CFP Board Imposes Interim Suspension on Mark A. Schneider
Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has imposed an automatic interim suspension of Mark A. Schneider’s CFP® certification, effective October 19, 2017.
CFP Board imposed an automatic interim suspension after discovering that Mr. Schneider entered into a consent order with the Kansas Securities Commissioner (KSC) without admitting or denying the following findings by KSC: 1) Mr. Schneider’s firm charged clients an assets under management fee on accounts that held funds solely in a money market account; 2) Mr. Schneider failed to manage clients’ accounts in accordance with the clients’ investment objectives and utilized investment strategies that could not offer returns sufficient to cover the fees charged by Mr. Schneider’s firm; 3) Mr. Schneider’s firm failed to maintain a positive net worth and failed to notify KSC of its negative net worth in a timely fashion; and 4) Mr. Schneider failed to update his Form U4 to disclose two customer complaints, two civil judgments, a Notice of Intent filed by the KSC and the final order arising out of the Notice of Intent. Under the terms of the consent order, KSC: 1) revoked Mr. Schneider’s firm’s registration as an investment advisor; and 2) permanently barred Mr. Schneider’s and his firm’s registration as, or any association with, a broker-dealer or investment adviser in Kansas.
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 automatic interim suspension order, Mr. Schneider’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.
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 set forth the process for investigating matters and imposing discipline where violations have been found.