The Certified Financial Planner Board of Standards has announced sanctions against 17 current or former certified financial planners for various violations of the profession’s ethical standards.
The sanctions taken, in order of increasing severity, included two public censures, five suspensions, four temporary bars, three permanent bars, and three revocations of the right to use the CFP® marks. The penalties will be effective immediately or on the date noted in each case.
Among those had their rights to use the CFP marks revoked was Brian Bogart of McLean, Virginia. The action was taken after he failed to timely file an answer to the board’s complaint that he was permitted to resign from his firm during an investigation into his alleged participation in an unapproved private fund.
Also receiving the most severe sanction was Iva Hauck Girtman of Bushnell, Florida. The CFP Board said she failed to file an answer within the required time frame to the board’s complaint regarding allegations of grand theft larceny, after admitting she stole approximately $19,500 in reward points from her employer’s company credit card.
The third planner to have his rights to use the certification marks permanently revoked was Edward L. Stahley, Jr. of Rockledge, Florida. The board said he failed to timely answer a complaint that he violated ethical standards when he was convicted of his third DUI in October 2021.
As part of their certification, CFP® professionals make a commitment to abide by the CFP Board’s Code of Ethics and Standards of Conduct. Any alleged violations are investigated by the board and when there is probable cause to believe there are grounds for sanction, a complaint is filed with the 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.
The attorneys at Lewitas Hyman 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 Lewitas Hyman at (888) 655 6002 or through our online contact form for a free consultation.