CFP Exam Candidates Subject to Investigations Over Chat Room Participation

Posted on April 28th, 2021 at 12:10 PM
CFP Exam Candidates Subject to Investigations Over Chat Room Participation

From the Desk of Jim Eccleston at Eccleston Law LLC:

Eccleston Law has received several inquiries from financial advisors who recently took the CFP examination and now face an investigation or complaint regarding purported examination misconduct.

One particular area relates to chat room participation.  Third party exam preparation services like Dalton, Kaplan and the Boston Institute of Finance have CFP programs that are online.  They sometimes also offer chatrooms led by their instructors.  Additionally, CFP candidates themselves sometimes organize a chat room.

CFP Board knew or should have known that these chat rooms exist.  Compounding the problem is that CFP Board offers CFP candidates a two week rolling period in which they can take the exam.  So, it is entirely predictable that early test-takers later continue to participate in the chatrooms.

In representing CFP candidates, Eccleston Law has learned that CFP Board inquiries rest or largely rest on generalities, assumptions, and innuendos. Once launched, the investigation evolves into an oral examination, as well as requests for documents and information.  Sanctions proposed are severe, and include voiding a passing test result, barring the candidate from ever being a CFP, all of which is publicized on the CFP Board website and promoted in a quarterly press release nationwide.  

Unquestionably, CFP candidates in this position need experienced legal counsel familiar with the CFP Board disciplinary process, and the earlier the better!

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

Tags: eccleston, eccleston law, cfp exam

Return to Archive

TESTIMONIALS

Previous
Next

I am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.

Michael E.

LATEST NEWS AND ARTICLES

September 22, 2023
State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.

September 21, 2023
SEC Charges Private Equity Firm Over Fee Disclosure Failures to Affiliate

The Securities and Exchange Commission (SEC) has charged Prime Group Holdings LLC, a private equity firm specializing in alternative real estate asset investments, with
inadequate disclosure of millions of dollars in real estate brokerage fees paid to a brokerage firm owned by its CEO.

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).