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Press Release

CFP Board Discloses Bankruptcies by CFP® Professionals

August 27, 2020

Certified Financial Planner Board of Standards, Inc. today announced the names of five CFP® professionals who have filed for protection under the United States Bankruptcy Code or been named as a debtor in an involuntary bankruptcy petition. This includes those bankruptcy filings that have not been dismissed within the last five years, and where the debtors have (a) obtained confirmation of a plan under Chapter 11 or Chapter 13 of the United States Bankruptcy Code or (b) received a discharge under the United States Bankruptcy Code.

Under the CFP Board rules that were effective July 1, 2012 until June 29, 2020, these five CFP® professionals are not subject to disciplinary procedures but will have their bankruptcy disclosed.

Under the prior policy, CFP Board did not investigate, and the Disciplinary and Ethics Commission did not adjudicate, matters involving only a single bankruptcy. Rather, CFP Board verified that the CFP® professional filed a petition for bankruptcy within the last five years and that the bankruptcy court adjudicated the bankruptcy.

CFP Board then disclosed the bankruptcy on the CFP® professional’s public profile, which is available through the search functions on CFP Board’s website. Under the prior policy, CFP Board also shared with consumers and other stakeholders who contact CFP Board regarding a CFP® professional’s certification status the information in the CFP® professional’s public profile, including identifying whether the CFP® professional was the subject of a bankruptcy petition. All disclosures regarding a CFP® professional’s bankruptcy will remain on CFP Board’s website for 10 years from the earlier of the date the CFP® professional disclosed the bankruptcy to CFP Board or the date CFP Board became aware of the bankruptcy.

The public may review an individual’s bankruptcy information and certification status with CFP Board at https://www.letsmakeaplan.org/choose-a-cfp-professional/verify-a-cfp-professional. For more detail regarding a CFP® professional’s bankruptcy, please visit the U.S. Court’s Public Access to Court Electronic Records (PACER) website, which can be found at https://pacer.login.uscourts.gov/cgi-bin/login.pl?court_id=00pcl. Please note that you will be required to register and pay a nominal fee to view the information.

This disclosure of these five CFP® professionals is made pursuant to CFP Board’s prior policy regarding single-bankruptcy cases and covers the second quarter of 2020 until June 29, 2020. The release of the information below does not constitute discipline of these individuals and is provided only for purposes of providing consumers with adequate information to make an informed decision with regard to engaging a CFP® professional to assist with financial decisions.


NAME

LOCATION

STATE

BANKRUPTCY TYPE

FILING DATE

Jay Ambroson

Brooklyn

New York

Business

August 2018

Gregory Homesley

Jacksonville

Florida

Business

August 2019

Sean Ruehl

Raleigh

North Carolina

Personal

February 2020

Leah Schug

Sacramento

California

Personal

May 2011

Adam Werner

Reading

Pennsylvania

Personal

August 2011

About CFP Board

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 87,000 people in the United States.

Contact

Jeanne Hamrick
Director, External Communications
202-379-2252
jhamrick@cfpboard.org