CFP Board announces public sanctions against 22 financial advisors for violations

On Behalf of | Nov 29, 2021 | CFP Board

The Certified Financial Planner Board of Standards said it has imposed public sanctions against 22 current or former financial planning professionals over violations of ethical standards.

The sanctions were announced Monday in a news release by the CFP Board. The board said 18 of the sanctions resulted from “historical investigations” that followed background checks on all CFP professionals to detect misconduct that had previously gone unreported. The misconduct can encompass a wide range of issues, including customer complaints, regulatory actions, firm termination, and civil court litigation.

Of the 22 individuals who were sanctioned, seven had their rights to use the CFP® marks revoked. Four were the subject of an administrative permanent bar, one received a temporary bar, five were suspended and five were disciplined with a public censure.

The CFP Board noted that CFP professionals make a commitment to the board to abide by its Code of Ethics and Standards of Conduct or its predecessor, the Standards of Professional Conduct. Ethical standards are enforced with investigations into alleged violations. When probable cause is found for grounds to sanction, the allegations are reviewed by the CFP Board’s Disciplinary and Ethics Commission, which then has the authority to enact sanctions.

If you receive a Notice of Investigation from the CFP Board’s Enforcement Counsel, you should immediately hire experienced counsel to guide you through the process.  Lewitas Hyman PC represents advisors, brokers and other financial professionals in all matters involving the CFP Board, including CFP Board investigations. For more information relating to CFP Board investigations and discipline or other matters, contact Lewitas Hyman at (312) 291-4600 or through our online contact form for a free consultation.

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