The Certified Financial Planner Board of Standards said it is imposing public sanctions against 20 individuals for various violations. In a news release last week, the board announced the disciplinary action was taken against current or former CFP professionals or candidates for CFP certifications.
The violations that were committed included regulatory actions, firm terminations, criminal matters, civil court litigation that involve professional conduct, civil judgments, bankruptcies and tax liens, the board said.
13 of the sanctions resulted from what the board called “Historical Investigations”, which were opened following background checks conducted on all CFP professionals to uncover potential misconduct not previously reported to the CFP Board.
Among the individuals who were disciplined, there were five Public Censures, three Suspensions, two Administrative Suspensions, six Administrative Permanent Bars, and four Administrative Revocations. The sanctions are effective immediately or on the date noted in each case.
In its announcement, the board noted that it enforces its ethical standards by investigating alleged violations committed by certified professionals. When probable cause is found to believe there are grounds for sanction, a complaint is presented to the CFP Board’s Disciplinary and Ethics Commission. If the commission determines there are grounds for sanction, then it may impose a sanction.
Members of the public can view any individual’s CFP Board disciplinary history and CFP certification status by checking CFP.net/verify. Lewitas Hyman 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 us at (888) 655 6002 or through our online contact form for a free consultation.