CFP Board imposes interim suspension on broker over falsified invoices

On Behalf of | May 24, 2022 | Broker Misconduct

An Illinois broker has been disciplined by the Certified Financial Planner Board of Standards over violations of ethical standards, the board announced in a news release.

The CFP Board said it has issued an automatic interim suspension order against Shawn E. Parker, suspending her right to use the CFP® certification marks. The board’s order came after the Financial Industry Regulatory Authority permanently barred Parker from associating with any FINRA member in any capacity. Parker was a broker for Ameriprise Financial Services based in Schaumburg, Illinois.

According to FINRA’s letter of acceptance, waiver, and consent, Parker directed her staff to submit reimbursement requests containing falsified invoices from at least two training and educational events. Parker allegedly converted at least $25,000 in funds from her firm in this manner, violating FINRA’s Rule 2010 that requires brokers to observe high standards of commercial honor and just principles of trade. Parker consented to FINRA’s findings and the permanent bar without admitting or denying the allegations.

Under the CFP Board’s order, Parker’s right to use the CFP® certification marks has now been suspended pending the CFP Board’s completed investigation and possible further disciplinary proceedings. The interim suspension order will remain in place until the Disciplinary and Ethics Commission issues a final order or, if an appeal is filed, the CFP Board’s Appeals Commission issues a final order.

Parker resigned from Ameriprise in 2020 following disciplinary action over the violations. FINRA said that she had reimbursed the firm.

When faced with a CFP Board inquiry, working with an experienced lawyer is vital. How you respond is not only relevant to any determination by the CFP Board, but it may also impact related litigation and/or regulatory proceedings that you are facing from the alleged misconduct. The stakes are high. The attorneys at Lewitas Hyman have helped clients navigate these issues and can assist if you are faced with a CFP Board investigation. 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. 

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