CFP Board Imposes an Interim Suspension on Daryll D. Claxton of Havertown, Pennsylvania
Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP® certification against Daryll D. Claxton, which was effective as of December 14, 2020.
In December 2020, a Hearing Panel of the Disciplinary and Ethics Commission (Commission) issued Daryll D. Claxton (Respondent) of Havertown, Pennsylvania an interim suspension of his right to use the CFP® certification marks. CFP Board Counsel discovered that Respondent is named as the primary defendant in Commonwealth of Pennsylvania v. Daryll Claxton (Case Number CP-23-CR-0001439-2020), and is charged with more than 50 felony counts, none of which arise out of the provision of financial services. On November 11, 2020, CFP Board Counsel submitted a Motion for Interim Suspension Order pursuant to Article 2.1.a.1. of CFP Board’s Procedural Rules requesting that a Hearing Panel of the Commission issue an Interim Suspension Order against Mr. Claxton. Mr. Claxton did not file a response to the Motion, as required by Article 2.1.a. of the Procedural Rules. On December 10, 2020, a Hearing Panel of the Commission determined that CFP Board demonstrated by a preponderance of the evidence that Mr. Claxton’s alleged conduct poses a significant threat to the public and that his alleged conduct significantly impinges upon the reputation of the profession or the CFP® marks. Therefore, the Hearing Panel issued an interim suspension order to Mr. Claxton.
An interim suspension is a suspension of a CFP® professional’s Certification and Trademark License during the pendency of proceedings. A Respondent subject to an Interim Suspension Order must not use the CFP® certification marks or state or suggest that Respondent is a CFP® professional while the Interim Suspension Order is in effect. An Interim Suspension Order is a temporary sanction and does not preclude CFP Board from imposing a final sanction. An Interim Suspension Order will remain in place until the DEC or, if an appeal is filed, the Appeals Committee, issues a final order.
The basis for this decision also may be found on CFP Board’s website at https://www.cfp.net/verify-a-cfp-professional. At that website, the public may check on any individual’s CFP Board disciplinary history and CFP® certification status. The website also provides links to other sources of information about CFP® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board’s website. That information may include customer disputes, disciplinary actions taken by a regulator or employer, certain criminal matters, and certain financial matters (such as bankruptcy proceedings and unpaid judgments or liens). For those who are subject to Financial Industry Regulatory Authority (FINRA) or the U.S. Securities and Exchange Commission (SEC) oversight, the website includes links to FINRA’s BrokerCheck and the SEC’s Investment Adviser Public Disclosure databases.
CFP Board’s enforcement process is a critical consumer protection. As part of their certification, CFP® professionals agree to abide by CFP Board’s Code of Ethics and Standards of Conduct (Code and Standards), or its predecessor, the Standards of Professional Conduct (Standards), which included the Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.
CFP Board enforces its ethical standards by investigating alleged violations and, where there is probable cause to believe there are grounds for sanction, presenting a Complaint containing the alleged violations to the Commission pursuant to CFP Board’s Procedural Rules. If the Commission determines there are grounds for sanction, then it may impose a sanction ranging from a private censure to public censure to the suspension or revocation of the right to use the CFP® marks. CFP Board’s Procedural Rules set forth the process for investigating matters and imposing a sanction 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 90,000 people in the United States.
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