CFP Board Imposes Interim Suspension on Tye C. Williams
Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has imposed an automatic interim suspension of Tye C. Williams’s CFP® certification, effective September 13, 2017.
CFP Board imposed an automatic interim suspension following Mr. Williams’s consent to a bar from association in any capacity with any Financial Industry Regulatory Authority, Inc. (FINRA) member on September 6, 2016. Mr. Williams was barred by FINRA after he failed to produce requested documents and information in connection with an investigation into a customer complaint that, from 2004 to 2014, Mr. Williams converted over $1 million from the customers’ accounts, made unsuitable investment recommendations, engaged in unauthorized transactions and mismanaged their assets. By failing to produce the documents and information requested by FINRA, Mr. Williams violated FINRA Rules 8210 and 2010.
Pursuant to Article 5.7 of CFP Board’s Disciplinary Rules, “[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. Williams’s right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation and possible further disciplinary proceedings.
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.