CFP Board Imposes an Interim Suspension on Joseph M. Whitney of Mahwah, New Jersey
Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP® certification against Joseph M. Whitney (Respondent) of Mahwah, New Jersey, which was effective as of March 23, 2021.
On March 2, 2021, CFP Board filed a Motion for Interim Suspension Order (Motion) pursuant to Article 2.1.a.1 of CFP Board’s Procedural Rules requesting the Disciplinary and Ethics Commission (DEC) issue an Interim Suspension Order against Mr. Whitney. He is named as a defendant in a criminal matter brought by the Gangs and Organized Crime Bureau of the New Jersey Attorney General’s Division of Criminal Justice (Case Number 0201S201000001), in which he is charged with First Degree felony Conspiracy. According to press accounts, Mr. Whitney is charged with conspiring with his wife, her father, her brother, and a fifth defendant to defraud investors and financial institutions, for their personal gain. Charges were announced by the New Jersey Attorney General on February 5, 2021.
The DEC determined that Mr. Whitney’s conduct poses a significant threat to the public and significantly impinges upon the reputation of the profession or the CFP® certificant marks and granted the Motion.
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 the 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 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.
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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