The Certified Financial Planner Board of Standards has imposed an interim suspension against a Texas financial planner following violations of the profession’s ethical standards.
The board announced it issued an automatic interim suspension order suspending Douglas M. McKelvey’s right to use the CFP® certification marks as of September 21
The action followed the Financial Industry Regulatory Authority’s decision to permanently bar McKelvey from associating with any FINRA member in any capacity. McKelvey was barred after FINRA said he refused to produce information or documents as part of an investigation into his potential participation in unauthorized activity and misappropriation of client funds. McKelvey was found to be in violation of FINRA Rule 8210, which allows FINRA to request documents, information, and testimony from member firms and individuals in connection with an investigation, and Rule 2010, requiring members to observe high standards of commercial honor and just and equitable principles of trade.
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 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.
