CFP Board Imposes Interim Suspension on Neil Maxwell
CFP Board imposed an automatic interim suspension after receiving evidence that Mr. Maxwell entered into a Consent Order with the Colorado Division of Securities on August 14, 2018. Colorado determined that Mr. Maxwell and his firm, Maxwell Wealth Planning, Inc., invested two senior clients’ funds in a blockchain investment fund managed by an unlicensed investment adviser without the clients’ prior knowledge and also requested a loan from another client after the client declined to invest in the blockchain investment fund. Pursuant to the Consent Order, the Respondent consented to Colorado’s findings and the following stipulations: 1) a permanent bar from the securities industry; 2) a permanent revocation of his Colorado investment adviser license; 3) to not make recommendations or otherwise render advice to clients regarding securities and shall not manage securities accounts or portfolios for clients; 4) an agreement to provide restitution to two clients in the amount of $170,000; and 5) the permanent revocation of the Colorado investment adviser license of Maxwell Wealth Planning, Inc., Mr. Maxwell’s firm.
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 professional discipline in accordance with Article 13.1 for…revocation of a financial professional license.” Article 5.7 also provides that “a letter or other writing from a governmental or industry self-regulatory authority to the effect that a Respondent has been the subject of an order of professional discipline…by such authority, shall conclusively establish the existence of such.”
Under the automatic interim suspension order, Mr. Maxwell’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, Rules of Conduct and Financial Planning 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 violations and, where there is probable cause to believe there are grounds for discipline, presenting a Complaint containing the alleged violations to the CFP Board’s Disciplinary and Ethics Commission (Commission) pursuant to CFP Board’s Disciplinary Rules and Procedures (Disciplinary Rules). If the Commission determines there are grounds for discipline, it may impose a sanction ranging from a private censure or public letter of admonition to the suspension or revocation of the right to use the CFP® marks. CFP Board’s Disciplinary Rules set forth the process for investigating matters and imposing discipline where violations have been found.
Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public’s awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms and consumer groups as the standard for financial planning, CFP® certification is held by more than 83,000 people in the United States.