This is the fourth of several posts detailing the CFP Board enforcement process. This post will focus on what happens in the event a respondent is found to be in default.
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CFP Board Enforcement Process: Default; Suspension, Revocation, or Bar
Posted on July 13th, 2020 at 3:52 PM
Illinois Broker and Investment Firm Agree to Pay $1.1 Million to CFTC
Posted on July 7th, 2020 at 4:15 PM
Illinois broker Mark Miller and his investment firm, Foremost Trading LLC, have agreed to pay $1.1 million to settle claims brought by the Commodity Futures Trading Commission (“CFTC”). The payment consists of $450,000 in fines and $700,000 in restitution. Additionally, Miller is suspended from trading on any CFTC-designated exchange, all other CFTC-registered entities, and all commodity interests for a period of two years.
CFP Board Enforcement Process: Complaint and Answer
Posted on July 6th, 2020 at 4:18 PM
This is the third of several posts detailing the CFP Board enforcement process. This post will focus on one potential outcome of a CFP Board investigation: a complaint filed by the CFP Board Counsel.
Temenos Advisory and its CEO Ordered to Pay More Than $2 Million
Posted on July 1st, 2020 at 3:51 PM
Final judgment has been entered against Temenos Advisory Inc. and its former CEO George Taylor, the SEC announced. The SEC had charged Temenos and Taylor with putting investor funds in unsuitable investments and concealing commissions. In total, Temenos and Taylor are ordered to pay more than $2 million. The entry of judgment concludes a case that began with the SEC charging Temenos and Taylor in July 2018.
CFP Board Enforcement Process: Interim Suspensions
Posted on June 29th, 2020 at 3:48 PM
This is the second of several posts detailing the CFP Board enforcement process. The first post detailed the CFP Board’s investigation process. This post will focus on one potential outcome of a CFP Board investigation: an interim suspension.
CFP Board Announces Dramatic Increase in Enforcement Activity
Posted on June 26th, 2020 at 3:41 PM
The CFP Board announced a wide array of new enforcement activities, which includes spending $5 million to conduct background checks on all CFP professionals. This move comes after a task force found “significant failures in the execution of the CFP Board’s enforcement program[.]” Additionally, a July 2019 story in The Wall Street Journal detailed how the CFP Board website failed to inform users about past disciplinary issues for CFP professionals. The Wall Street Journal found that more than 5,000 advisors who were listed on the CFP Board website as having a clean disciplinary record actually had a disciplinary history.
CFP Board Enforcement Process: The Investigation
Posted on June 25th, 2020 at 3:56 PM
U.S. Supreme Court Limits SEC Disgorgement
Posted on June 24th, 2020 at 3:58 PM
The U.S. Supreme Court has upheld the SEC’s ability to obtain disgorgement in enforcement cases. However, the decision also put limits on how much disgorgement can be obtained. The Supreme Court held that the SEC can obtain disgorgement of ill-gotten gains in federal court, but the disgorgement cannot exceed the defendant’s net profit from the scheme. In the Opinion, the Supreme Court found that “legitimate expenses” could be deducted from net profit when calculating disgorgement.
FINRA Suspends Broker 11 Months for Excessive Trading
Posted on June 23rd, 2020 at 3:56 PM
Former First Standard Financial broker, Frank Venturelli, agreed to pay restitution of $30,000 and to serve an 11-month suspension from association with any FINRA member firm in all capacities. According to FINRA Enforcement, Venturelli engaged in excessive trading in three customer accounts between July 2016 and November 2018.
SEC Files Suit Against Sean and Shane Hvizdzak
Posted on June 22nd, 2020 at 2:43 PM
Brothers Sean and Shane Hvizdzak have been charged by the U.S. Securities and Exchange Commission (“SEC”) for allegedly misappropriating investor money from High Street Capital Fund USA LP, a cryptocurrency investment fund. The SEC also alleges that the Hvizdzaks misrepresented the fund’s performance to investors. The U.S. District Court granted the SEC’s request to freeze the Hvizdzaks’ assets and for a temporary restraining
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