Merrill Lynch Advisor Penalized for CFP Exam Misconduct

Posted on December 13th, 2024 at 9:15 AM
Merrill Lynch Advisor Penalized for CFP Exam Misconduct

From the desk of Jim Eccleston at Eccleston Law

Jeffrey Dattilo, a former Merrill Lynch advisor, has agreed to regulatory penalties for allegedly providing improper assistance to others taking the Certified Financial Planner (CFP) exam. Dattilo, who worked at Merrill Lynch in Summit, New Jersey, from 2018 to 2022, accepted a $5,000 fine and a one-month suspension as part of a settlement agreement.

In March 2021, after passing the CFP exam, Dattilo allegedly shared test content and questions with others through phone calls and a group text. According to AdvisorHub, this action violated the CFP Board’s testing requirements and FINRA's Rule 2010, which requires advisors to act with "high standards." Dattilo accepted the penalties without admitting or denying the findings and is no longer registered in the industry. 

AdvisorHub also reported that the CFP Board’s ethics committee found Dattilo guilty of misconduct, banning him from applying for or obtaining the CFP certification for five years. According to an April 2024 summary of enforcement actions, Dattilo shared nine exam questions in a GroupMe chat group. As a result, the CFP Board voided his exam results and required him to complete 100 hours of continuing education. Dattilo's appeal to overturn the decision was unsuccessful. The settlement did not mention any other individuals sanctioned for receiving the heads-up about the exam material.

 

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

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