The Certified Financial Planner Board of Standards announced that it has imposed interim suspensions of the CFP® certification against three financial advisors, reports InvestmentNews.
The three, Christopher J. Asher of Annapolis, Maryland, Vincent J. Camarda of Amityville, New York, and Jason Cooke of Clayton, Delaware, were suspended as of August 5.
The disciplinary action against Asher was taken after he was arrested in May for allegedly hitting and killing a construction worker with his vehicle in Maryland while driving under the influence. He was charged with felony manslaughter by vehicle, felony homicide by motor vehicle while under the influence of alcohol; felony negligent homicide by motor vehicle under the influence of alcohol; and misdemeanor criminally negligent manslaughter by vehicle.
Camarda was the subject of a complaint in June filed by the Securities and Exchange Commission over a securities offering that raised over $75 million from more than 200 investors. It was alleged that Camarda recommended and sold the securities of an issuer without telling investors that he and his company were in debt to that issuer and thus had a conflict of interest. The SEC said this was a fraud that violated Sections 206(1) and (2) of the Investment Advisers Act of 1940 and said Camarda also violated the registration provisions of the federal securities laws and sold the securities without proper registration.
Cooke was suspended by the CFP Board as the result of being arrested and charged with five counts of felony dealing in child pornography in Delaware. He was terminated by his firm following the charges.
In each case, a hearing panel of the Disciplinary and Ethics Commission reviewed the matter and determined that CFP Board Counsel demonstrated that the conduct of the advisors posed a significant threat to the public or significantly impinged upon the reputation of the profession or the CFP® certification marks.
An interim suspension is a suspension of a CFP® professional’s certification and trademark license pending a completed investigation by the CFP Board and possible further disciplinary proceedings.
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.
