The Certified Financial Planner Board of Standards said that it has vacated the interim suspension of a financial advisor following the dismissal of criminal charges against him.
The CFP Board announced it had taken the action in the case of Joseph M. Whitney, CFP®, formerly of Mahwah, New Jersey, and now living in Rochester, New York.
The interim suspension was levied against Whitney by the Disciplinary and Ethics Commission in March 2021 pursuant to the CFP Board’s procedural rules after the state of New Jersey charged him with felony Conspiracy. The CFP Board Counsel later confirmed that all charges against Whitney had been dismissed as of March 8, 2022. On August 8, the board counsel issued an order to vacate the interim suspension order, pursuant to Article 2.4 of the procedural rules.
Under an interim suspension, CFP professionals have their certification and trademark license suspended while proceedings are pending. The suspension remains in place until the Disciplinary and Ethics Commission or the CFP Board’s Appeals Commission issues a final order. The CFP Board Counsel can vacate the interim order if a criminal conviction, civil liability or professional discipline is vacated or reversed or if the professional provides evidence that they were not the subject of a criminal conviction, civil liability or professional discipline.
If the interim suspension order is vacated, it cannot be reflected in the CFP Board’s public verification of the professional’s certification and background.
Hyman Cotter PC represents advisors, brokers and other financial professionals in all matters involving the CFP Board, including CFP Board investigations. Headquartered in Chicago, our securities attorneys represent clients nationwide. For more information relating to CFP Board investigations and discipline or other matters, contact Hyman Cotter PC at 312-291-4600 or through our online contact form for a free consultation.
