Brook): In December 2010, CFP Board issued an Interim Suspension Order suspending Mr. Norkus’ right to use the CFP® certification marks. CFP Board initiated interim suspension proceedings following: 1) notification by the Illinois Securities Department of a Temporary Order of Prohibition and Suspension of Registration against Mr. Norkus for alleged fraud in the sale of securities; and 2) discovery of allegations that the SEC barred Mr. Norkus following the issuance of an SEC Complaint that alleged violations of the Securities Act of 1933 and Securities Exchange Act of 1934 for engaging in fraud in the sale of promissory notes. Mr. Norkus failed to respond to CFP Board’s Order to Show Cause within 20 calendar days of the date of service, as required by Article 5.1 of CFP Board’s Disciplinary Rules and Procedures (“Disciplinary Rules”). Accordingly, pursuant to Article 5.4 of the Disciplinary Rules, the allegations set forth in the Order to Show Cause were deemed admitted, and CFP Board issued an Interim Suspension Order, effective December 22, 2010. Under the Interim Suspension Order, Mr. Norkus’ right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation, and possible further disciplinary proceedings.
SUSPENSIONS
ARIZONA
David B. Garrison (Tonopah): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued an order suspending Mr. Garrison’s right to use the CFP® certification marks for one year and one day. The suspension followed CFP Board’s investigation of Mr. Garrison’s 2010 Chapter 7 Bankruptcy filing. The Commission determined that Mr. Garrison’s conduct violated Rule 6.5 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(“Disciplinary Rules”). Accordingly, the Commission suspended Mr. Garrison’s right to use the CFP® certification marks for one year and one day, pursuant to Article 4.3 of the Disciplinary Rules. Mr. Garrison’s suspension is effective from December 23, 2010 to December 24, 2011.
FLORIDA
Henry T. Goode (Melbourne): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued an order suspending Mr. Goode’s right to use the CFP® certification marks for three years. The suspension followed CFP Board’s investigation of Mr. Goode’s: 1) termination from his broker dealer following a customer complaint wherein it was alleged Mr. Goode failed to execute the client’s order; 2) entering into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority, Inc. (“FINRA”) in which he consented to a suspension and fine for the same conduct; and 3) 2010 Chapter 7 Bankruptcy filing. The Commission determined that Mr. Goode’s conduct violated Rules 201, 406, 606(b), 607, and 701 of CFP Board’s Code of Ethics, and Rule 6.5 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 (“Disciplinary Rules”). Accordingly, the Commission suspended Mr. Goode’s right to use the CFP® certification marks for three years, pursuant to Article 4.3 of the Disciplinary Rules. Mr. Goode’s suspension is effective from December 20, 2010 to December 20, 2013.
Andrew W. MacGill (Tampa): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued an order suspending Mr. MacGill’s right to use the CFP® certification marks for six months. This discipline followed CFP Board’s investigation of allegations that Mr. MacGill recommended an unsuitable level of concentration in reverse convertible notes (“RCNs”) in clients’ accounts. As a result of the unsuitable recommendations, the Financial Industry Regulatory Authority, Inc. (“FINRA”) suspended Mr. MacGill for 15 days, and ordered him to pay a $10,000 fine and disgorge $2,023 in commissions he had earned on the sale of the RCNs. Mr. MacGill did not report his suspension to CFP Board within ten calendar days of receiving notification of the suspension, as required by Article 12.2 of CFP Board’s Disciplinary Rules and Procedures (“Disciplinary Rules”). The Commission determined that Mr. MacGill’s conduct violated Rules 201, 406, 606(a), 606(b), 607, and 701 of CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Articles 3(a), 3(d), and 3(e) of CFP Board’s Disciplinary Rules. Accordingly, the Commission suspended Mr. MacGill’s right to use the CFP® certification marks, pursuant to Article 4.3 of the Disciplinary Rules. Mr. MacGill’s suspension is effective from December 2, 2010 to June 2, 2011.
MARYLAND
William F. Cole (California): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued an order suspending Mr. Cole’s right to use the CFP® certification marks for one year and one day. The suspension followed CFP Board’s investigation of Mr. Cole’s 2010 Chapter 7 Bankruptcy filing. The Commission determined that Mr. Cole’s conduct violated Rule 6.5 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 (“Disciplinary Rules”). Accordingly, the Commission suspended Mr. Cole’s right to use the CFP® certification marks for one year and one day, pursuant to Article 4.3 of the Disciplinary Rules. Mr. Cole’s suspension is effective from December 20, 2010 to December 21, 2011.
Kathy J. Gordon (Snow Hill): In December 2010, following a hearing before CFP Board’s Appeals Committee, CFP Board issued an order affirming the Disciplinary and Ethics Commission’s (“Commission”) revocation of Ms. Gordon’s right to use the CFP® certification marks for four years. This discipline followed CFP Board’s investigation of Ms. Gordon’s: 1) recommendation to her clients to purchase promissory notes from her son’s real estate development company; 2) failure to timely renew her CFP® certification; 3) November 2007 entry into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority, Inc. (“FINRA”) wherein she agreed to a three-month suspension; and 4) entering into a December 2008 Consent Agreement with the State of Maryland related to the promissory notes, pursuant to which she received a fine and became subject to special supervision for three years. The Commission determined that Ms. Gordon’s conduct violated Rules 102, 201, 401(a), 606(a), 606(b), 607 and 612 of CFP Board’s Code of Ethics and Professional Responsibility and provided grounds for discipline pursuant to Article 3(a), 3(d) and 3(e) of CFP Board’s Disciplinary Rules and Procedures (“Disciplinary Rules”). Accordingly, the Commission suspended Ms. Gordon’s right to use the CFP® certification marks for four years, pursuant to Article 4.3 of the Disciplinary Rules. Ms. Gordon’s suspension is effective from March 27, 2009 through March 27, 2013.
MASSACHUSETTS
Robert L. O’Neil (Medford): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued an order suspending Mr. O’Neil’s right to use the CFP® certification marks for one month. The suspension followed CFP Board’s investigation of a Financial Industry Regulatory Authority, Inc. (“FINRA”) inquiry that resulted in a Cautionary Action Letter. Following a hearing, the Commission found that Mr. O’Neil: 1) signed the names of 24 clients on account transfer documents; and 2) violated NASD Conduct Rule 2110, which requires FINRA members to observe high standards of commercial honor and just and equitable principals of trade. The Commission determined that Mr. O’Neil’s conduct violated Rules 102, 201, 406, 606(a), 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Article 3(a) of CFP Board’s Disciplinary Rules and Procedures (“Disciplinary Rules”). Accordingly, the Commission suspended Mr. O’Neil’s right to use the CFP® certification marks for one month, pursuant to Article 4.3 of the Disciplinary Rules. Mr. O’Neil’s suspension was effective from December 15, 2010 to January 14, 2011.
NEW YORK
David Chin (New York): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued an order suspending Mr. Chin’s right to use the CFP® certification marks for thirty days. This discipline followed CFP Board’s investigation of allegations that Mr. Chin signed a customer’s name on documents without the customer’s consent. As a result, Mr. Chin was suspended for 30 days and fined by the Financial Industry Regulatory Authority, Inc. (“FINRA”) for violating NASD Conduct Rule 2110. The Commission determined that Mr. Chin: 1) signed a customer’s name without the customer’s consent; 2) failed to report his 30-day FINRA suspension to CFP Board as required by Article 12.2 of CFP Board’s Disciplinary Rules and Procedures (“Disciplinary Rules”); and 3) improperly used the CFP® certification marks by using the CFP® mark in his email address. The Commission determined that Mr. Chin violated Rules 102, 201, 406, 606(a), 606(b), and 607 of CFP Board’s Code of Ethics and Professional Responsibility and Rules 6.1 and 6.5 of CFP Board’s Rules of Conduct, providing grounds for discipline pursuant to Articles 3(a), 3(d), and 3(e) of the Disciplinary Rules. Accordingly, the Commission suspended Mr. Chin’s right to use the CFP® certification marks, pursuant to Article 4.3 of the Disciplinary Rules. Mr. Chin’s suspension was effective from December 14, 2010 to January 12, 2011.
PENNSYLVANIA
Bradley K. Adams (Newtown): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a suspension of one year and one day to Mr. Adams. This discipline followed CFP Board’s investigation of Mr. Adams’ entry into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority, Inc. (“FINRA”) in which he consented to: 1) the finding that he failed to supervise a registered representative; 2) a 30-day suspension; and 3) a $15,000 fine. CFP Board’s Disciplinary and Ethics Commission (“Commission”) determined that Mr. Adams’ conduct violated Rule 201, 606(a), 607, 701 and 705 of CFP Board’s Code of Ethics and Professional Responsibility and provided grounds for discipline pursuant to Articles 3(a) and 3(d) of CFP Board’s Disciplinary Rules and Procedures (“Disciplinary Rules”). Accordingly, the Commission suspended Mr. Adams’ right to use the CFP® certification marks for one year and one day, pursuant to Article 4.3 of the Disciplinary Rules. Mr. Adams’ suspension is effective from December 16, 2010 to December 17, 2011.
TEXAS
Lance R. McCollum (Itasca): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued an order suspending Mr. McCollum’s right to use the CFP® certification marks for three years. The suspension followed CFP Board’s investigation of Mr. McCollum’s felony conviction for driving while intoxicated. Following a hearing, the Commission determined that Mr. McCollum was found guilty of a third offense or more of driving while intoxicated, a third degree felony. The Commission determined that Mr. McCollum’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 (“Disciplinary Rules”). Accordingly, the Commission suspended Mr. McCollum’s right to use the CFP® certification marks for three years, pursuant to Article 4.3 of the Disciplinary Rules. Mr. McCollum’s suspension is effective from December 15, 2010 to December 15, 2013.
VERMONT
Carol A. Geske (South Burlington): In October 2010, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), CFP Board issued a suspension for three months to Ms. Geske. This discipline followed CFP Board’s investigation of Ms. Geske entering into: 1) a Consent Order with the Vermont Securities Division; and 2) a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority, Inc. (“FINRA”) in which she consented to a finding that she affixed a client’s signature on an account enrollment form without the client’s authorization or consent, which led to a suspension and fine. The Commission determined that Ms. Geske’s conduct violated Rules 102, 201, 406, 606(a), 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility, and provided grounds for discipline pursuant to Articles 3(a), 3(d) and 3(e) of CFP Board’s Disciplinary Rules and Procedures(“Disciplinary Rules”). Acc