The securities attorneys at Eccleston Law have valuable experience in representing financial advisors in investigations, complaints, and other disciplinary actions initiated by the Certified Financial Planner Board of Standards, Inc. (“CFP Board”). Financial advisors with CFP designation must follow the CFP Board's Standards of Professional Conduct.
CFP may conduct investigations for financial advisors who potentially violate CFP Rules, which can be triggered by a number of events, such as: customer arbitrations, criminal matters, regulatory actions by the SEC, CFTC, FINRA and state regulators, bankruptcies, employment terminations, reports from other financial advisors with CFP designation and even anonymous tips.
Sanctions for violations of CFP rules may result in a private censure, a public letter of admonition, suspension of the right to use the marks for up to five years or even permanent revocation of CFP designation.
The investigation process begins with a CFP Notice of Investigation sent to the CFP Certificant. This step requires a keen understanding of the allegations and potential sanctions that can result. The time allowed for filing written responses and Answers is extremely limited!
In addition to the opportunity to file a written response to the allegations, after reviewing the response, the board may decide to issue a CFP Complaint against the financial advisor, who must then file an Answer or suffer from an Administrative Order of Revocation.
If you have received a CFP Notice of Investigation, a CFP Complaint, or a notice of Presumptive Bar as a CFP Candidate, our experienced securities attorneys can provide unparalleled guidance to you in all aspects of CFP disciplinary proceedings and help maximize your chances of retaining the right to use the hard-earned and valuable CFP marks by:
As skilled and experienced securities attorneys, we can also provide valuable guidance on the underlying matter that triggered the CFP investigation, whether it's a customer complaint, an investor arbitration or lawsuit, an employment termination, etc.
Each time you renew your CFP certification, you must disclose whether you have ever been involved in any criminal, civil, self-regulatory organization or governmental agency inquiry, investigation or proceeding. Events that are otherwise not reportable to your Broker-Dealer, Employer or Regulatory Agency, may, in fact, be reportable to the board. If you have questions or concerns regarding your reporting obligations or compliance with CFP Rules, contact the securities attorneys at Eccleston Law for a free consultation to discuss your CFP Board matter.
I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.
The Financial Industry Regulatory Authority has censured and issued a $250,000 fine to a Los Angeles-based advisory firm, WestPark Capital Inc., for making material misrepresentations pertaining to promissory notes offered by its parent company.
The Financial Industry Regulatory Authority (FINRA) has issued a one-year suspension and $12,500 fine to an Ohio-based advisor, William LeBoeuf, who worked at Merrill Lynch and Cetera Advisor Networks when the violations occurred.
The Securities and Exchange Commission (SEC) has charged a former Illinois-based investment advisor, Ronald Molo, with defrauding three clients out of at least $800,000.
