CFP Board Imposes Interim Suspension on Victor Lee
Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has imposed an automatic interim suspension of Victor Lee’s CFP® certification, effective April 5, 2017.
CFP Board imposed an automatic interim suspension after discovering that Mr. Lee consented to a permanent bar from association with any Financial Industry Regulatory Authority, Inc. (FINRA) member in any capacity. Mr. Lee consented to, without admitting or denying, FINRA’s findings that from September 2012 to December 2013 he engaged in an undisclosed outside business activity in which he assisted a local tax preparer from whom he sought referral business. According to FINRA, Mr. Lee created at least 50 partnership agreements for clients of a tax preparer and held himself out to be a partner of the tax preparer. Mr. Lee did not provide notice to his firm of his activities. As a result, Mr. Lee violated FINRA Rules 3270 and 2010.
FINRA also determined that Mr. Lee created the partnership agreements for clients when he had reason to believe the clients were under audit relating to tax deductions claimed on partnership tax returns filed in previous years. Mr. Lee knew the clients did not have documented partnership agreements. Notwithstanding this information, Mr. Lee created and backdated partnership agreements for these clients. As a result, Mr. Lee violated FINRA Rule 2010.
Pursuant to Article 5.7 of CFP Board’s Disciplinary Rules and Procedures, “[a]n interim suspension shall immediately be issued without a hearing when CFP Board Counsel receives evidence of a conviction or a professional discipline in accordance with Article 13.1 for…revocation of a financial professional license (securities, insurance, accounting or bank-related license).” Under the interim suspension order, Mr. Lee’s right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation and possible further disciplinary proceedings.