CFP Board Lifts Interim Suspension of Former UBS Advisor

Posted on September 23rd, 2022 at 1:30 PM
CFP Board Lifts Interim Suspension of Former UBS Advisor

From the Desk of Jim Eccleston at Eccleston Law.

The Certified Financial Planner Board of Standards (CFP Board) has lifted an interim suspension it had imposed against a former UBS advisor after criminal fraud charges against him were recently dismissed.

New Jersey state officials had charged Joseph Whitney in January 2021 with a first-degree conspiracy charge related to his role in an alleged scheme that included his wife, Melanie, and several other individuals. The CFP Board subsequently imposed its interim suspension order in March 2021. In addition to UBS, Whitney had been employed by Morgan Stanley and Wedbrush Securities, where he worked until February 2021, according to BrokerCheck.

According to the original charges, Joseph Whitney’s wife, Melanie, allegedly overstated her professional real estate experience and misappropriated at least $75,000 from two investors via fraudulent real estate deals. Prosecutors further alleged that she siphoned the funds into bank accounts controlled by co-conspirators. However, New Jersey prosecutors dropped the criminal charges against Joseph Whitney in March, which prompted the CFP Board Counsel to left the interim suspension last month.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, ubs, cfp

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