Court Denies Appeal Against CFP Board

Posted on October 19th, 2016 at 9:00 AM
Court Denies Appeal Against CFP Board

From the Desk of Jim Eccleston at Eccleston Law LLC:

After a three-year-old dispute centering on a disciplinary action by the CFP Board against a husband-and-wife team, the U.S. Court of Appeals D.C. Circuit has ruled in favor of the Board over a “fee only” advisor designation.

Jeffrey and Kimberly Camardas, a couple who is based out of Fleming Island, Florida, filed this appeal. In addition to their advisory practice, the Camardas owned an insurance company that charged commissions. The CFP Board ruled that the commissions from the insurance company disqualified them from describing their compensation method as “fee-only.”  

The Camardas filed their appeal in August 2015 after a U.S. District Court dismissed their lawsuit against the CFP Board. The District Court judge reasoned that the CFP Board, as a private entity, can enforce its own rules as it sees fit.

Agreeing with the District Court, the Court of Appeals D.C. Circuit ruled that the CFP Board did not appear to violate any of its own rules or procedures in disciplining the couple.

Moreover, the husband and wife team still has an opportunity to appeal all the way up to the U.S. Supreme Court. 

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, Eccleston Law, James Eccleston, Eccleston Law LLC, CFP Board, advisor, fee only, Jeffrey Camardas, Kimberly Camardas, Court of Appeals D.C. Circuit, U.S. Supreme Court

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