The Certified Financial Planner Board of Standards has imposed interim suspensions against two CFP professionals, the board announced in a news release last week. Both had their rights to use the CFP® certification marks suspended.
In one case, the board issued an automatic Interim Suspension Order January 26 against Randall Scott Boll of Old Hickory, Tennessee. The order came after Boll was indicted on four counts related to violations of federal money laundering laws and banking regulations. His right to use the certification marks was suspended pending the board’s completed investigation and possible further disciplinary proceedings.
The other Interim Suspension Order was imposed January 28 against David Yow-Shang Chiueh of East Hanover, New Jersey. In November, the Securities and Exchange Commission began proceedings against Chiueh and his firm after finding that they violated several of the antifraud provisions as well as other provisions of the federal securities laws.
The SEC determined that from 2017 to 2020, Chieuh “made investments in a mutual fund he managed that were inconsistent with the description of that fund in the fund’s publicly available registration and repeatedly miscalculated the fund’s Net Asset Value.” Chieuh was found to have violated Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, Sections 20(a) and 34(b) of the Investment Company Act of 1940, and Sections 206(2) and 206(4) of the Investment Advisers Act of 1940, among other violations. Chiueh consented to cease-and-desist orders and he and his firm agreed to pay disgorgement and a penalty totaling over $480,000.
The board noted that an Interim Suspension Order is a temporary sanction and does not preclude CFP Board from imposing a final sanction. The order may be vacated if a criminal conviction is vacated or reversed, or if a respondent provides sufficient evidence that they were not the subject of a criminal conviction.
Financial professionals with the Certified Financial Planner designation are required to uphold the high standards outlined in the CFP Board’s Code of Ethics and Standards of Conduct. Failing to do so will put the ability to use the CFP designation at risk. Lewitas Hyman PC represents advisors, brokers and other financial professionals in all matters involving the CFP Board. For more information relating to CFP Board investigations and discipline or other matters, contact Lewitas Hyman at (888) 655 6002 or through our online contact form for a free consultation.