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News Release

CFP Board Imposes Public Sanctions on 33 Individuals

September 06, 2022

Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today public sanctions against 33 current or former CFP® professionals or candidates for CFP® certification, effective immediately or on the date noted in each case. Public sanctions taken by CFP Board, in order of increasing severity, include Public Censures, Suspensions, Temporary Bars, Permanent Bars and Revocations of the right to use the CFP® marks.

CFP Board’s Enforcement Process

As part of their certification, CFP® professionals make a commitment to CFP Board 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. Individuals on the pathway to CFP® certification make a commitment to abide by CFP Board’s Pathway to CFP® Certification Agreement (Pathway Agreement).

CFP Board’s Procedural Rules set forth the process for investigating matters and imposing sanctions where violations have been found.

CFP Board 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 CFP Board’s Code and Standards or its predecessor Standards, or an individual pursuing initial CFP® certification has violated the Pathway Agreement. 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 sanction. Commission orders may be appealed by a Respondent or CFP Board pursuant to the Procedural Rules.

In certain circumstances, such as when a CFP® professional is in default due to failure to acknowledge receipt of a Notice of Investigation or file an Answer, CFP Board staff must deliver an Administrative Order of Suspension, Temporary Bar, Revocation or Permanent Bar. Administrative Orders are subject to appeal.

More information on CFP Board’s enforcement process can be found at CFP.net/enforcement. In addition, at CFP.net/verify, CFP Board provides the public with:

  • An Individual’s CFP Board disciplinary history and CFP® certification status.
  • 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. This 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).
  • Links to the Financial Industry Regulatory Authority’s (FINRA’s) BrokerCheck and the U.S. Securities and Exchange Commission’s (SEC’s) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight.

The Public Sanctions on 33 Individuals

A short summary of each sanction can be found below.

STATE

NAME

LOCATION

SANCTION

California

Thomas Lawrence Russell, CFP®

La Jolla

Public Censure

Colorado

Glenn Kevin Rose, CFP®

Aurora

Public Censure

Florida

Jennifer Basey, CFP®

Fort Myers

Public Censure

Maryland

Johannes Allender, CFP®

Gaithersburg

Public Censure

New York

Michael A. Cook, CFP®

Valley Stream

Public Censure

New York

Joseph A. Gross, CFP®

West Sand Lake

Public Censure

Texas

Douglas D. Horne

Richmond

Temporary Bar

Arizona

Bruce A. Lindvig

Scottsdale

Suspension

Arkansas

Bentley Blackmon

Little Rock

Suspension

California

Thomas L. Rydell

Milpitas

Suspension

Illinois

Timothy F. Knauf

Rockford

Suspension

Iowa

Chris B. Steele

Clive

Suspension

Louisiana

Charles C. Beard, Jr.

Shreveport

Suspension

Ohio

Stephen J. Wall

Medina

Suspension

California

Patrick M. Finkelstein

Santa Monica

Permanent Bar

Florida

David A. Jenson

Altamonte Springs

Permanent Bar

Florida

Roderick L. Whited

Gainesville

Permanent Bar

Georgia

Kendrick G. Smith

Pine Mountain

Permanent Bar

Maryland

Jonathan D. Robbins

Potomac

Permanent Bar

Massachusetts

Adam Westphalen

Accord

Permanent Bar

New Jersey

Paul W. Lascelle

Flemington

Permanent Bar

New Jersey

Nicholas Spagnoletti, Jr.

Pomeroy

Permanent Bar

North Carolina

Raymond Ng

Charlotte

Permanent Bar

Ohio

David J. Campanella

Hudson

Permanent Bar

Oregon

Charles I. Carroll

Portland

Permanent Bar

Virginia

Bobby D. Hines, Jr.

Colonial Heights

Permanent Bar

Arizona

Heather L. Guilliom

Tucson

Revocation

California

Alfred J. Kottman

Lincoln

Revocation

Colorado

Ronald Niederpruem

Gunnison

Revocation

Indiana

Christopher Turean

Fishers

Revocation

Pennsylvania

Michael M. Hartlett

Lancaster

Revocation

Texas

David Lynn Medlin

North Richland Hills

Revocation

Texas

Mark Andrew Trewitt

Gordonville

Revocation

 

PUBLIC CENSURE

CALIFORNIA

Thomas Lawrence Russell, CFP® (La Jolla, California): In June 2022, CFP Board issued a Public Censure to Mr. Russell pursuant to Article 3.4.d. of the Procedural Rules after Mr. Russell admitted he filed a single business bankruptcy in the U.S. Bankruptcy Court for the Southern District Court of California on February 19, 2021; confirmed that he had no other bankruptcy matters; and admitted that his conduct violated Standard E.2.c. of the Code of Ethics and Standards of Conduct. Accordingly, Mr. Russell received a Public Censure.

Colorado

Glenn Kevin Rose, CFP® (Aurora, Colorado): In August 2022, the Disciplinary and Ethics Commission (Commission) and Mr. Rose entered into a Consent Order in which Mr. Rose agreed that CFP Board would issue a Public Censure. In the Consent Order, Mr. Rose consented to findings that he was convicted of misdemeanor battery in September 2021, stemming from a domestic dispute. Pursuant to this Consent Order, Mr. Rose also consented findings that his conduct violated Standard E.2.a. of the Code and Standards, which provides that a CFP® professional may not engage in conduct that reflects adversely on the CFP® professional, the CFP® marks or the profession. The Commission issued to Mr. Rose a Public Censure.

Florida

Jennifer Basey, CFP® (Fort Myers, Florida): In June 2022, the Disciplinary and Ethics Commission (Commission) and Ms. Basey entered into a Consent Order in which Ms. Basey agreed that CFP Board would issue a Public Censure. In the Consent Order, Ms. Basey consented to findings that in 2019 she signed customer documents without prior written permission or approval, resulting in her termination and entry into a Letter of Acceptance, Waiver, and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) for violating FINRA Rule 2010. FINRA imposed a two-month suspension and $5,000 fine. In addition, Ms. Basey entered into a Stipulation and Order Approving Conditional Registration with the State of Michigan , wherein she received a conditional securities registration so long as she remained in compliance with a Heightened Supervision Plan established by her employer. Pursuant to the Consent Order, Ms. Basey also consented to findings that her conduct violated Rules 4.3 and 5.1 of the Rules of Conduct, which, respectively, require certificants to comply with applicable regulatory requirements governing professional services and perform professional services with dedication to the lawful objectives of the employer. The Commission issued to Ms. Basey a Public Censure.

Maryland

Johannes Allender, CFP® (Gaithersburg, Maryland): In June 2022, CFP Board issued a Public Censure to Mr. Allender pursuant to Article 3.4.d. of the Procedural Rules after Mr. Allender admitted he filed a single personal bankruptcy in the U.S. Bankruptcy Court for the District of Maryland (Greenbelt) on November 01, 2021; confirmed that he has no other bankruptcy matters; and admitted that his conduct violated Standard E.2.c. of the Code of Ethics and Standards of Conduct. Accordingly, Mr. Allender received a Public Censure..

NEW YORK

Michael A. Cook, CFP® (Valley Stream, New York): In August 2022, the Disciplinary and Ethics Commission (Commission) and Mr. Cook entered into a Consent Order in which Mr. Cook agreed that CFP Board would issue a Public Censure. In the Consent Order, Mr. Cook consented to findings that he filed for Chapter 7 Bankruptcy protection in 1996 and 2010. Further, Mr. Cook failed to report his 2010 bankruptcy filing to CFP Board by making a false and misleading statement on his Ethics Declaration. Pursuant to the Consent Order, Mr. Cook also consented to findings that his conduct violated Rules 6.2 and 6.5 of the Rules of Conduct, which, respectively, provide that a CFP® professional must meet all CFP Board requirements and refrain from conduct that reflects adversely on the CFP® professional, the CFP® marks, or the profession. The Commission issued to Mr. Cook a Public Censure.

Joseph A. Gross, CFP® (West Sand Lake, New York): In August 2022, the Disciplinary and Ethics Commission (Commission) and Mr. Gross entered into a Consent Order in which Mr. Gross agreed that CFP Board would issue a Public Censure. In the Consent Order, Mr. Gross consented to findings that he was convicted of felony Importation of a Controlled Substance (Oxycodone) in January 2022. Pursuant to the Consent Order, Mr. Gross also consented to findings that his conduct violated Standard E.2.a. of the Code and Standards, which provides that a CFP® professional may not engage in conduct that reflects adversely on the CFP® professional, the CFP® marks or the profession. The Commission issued to Mr. Gross a Public Censure.

TEMPORARY BAR

TEXAS

Douglas D. Horne (Richmond, Texas): In July 2022, CFP Board issued an administrative order temporarily barring Mr. Horne from applying for or obtaining the CFP® certification marks for one year and one day. This sanction followed Mr. Horne’s relinquishment of his certification and his failure to acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules. CFP Board sought to investigate two federal tax liens filed against Mr. Horne for a total of $1,365,054. Mr. Horne’s conduct may have violated Rule 6.5 of the Rules of Conduct and Standard E.2 of the Code of Ethics and Standards of Conduct, which provide that a CFP® professional may not engage in conduct that reflects adversely on the CFP® professional, the CFP® marks or the profession. Under Article 4.1.a. of the Procedural Rules, Mr. Horne has been deemed in default, and CFP Board issued an Administrative Order of Temporary Bar. Mr. Horne’s administrative temporary bar was effective as of August 16, 2022.

SUSPENSION

ARIZONA

Bruce A. Lindvig (Scottsdale, Arizona): In July 2022, the Disciplinary and Ethics Commission (Commission) and Mr. Lindvig entered into a Consent Order in which Mr. Lindvig agreed that CFP Board would issue a one-year suspension of his right to use the CFP® certification marks. In the Consent Order, Mr. Lindvig consented to findings that he was convicted of Driving Under the Influence in 2004 and again in 2020, the second of which included a single-car accident and resulted in a jail sentence. Mr. Lindvig consented to findings that this conduct reflected adversely on himself, the CFP® marks and the profession, in violation of Rule 6.5 of the Rules of Conduct and Standard E.2 of the Code of Ethics and Standards of Conduct. The Commission issued to Mr. Lindvig a Suspension for one year. Mr. Lindvig’s suspension is effective from July 15, 2022, through July 15, 2023.

ARKANSAS

Bentley Blackmon (Little Rock, Arkansas): In August 2022, the Disciplinary and Ethics Commission (Commission) entered into a Consent Order in which Mr. Blackmon agreed that CFP Board would issue a 90-day suspension of his right to use the CFP® certification marks. In the Consent Order, Mr. Blackmon consented to findings that he violated Rule 5.1 of the Rules of Conduct when he violated his firm’s policies and procedures by participating in and inconsistently reporting private securities transactions. Additionally, Mr. Blackmon consented to findings that he entered into a Letter of Acceptance, Waiver, and Consent (AWC) with the Financial Industry Regulation Authority, Inc. (FINRA) in which he consented to FINRA’s findings that he violated FINRA Rules 3280 and 2010 by participating in private securities transactions from March to August of 2020 without providing prior written notice to his firm. FINRA imposed a three-month suspension and a $5,000 fine. Mr. Blackmon consented to findings that his conduct violated Rule 4.3 of the Rules of Conduct, which requires a CFP® professional to comply with the laws, rules and regulations governing professional services. The Commission issued Mr. Blackmon a Suspension for 90 days. Mr. Blackmon’s suspension is effective from August 23, 2022, until November 21, 2022.

CALIFORNIA

Thomas L. Rydell (Milpitas, California): In July 2022, CFP Board issued an administrative order suspending Mr. Rydell’s right to use the CFP® certification marks for one year and one day. This sanction followed Mr. Rydell’s failure to acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules. CFP Board sought to investigate allegations contained in a Financial Industry Regulatory Authority (FINRA) arbitration that Mr. Rydell’s management of a client’s accounts was not in the client’s best interest. Mr. Rydell’s conduct may have violated Standard A.1 of the Code of Ethics and Standards of Conduct, which provides that a CFP® professional must act as a fiduciary and, therefore, act in the best interests of the client. Under Article 4.1.a. of the Procedural Rules, Mr. Rydell has been deemed in default, and CFP Board issued an Administrative Order of Suspension. Mr. Rydell’s administrative suspension was effective as of August 16, 2022.

ILLINOIS

Timothy F. Knauf (Rockford, Illinois): In June 2022, the Disciplinary and Ethics Commission (Commission) issued an order in which Mr. Knauf received a four-month suspension. The Commission issued its order after determining that Mr. Knauf entered into a Consent Order with a South Dakota state insurance regulator agreeing to findings that he sold unauthorized health insurance products without conducting due diligence, in violation of South Dakota law, and entered into a second Consent Order with a Georgia state insurance regulator agreeing to findings that he failed to disclose the South Dakota Order and two other regulatory actions, in violation of Georgia Code. Mr. Knauf also failed to disclose either Consent Order to CFP Board on numerous Ethics Disclosures when annually renewing his CFP® certification. The Commission determined that Mr. Knauf’s conduct violated Rule 4.3 of the Rules of Conduct, which provides that a certificant shall be in compliance with applicable regulatory requirements governing professional services to the client, and Rule 6.2 of the Rules of Conduct, which provides that a CFP® professional shall meet all CFP Board requirements to retain the right to use the CFP® marks. Mr. Knauf previously was disciplined by CFP Board in 2013 in connection with a Letter of Acceptance, Waiver, and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA) for his failure to disclose referral fees to his firm and a subsequent Consent Order with Illinois for his failure to disclose the FINRA AWC on his Form ADV or his state registration. Accordingly, the Commission issued to Mr. Knauf a Suspension for four months. Mr. Knauf’s suspension is effective from August 1, 2022, through December 1, 2022.

IOWA

Chris B. Steele (Clive, Iowa): In July 2022, CFP Board issued an administrative order suspending Mr. Steele’s right to use the CFP® certification marks for one year and one day. This sanction followed Mr. Steele’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that Mr. Steele: (1) pleaded guilty to Driving Under the Influence, which, as his fourth alcohol-related offense, in light of his prior alcohol-related offenses, constituted conduct that reflects adversely on his integrity or fitness as a CFP® professional, upon the CFP® marks or upon the profession, in violation of Standard E.2 of the Code of Ethics and Standards of Conduct; (2) failed to disclose the charge and the conviction to CFP Board within 30 days, in violation of Standard E.3 of the Code of Ethics and Standards of Conduct; and (3) made a false or misleading representation to CFP Board by submitting an inaccurate Ethics Declaration, in violation of Standard E.5 of the Code of Ethics and Standards of Conduct. Mr. Steele failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Steele has been deemed in default, and CFP Board issued an Administrative Order of Suspension. Mr. Steele’s administrative suspension was effective as of July 6, 2022.

LOUISIANA

Charles C. Beard, Jr. (Shreveport, Louisiana): In July 2022, CFP Board issued an administrative order suspending Mr. Beard’s right to use the CFP® certification marks for one year and one day. This sanction followed Mr. Beard’s failure to acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules. CFP Board sought to investigate a customer complaint filed against Mr. Beard alleging that he failed to advise the customer of a key deadline to transfer ownership of an annuity, which resulted in the customer suffering losses. Mr. Beard’s conduct may have violated Standard A.4 of the Code of Ethics and Standards of Conduct, which provides that a CFP® professional must provide professional services in a timely and thorough manner. Under Article 4.1.a. of the Procedural Rules, Mr. Beard has been deemed in default, and CFP Board issued an Administrative Order of Suspension. Mr. Beard’s administrative suspension was effective as of August 16, 2022.

OHIO

Stephen J. Wall (Medina, Ohio): In July 2022, the Disciplinary and Ethics Commission (Commission) and Mr. Wall entered into a Consent Order in which Mr. Wall agreed that CFP Board would issue a one-year suspension of his right to use the CFP® certification marks. In the Consent Order, Mr. Wall consented to findings that he was convicted of Operating a Vehicle while Intoxicated in 2004 and again in 2020, the second of which included an accident and a civil lawsuit filed against Mr. Wall. Mr. Wall consented to findings that this conduct reflected adversely on himself, the CFP® marks and the profession, in violation of Rule 6.5 of the Rules of Conduct. The Commission issued to Mr. Wall a Suspension for one year. Mr. Wall’s suspension is effective from July 15, 2022, through July 15, 2023.

PERMANENT BAR

CALIFORNIA

Patrick M. Finkelstein (Santa Monica, California): In July 2022, CFP Board issued an administrative order permanently barring Mr. Finkelstein from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Finkelstein’s failure to: (1) acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules; and (2) deliver proof of compliance with CFP Board’s Interim Suspension Order. CFP Board sought to investigate criminal charges filed against him for Vehicular Manslaughter while Driving While Intoxicated, charges that had previously formed the basis for an Interim Suspension Order from CFP Board. Mr. Finkelstein’s conduct may have violated Rule 6.5 of the Rules of Conduct, which provides that a CFP® professional may not engage in conduct that reflects adversely on the CFP® professional, the CFP® marks or the profession. CFP Board also issued an Interim Suspension Order based on the criminal charges, and Mr. Finkelstein failed to deliver proof that he had complied with the Interim Suspension Order. Under Articles 4.1.a. and 4.1.c. of the Procedural Rules, Mr. Finkelstein has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Finkelstein’s administrative permanent bar was effective as of August 16, 2022.

FLORIDA

David A. Jenson (Altamonte Springs, Florida): In July 2022, CFP Board issued an administrative order permanently barring Mr. Jenson from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Jenson’s failure to: (1) acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules; and (2) deliver proof of compliance with CFP Board’s Interim Suspension Order. CFP Board sought to investigate an order issued by the Financial Industry Regulatory Authority (FINRA) on January 22, 2021, which barred Mr. Jenson from associating with any FINRA member in any capacity and formed the basis for the Interim Suspension Order. FINRA found that Mr. Jenson failed to provide information in connection with its investigation into whether he recommended that customers invest in an unsuitable concentration of church bonds. Mr. Jenson’s conduct may have violated Standard A.8. of the Code of Ethics and Standards of Conduct, which provides that a CFP® professional must comply with the laws, rules and regulations governing Professional Services. CFP Board issued an Interim Suspension Order based on the bar imposed by FINRA, and Mr. Jenson failed to deliver proof that he had complied with the Interim Suspension Order. Under Articles 4.1.a. and 4.1.c. of the Procedural Rules, Mr. Jenson has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Jenson’s administrative permanent bar was effective as of August 16, 2022.

Roderick L. Whited (Gainesville, Florida): In July 2022, CFP Board issued an administrative order permanently barring Mr. Whited from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Whited’s failure to: (1) acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules; and (2) deliver proof of compliance with CFP Board’s Interim Suspension Order. CFP Board sought to investigate an order issued by the Financial Industry Regulatory Authority (FINRA) on November 15, 2021, which barred Mr. Whited from associating with any FINRA member in any capacity and formed the basis for the Interim Suspension Order. Mr. Whited consented to the sanction imposed by FINRA and to the entry of its findings that he converted $44,170 in charitable donations from a pediatric cancer charity, deposited the donated funds into his personal bank account and then used the funds to pay for his own personal expenses. Mr. Whited’s conduct may have violated Standard A.8. of the Code of Ethics and Standards of Conduct, which provides that a CFP® professional must comply with the laws, rules and regulations governing Professional Services. Under Articles 4.1.a. and 4.1.c. of the Procedural Rules, Mr. Whited has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Whited’s administrative permanent bar was effective as of August 16, 2022.

GEORGIA

Kendrick G. Smith (Pine Mountain, Georgia): In July 2022, CFP Board issued an administrative order permanently barring Mr. Kendrick from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Kendrick’s relinquishment of his certification and his failure to file an Answer to CFP Board’s Complaint within the required time frame. In its Complaint, CFP Board alleged that Mr. Kendrick failed to cooperate with CFP Board’s investigation into his Chapter 7 Bankruptcy filing in January 2022. CFP Board’s Complaint alleged that Mr. Kendrick’s conduct violated Standard E.5. of the Code of Ethics and Standards of Conduct, which states that a CFP® professional must satisfy the cooperation requirements set forth in CFP Board’s Procedural Rules, including by cooperating fully with CFP Board’s requests, investigations, disciplinary proceedings and disciplinary decisions. Mr. Kendrick failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Kendrick has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Kendrick’s administrative permanent bar was effective as of August 15, 2022.

MARYLAND

Jonathan D. Robbins (Potomac, Maryland): In July 2022, CFP Board issued an administrative order permanently barring Mr. Robbins from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Robbins’ failure to acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules. CFP Board sought to investigate an Order of Disbarment issued on April 3, 2019, by the Maryland Court of Appeals, based on findings that Mr. Robbins: (1) made misleading representations to clients that he performed work that he had not performed; (2) failed to complete work that would advance client matters despite requests to do so; (3) failed to timely file a Petition to Caveat; (4) failed to provide clients with timely invoices regarding work he performed for multiple years of representation; (5) executed a new retainer agreement without obtaining the client’s authorization; and (6) used a recently obtained Power of Attorney to retroactively increase his hourly rate by $150. Mr. Robbins violated the Maryland Lawyers’ Rules of Professional Conduct rules on Competence, Scope of Representation and Allocation of Authority Between Client and Lawyer, Diligence, Communication, Fees, Conflict of Interest: General Rule, Bar Admission and Disciplinary Matters and Misconduct. CFP Board also sought to investigate his November 29, 2021, conviction for felony theft involving funds of over $100,000. Mr. Robbins’ conduct may have violated Standards A.1, A.2, A.7 and E.2 of the Code of Ethics and Standards of Conduct, which, respectively, address a CFP® professional’s fiduciary duty, integrity when performing professional services, professionalism and the requirement to refrain from adverse conduct. Under Article 4.1.a. of the Procedural Rules, Mr. Robbins has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Robbins’ administrative permanent bar was effective as of August 16, 2022.

MASSACHUSETTS

Adam Westphalen (Accord, Massachusetts): In May 2022, CFP Board issued an administrative order permanently barring Mr. Westphalen from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Westphalen’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that Mr. Westphalen violated CFP Board’s Terms and Conditions of Certification and Trademark License (Terms and Conditions) when he failed to cooperate with CFP Board’s investigation of an Order to Cease and Desist issued by the State of Connecticut after Mr. Westphalen and an organization or organizations of which he was a control person: (1) failed to make required disclosures on Form ADV and Form U4; (2) engaged in unregistered investment advisory activities; (3) committed fraud in connection with the offer and sale of securities; (4) failed to produce subpoenaed documents and appear for testimony; and (5) made misleading statements to the Securities and Business Investments Division of the Connecticut Department of Banking. CFP Board’s Complaint alleged that Mr. Westphalen’s conduct violated the duty to cooperate with CFP Board, under Section k of the Terms and Conditions. Mr. Westphalen failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Mr. Westphalen has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Westphalen’s administrative permanent bar was effective as of June 21, 2022.

NEW JERSEY

Paul W. Lascelle (Flemington, New Jersey): In July 2022, CFP Board issued an administrative order permanently barring Mr. Lascelle from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Lascelle’s failure to acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules. CFP Board sought to investigate: (1) a 2018 Financial Industry Regulatory Authority (FINRA) Arbitration where the claimant alleged excessive trading by Mr. Lascelle; (2) a Chapter 13 Bankruptcy petition filed by Mr. Lascelle on March 22, 2018; (3) a 2017 termination from his firm concerning allegations that Mr. Lascelle allocated revenue into his own production number rather than a joint production number; and (4) a 2017 Letter of Acceptance, Waiver, and Consent (AWC) with FINRA, in which Mr. Lascelle consented to a suspension of 10 business days, a $2,500 fine and findings that he effected discretionary transactions without obtaining prior written authorization from the customer. Mr. Lascelle’s conduct may have violated Rules 4.3, 5.1 and 6.5 of the Rules of Conduct, which, respectively, require a CFP® professional to comply with the laws, rules and regulations governing professional services; to comply with the policies and procedures of the CFP® professional’s firm; and to refrain from conduct that reflects adversely on the CFP® professional, the CFP® marks or the profession. Under Article 4.1.a. of the Procedural Rules, Mr. Lascelle has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Lascelle’s administrative permanent bar was effective as of August 16, 2022.

Nicholas Spagnoletti, Jr. (Pomeroy, New Jersey): In June 2022, CFP Board issued an administrative order permanently barring Mr. Spagnoletti from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Spagnoletti’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that Mr. Spagnoletti failed to cooperate with CFP Board’s investigation of criminal charges filed against him in August 2021 for endangering the welfare of children in connection with the possession and distribution of child pornography. CFP Board alleged that Mr. Spagnoletti’s conduct violated Standard E.5 of the Code and Standards, which provides that a CFP® professional must cooperate fully with CFP Board’s requests, investigations, disciplinary proceedings and disciplinary decisions. Mr. Spagnoletti failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Spagnoletti has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Spagnoletti’s administrative permanent bar was effective as of July 22, 2022.

NORTH CAROLINA

Raymond Ng (Charlotte, North Carolina): In July 2022, CFP Board issued an administrative order permanently barring Mr. Ng from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Ng’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that Mr. Ng failed to cooperate with CFP Board’s investigation of a $40,327 federal tax lien filed against Mr. Ng in 2019. CFP Board’s Complaint alleged that Mr. Ng’s conduct violated Section k of the Terms and Conditions of Certification and Trademark License, which required him to fully cooperate with CFP Board with respect to any potential ground for imposition of a sanction, including any investigation or proceeding initiated by CFP Board pursuant to the Procedural Rules. Mr. Ng failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Ng has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Ng’s administrative permanent bar was effective as of August 15, 2022.

OHIO

David J. Campanella (Hudson, Ohio): In July 2022, CFP Board issued an administrative order permanently barring Mr. Campanella from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Campanella’s failure to provide evidence to CFP Board that he had complied with the Automatic Interim Suspension Order CFP Board issued to him on April 27, 2022. CFP Board issued Mr. Campanella an Automatic Interim Suspension Order after learning that the Financial Industry Regulatory Authority (FINRA) barred Mr. Campanella from association with any member firm on February 14, 2022. FINRA was investigating allegations that Mr. Campanella had undisclosed outside brokerage accounts while associated with his member firm. Mr. Campanella provided inaccurate and incomplete information in response to FINRA’s investigation and subsequently consented to a bar. Despite the requirement to do so, Mr. Campanella failed to deliver evidence that he had ceased use of the CFP® certification marks and advised his firm and clients of the Automatic Interim Suspension Order. Under Article 4.1.c. of the Procedural Rules, Mr. Campanella has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Campanella’s administrative permanent bar was effective as of August 15, 2022.

Oregon

Charles I. Carroll (Portland, Oregon): In July 2022, CFP Board issued an administrative order permanently barring Mr. Carroll from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Carroll’s relinquishment of his certification and his subsequent failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that Mr. Carroll failed to cooperate with CFP Board’s investigation of a $141,249 tax lien imposed by the State of Montana on August 21, 2019. Mr. Carroll failed to provide the information requested in CFP Board’s Notice of Investigation. CFP Board’s Complaint alleged that Mr. Carroll’s conduct violated Standard E.5 of the Code of Ethics and Standards of Conduct, which provides that a CFP® professional must cooperate fully with CFP Board’s requests, investigations, disciplinary proceedings and disciplinary decisions. Mr. Carroll failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Carroll has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Carroll’s administrative permanent bar was effective as of August 15, 2022.

Virginia

Bobby D. Hines, Jr. (Colonial Heights, Virginia): In June 2022, CFP Board issued an administrative order permanently barring Mr. Hines from applying for or obtaining the CFP® certification marks. This sanction followed Mr. Hines’ failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that Mr. Hines sold unregistered Woodbridge Notes in the form of participation agreements to 30 clients who were Virginia investors. However, at the time, Mr. Hines was not registered to offer or sell securities in Virginia. Mr. Hines was required to pay $100,000 in restitution to the 30 clients as part of his settlement with the Virginia State Corporation Commission. CFP Board’s Complaint alleged that Mr. Hines’ conduct violated Rule 4.4 of the Rules of Conduct, which requires a CFP® professional to exercise reasonable and prudent professional judgment in providing professional services to clients. Mr. Hines failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Hines has been deemed in default, and CFP Board issued an Administrative Order of Permanent Bar. Mr. Hines’ administrative permanent bar was effective as of August 1, 2022.

REVOCATION

ARIZONA

Heather L. Guilliom (Tucson, Arizona): In June 2022, CFP Board issued an administrative order permanently revoking Ms. Guilliom’s right to use the CFP® certification marks. This sanction followed Ms.Guilliom’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that Ms. Guilliom filed for Chapter 7 Bankruptcy in 2016, was convicted of misdemeanor DUI in September 2017 and was convicted of felony Endangerment and misdemeanor DUI in June 2019. CFP Board’s Complaint alleged that Ms. Guilliom’s conduct violated Rule 6.5 of the Rules of Conduct, which provides that a CFP® professional may not engage in conduct that reflects adversely on the CFP® professional, the CFP® marks or the profession. Ms. Guilliom failed to file an Answer to CFP Board’s Complaint within 30 calendar days as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Ms. Guilliom has been deemed in default, and CFP Board issued an Administrative Order of Revocation. Ms. Guilliom’s administrative revocation was effective as of July 8, 2022.

CALIFORNIA

Alfred J. Kottman (Lincoln, California): In July 2022, CFP Board issued an administrative order permanently revoking Mr. Kottman’s right to use the CFP® certification marks. This sanction followed Mr. Kottman’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that Mr. Kottman violated Standard E.5 of the Code of Ethics and Standards of Conduct when he failed to satisfy his Duty of Cooperation by refusing to respond to CFP Board’s requests for information and a Notice of Failure to Cooperate. CFP Board sought to investigate his December 6, 2021, Chapter 7 Bankruptcy filing. Mr. Kottman failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Kottman has been deemed in default, and CFP Board issued an Administrative Order of Revocation. Mr. Kottman’s administrative revocation was effective as of August 15, 2022.

COLORADO

Ronald Niederpruem (Gunnison, Colorado): In May 2022, CFP Board issued an administrative order permanently revoking Mr. Niederpruem’s right to use the CFP® certification marks. This sanction followed Mr. Niederpruem’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that pursuant to the findings in a 2019 Commissioner’s Final Order issued by the Hawaii Department of Commerce and Consumer Affairs (Hawaii), Mr. Niederpruem failed to register as an investment adviser representative in Hawaii while continuing to provide investment advice for over 10 years and intentionally failed to file annual audited financial statements for approximately 10 years. As a result, Hawaii revoked Mr. Niederpruem’s registration as an investment adviser representative and his firm’s registration as an investment adviser. CFP Board’s Complaint alleged that Mr. Niederpruem’s conduct violated Rule 4.3 of the Rules of Conduct, which provides that a CFP® professional must comply with the laws, rules and regulations governing professional services. Mr. Niederpruem failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Niederpruem has been deemed in default, and CFP Board issued an Administrative Order of Revocation. Mr. Niederpruem’s administrative revocation was effective as of June 27, 2022.

INDIANA

Christopher Turean (Fishers, Indiana): In July 2022, CFP Board issued an administrative order permanently revoking Mr. Turean’s right to use the CFP® certification marks. This sanction followed Mr. Turean’s failure to acknowledge receipt of CFP Board’s Notice of Investigation, as required by Article 1.1 of the Procedural Rules. CFP Board sought to investigate allegations that Mr. Turean misrepresented investment products to misappropriate customer funds. Mr. Turean’s conduct may have violated Standards A.8 and A.2 of the Code of Ethics and Standards of Conduct, which, respectively, require a CFP® professional to comply with the laws, rules and regulations governing professional services and to perform professional services with integrity. Under Article 4.1.a. of the Procedural Rules, Mr. Turean has been deemed in default, and CFP Board issued an Administrative Order of Revocation. Mr. Turean’s administrative revocation was effective as of August 16, 2022.

PENNSYLVANIA

Michael M. Hartlett (Lancaster, Pennsylvania): In July 2022, CFP Board issued an administrative order permanently revoking Mr. Hartlett’s right to use the CFP® certification marks. This sanction followed Mr. Hartlett’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that on October 22, 2021, Mr. Hartlett entered into a Letter of Acceptance, Waiver, and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) in which he consented to a 10-business-day suspension from associating with any FINRA member in any capacity and a $5,000 fine for violating FINRA Rules 3260(b) and 2010 by exercising discretion without permission from May 2018 through February 2020 for one client in a total of 22 trades. CFP Board’s Complaint alleged that Mr. Hartlett violated: (1) Rule 5.1 of the Rules of Conduct, by failing to comply with his firm’s policies and procedures on exercising discretion; (2) Rule 4.3 of the Rules of Conduct, by failing to comply with the laws, rules and regulations governing professional services; and (3) Standard E.3 of the Code of Ethics and Standards of Conduct, by failing to report the FINRA Inquiry and AWC to CFP Board within 30 days. Mr. Hartlett failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Hartlett has been deemed in default, and CFP Board issued an Administrative Order of Revocation. Mr. Hartlett’s administrative revocation was effective as of July 6, 2022.

TEXAS

David Lynn Medlin (North Richland Hills, Texas): In June 2022, CFP Board issued an administrative order permanently revoking Mr. Medlin’s right to use the CFP® certification marks. This sanction followed Mr. Medlin’s failure to file an Answer to CFP Board’s Complaint within the required time frame. CFP Board alleged that on April 24 and 26, 2021, Mr. Medlin twice used the term “white power,” which he directed to a local city council candidate who was a person of color. The second of these incidents was captured on cellphone video. CFP Board’s Complaint alleged that Mr. Medlin’s conduct violated Standards A.7 and E.2 of the Code of Ethics and Standards of Conduct. Standard A.7 requires a CFP® professional to treat others with dignity, courtesy and respect. Standard E.2 prohibits conduct that reflects adversely on a CFP® professional’s integrity or fitness as a CFP® professional, upon the CFP® marks or upon the profession. Mr. Medlin failed to file an Answer to CFP Board’s Complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Medlin has been deemed in default, and CFP Board issued an Administrative Order of Revocation. Mr. Medlin’s administrative revocation was effective as of July 25, 2022.

Mark Andrew Trewitt (Gordonville, Texas): In July 2022, the Disciplinary and Ethics Commission (Commission) and Mr. Trewitt entered into a Consent Order in which Mr. Trewitt agreed that CFP Board would issue a Revocation of his right to use the CFP® certification marks. In the Consent Order, Mr. Trewitt consented to findings that he violated Rules 4.3, 4.5 and 6.5 of the Rules of Conduct when he made unsuitable recommendations to customers, some of whom were seniors, to invest in risky and illiquid investments, such as private placements and real estate investment trusts, in inappropriate concentrations. Mr. Trewitt's conduct resulted in the Texas State Securities Board issuing a Disciplinary Order that suspended his ability to act as an investment adviser representative for 90 days and imposed numerous undertakings, including a prohibition on recommending private placements in connection with rendering services as an investment adviser representative. Accordingly, the Commission issued to Mr. Trewitt a Revocation, effective July 15, 2022.

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 the public, advisors and firms as the standard for financial planning, CFP® certification is held by more than 93,000 people in the United States.

contact

Joseph Feese
Director of Public Relations
202-379-2305
media@cfpboard.org
Twitter: @CFPBoard