CFP Board Imposes Interim Suspension on Rusty J. Whittaker of Austin, Texas

Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP® certification against Rusty J. Whittaker, which is effective as of August 18, 2023.

On July 27, 2023, CFP Board Enforcement Counsel filed a Motion for Interim Suspension Order (Motion) pursuant to Article 2.1.a.1. of CFP Board’s Procedural Rules requesting that a Hearing Panel of the Disciplinary and Ethics Commission (DEC) issue an Interim Suspension Order against Mr. Whittaker. According to public records from the District Court in Mecklenburg County, North Carolina, Mr. Whittaker was charged on May 20, 2023, with (1) statutory rape of a child by an adult, (2) statutory sex offense with a child under the age of 15, (3) two counts of indecent liberties with a child, (4) first-degree sexual exploitation of a minor and (5) soliciting prostitution of a minor, all felonies (Case No. 23CR315796). After reviewing the matter, a Hearing Panel of the DEC determined that CFP Board Enforcement Counsel demonstrated by a preponderance of the evidence that Mr. Whittaker’s alleged conduct poses a significant threat to the public or significantly impinges upon the reputation of the profession or the CFP® certification marks. Pursuant to the Interim Suspension Order, Mr. Whittaker’s right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation and possible further disciplinary proceedings.

An interim suspension is a suspension of a CFP® professional’s certification and trademark license during the pendency of CFP Board enforcement 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, CFP Board’s Appeals Commission, issues a final order. 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, CFP Board provides the public with:

• The ability to check on any 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 Inc.’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.

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. 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 DEC. The DEC 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 DEC 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 DEC determines there are grounds for sanction, then it may impose a sanction. DEC orders may be appealed by a CFP® professional 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 also are subject to appeal.

More information on CFP Board’s enforcement process can be found at CFP.net/ethics/enforcement.