Three Advisers in Hot Water with the CFP Board

Posted on November 9th, 2016 at 9:51 AM
     Three Advisers in Hot Water with the CFP Board

From the Desk of Jim Eccleston at Eccleston Law LLC:

The CFP Board found that adviser Charles Zsarnay of Toledo, Ohio,allegedly copied certain individual drivers’ licenses in violation of Ohio law and failed to promptly disclose to his firm that he had been charged with a felony. Moreover, the CFP Board issued a public letter for admonition and the Ohio Securities Division denied Zsarnay’s Ohio securities license because of his wrongdoing.

Also, the CFP Board permanently revoked the CFP certification of Ameriprise adviser William W. Gammon of Townsend, Maryland. The Board alleged that Gammon, recommended and sold his clients unsuitable alternative investments given the clients’ ages, risk tolerances and investment objectives. The alternative investments included non-traded REITs, debentures and equipment leasing funds.

Lastly, the CFP Board permanently revoked the CFP certification of Family Endowment Partners managing partner Lee D. Weiss of Newton, Massachusetts. Weiss’s license was revoked because he recommended and sold investments to his clients that were not suitable for any investor, failed to disclose his direct and indirect interests in the investments, and overcharged clients for advisory fees.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial advisors including breakaway broker servicesemployment mattersstrategic consulting and counselingbroker litigation and arbitration,whistleblower actions, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.   

Related Attorneys: James J. Eccleston

Tags: Eccleston, James Eccleston, Financial Counsel, Eccleston Law, Eccleston Law LLC, CFP Board, adviser, Charles Zsarnay, felony, Ohio Securities Division, CFP certification, William W. Gammon, Ameriprise, non-traded REIT, Family Endowment Partners, Lee

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