Public sanctions were announced by the Certified Financial Board of Standards last week against 12 current or former certified financial planner professionals, or candidates for CFP® certification.
In a news release, the CFP Board said five of the sanctions resulted from historical investigations that were opened following background checks conducted on all CFP professionals to detect potential misconduct that previously had not been reported to the board. The violations can include regulatory actions, firm terminations, customer complaints, arbitrations, and civil court litigation that involve professional conduct, criminal matters, bankruptcies, civil judgments, and tax liens.
Five of the individuals sanctioned were publicly censured. One received an administrative suspension, one was suspended, one was permanently barred, three received administrative revocations and one was given the most severe sanction: revocation of the right to use the CFP marks. That sanction was announced against Daniel G. Dillard of Austin, Texas, for what the board’s Disciplinary and Ethics Commission said was “a pattern of conduct that reflects adversely on his integrity or fitness as a certificant, upon the CFP marks,” and rules violations.
In its announcement, the CFP Board noted that it 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 the 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.
The attorneys at Hyman Cotter PC represent 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.
