CFP Board Imposes Interim Suspensions on Randall Scott Boll of Old Hickory, Tennessee and David Yow-Shang Chiueh of East Hanover, New Jersey
Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed interim suspensions of the CFP® certification against Randall Scott Boll and David Yow-Shang Chiueh, which were effective on January 26, 2022, and January 27, 2022, respectively.
On January 26, 2022, CFP Board issued an automatic Interim Suspension Order suspending the right of Randall Scott Boll of Old Hickory, Tennessee to use the CFP® certification marks. This discipline followed Mr. Boll being indicted on four counts related to violations of federal money laundering laws and banking regulations. Under the interim suspension order, Mr. Boll’s right to use the CFP® certification marks is suspended pending CFP Board's completed investigation and possible further disciplinary proceedings.
On January 28, 2022, CFP Board’s Disciplinary and Ethics Commission (DEC) issued an Interim Suspension Order suspending the right of David Yow-Shang Chiueh of East Hanover, New Jersey to use the CFP® certification marks. On December 10, 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 DEC issue an Interim Suspension Order against Mr. Chiueh. The Motion described that, on November 24, 2021, the Securities and Exchange Commission (SEC) published an Order Instituting Proceedings against Mr. Chiueh and the firm of which he is Founder and President, finding that they violated several of the antifraud provisions, as well as other provisions, of the federal securities laws. According to the SEC’s Order Instituting Proceedings, which occurred pursuant to a settlement between the parties, the SEC found that from at least July 1, 2017, through June 30, 2020, Mr. Chieuh made investments in a mutual fund he managed that were inconsistent with the description of that fund in the fund’s publicly available registration and repeatedly miscalculated the fund’s Net Asset Value. Mr. Chiueh willfully violated Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, Sections 20(a) and 34(b) of the Investment Company Act of 1940, and Sections 206(2) and 206(4) of the Investment Advisers Act of 1940, among other violations. Mr. Chiueh consented to cease-and-desist orders and his firm agreed to pay disgorgement of $390,704.92. Mr. Chiueh also agreed to pay a penalty of $90,000 on a joint and several basis. After reviewing the matter, the DEC determined that Mr. Chiueh’s conduct significantly impinges upon the reputation of the profession and the CFP® certification 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 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 Code and Standards Enforcement Committee, issues a final order. CFP Board may vacate an Interim Suspension Order if a Criminal Conviction is vacated or reversed or if Respondent provides sufficient evidence indicating that Respondent was not the subject of a Criminal Conviction. A Hearing Panel of the DEC may issue an Order to vacate an Interim Suspension Order upon a successful Petition to Vacate an Interim Suspension Order by Respondent.
The basis for this decision also may be found on CFP Board’s website at CFP.net/verify. 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 SEC oversight, the website includes links to FINRA’s BrokerCheck and the SEC’s Investment Adviser Public Disclosure databases.
CFP Board’s Enforcement Process
As part of their certification, CFP® professionals make a commitment to CFP Board to uphold 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’s Procedural Rules outline a peer-review, enforcement process for investigating matters and imposing sanctions where violations have been found.
CFP Board has a defined process for handling allegations of misconduct in violation of the Code and Standards or its predecessor Standards. It enforces its ethical standards by investigating alleged violations and, where there is probable cause to believe there are grounds for sanction, presents a Complaint containing the alleged violations to CFP Board’s Disciplinary and Ethics Commission (Commission). The Commission meets at least six times a year to review any matter in which CFP Board has alleged that a CFP® professional has violated the Code and Standards, or its predecessor Standards. The Commission functions in accordance with the Procedural Rules and reviews all matters on a case-by-case basis, considering the details specific to an individual case.
If the Commission determines there are grounds for sanction, then it may impose a private or public sanction, depending on the seriousness of the matter. More information on CFP Board’s enforcement process can be found at CFP.net/ethics/enforcement.
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 as the standard for financial planning, CFP® certification is held by more than 93,000 people in the United States.
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