CFP Board Imposes Public Sanctions On 20 Individuals

WASHINGTON, Jan. 11, 2022 /PRNewswire/ -- Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today public sanctions against 20 current or former CFP® professionals or candidates for CFP® certification, effective immediately or on the date noted in each case. Public sanctions taken by CFP Board, in order of increasing severity, include Public Censures, Suspensions, Temporary Bars, Permanent Bars and Revocations of the right to use the CFP® marks.

Thirteen of the public sanctions announced in this news release are the result of "Historical Investigations" opened by CFP Board following background checks conducted on all CFP® professionals to detect potential misconduct that previously had not been reported to CFP Board. This misconduct can include regulatory actions, firm terminations, customer complaints, arbitrations, and civil court litigation that involve professional conduct, criminal matters, bankruptcies, civil judgments, and tax liens.

CFP Board's Enforcement Process
As part of their certification, CFP® professionals make a commitment to CFP Board to abide by CFP Board's Code of Ethics and Standards of Conduct (Code and Standards), or its predecessor, theStandards of Professional Conduct (Standards), which included the Code of Ethics and Professional Responsibility, Rules of Conduct, and Financial Planning Practice Standards. CFP Board's Procedural Rules set forth the process for investigating matters and imposing sanctions where violations have been found.

CFP Board enforces its ethical standards by investigating alleged violations and, where there is probable cause to believe there are grounds for sanction, presents a Complaint containing the alleged violations to CFP Board's Disciplinary and Ethics Commission (Commission). The Commission meets at least six times a year to review any matter in which CFP Board has alleged that a CFP® professional has violated the Code and Standards, or its predecessor Standards. The Commission functions in accordance with the Procedural Rules and reviews all matters on a case-by-case basis, considering the details specific to an individual case.

If the Commission determines there are grounds for sanction, then it may impose a sanction. More information on CFP Board's enforcement process can be found at CFP.net/ethics/enforcement.

The Public Sanctions
A short summary of each sanction can be found below. At CFP.net/verify, CFP Board provides the public with:

• The ability to check on any individual's CFP Board disciplinary history and CFP® certification status.
• Links to other sources of information about CFP® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board's website. This information may include customer disputes, disciplinary actions taken by a regulator or employer, certain criminal matters, and certain financial matters (such as bankruptcy proceedings and unpaid judgments or liens). 
• Links to the Financial Industry Regulatory Authority's (FINRA) BrokerCheck and the U.S. Securities and Exchange Commission's (SEC) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight. 

PUBLIC CENSURE

COLORADO

Gregory R. Anderson, CFP® (Denver, Colorado): In November 2021, the Disciplinary and Ethics Commission (Commission) and Mr. Anderson entered into a Consent Order in which Mr. Anderson agreed that CFP Board would issue a Public Censure. In the Consent Order, Mr. Anderson consented to findings that he engaged in unlicensed sales representative activity by receiving transaction-based compensation in connection with the sale of real estate investment trusts and private placement securities, which was a violation of Rule 4.3 of the Rules of Conduct. Mr. Anderson also consented to findings that his firm's advertising materials, for which he was responsible, falsely represented an affiliation with a broker-dealer entity that was, in fact, no longer registered, and falsely stated that the firm was a member of the Securities Investor Protection Corporation, which was a violation of Rule 2.1 of the Rules of Conduct. As a result of this conduct, Mr. Anderson and his firm entered into a consent order with the Colorado Securities Division (CSD) in August 2017, which required Mr. Anderson to reimburse clients for $35,000 in transaction-based compensation and imposed other undertakings. Mr. Anderson made a false statement to CFP Board on his Ethics Declaration in December 2018 by failing to disclose the CSD Order, which was a violation of Rule 6.2 of the Rules of Conduct. Accordingly, the Commission issued to Mr. Anderson a Public Censure.

MARYLAND

Kevin T. Hutt, CFP® (Columbia, Maryland): In November 2021, the Disciplinary and Ethics Commission (Commission) issued an order in which Mr. Hutt received a Public Censure. The Commission issued its order after determining that Mr. Hutt prioritized paying for college tuition and expenses over paying taxes to the Internal Revenue Service (IRS) for six years, resulting in the IRS filing federal tax liens against Mr. Hutt totaling almost $230,000.  Currently, Mr. Hutt is making timely payments to the IRS pursuant to an Installment Agreement.  The Commission determined that Mr. Hutt's conduct violated Rule 6.5 of the Rules of Conduct, which provides that a certificant shall not engage in conduct which reflects adversely on his integrity or fitness as a certificant, upon the CFP® marks, or upon the profession. Accordingly, the Commission determined to issue Mr. Hutt an Order of Public Censure.

PENNSYLVANIA

Daniel Weimer, CFP® (Mars, Pennsylvania): In December 2021, the Disciplinary and Ethics Commission (Commission) and Mr. Weimer entered into a Consent Order in which Mr. Weimer agreed that CFP Board would issue a Public Censure. In the Consent Order, Mr. Weimer consented to findings that Mr. Weimer violated Rules 3.1, 4.3 and 5.1 of CFP Board's Rules of Conduct when: (1) in August 2019, in anticipation of his departure from his firm, Mr. Weimer printed and removed hard copies of the non-public personal information of 1,300 customers of the firm, without the firm's or the customers' knowledge or consent. The information included the customers' social security numbers, account numbers, and dates of birth; (2) Mr. Weimer retained this information in a secure location without the firm's or the customers' knowledge or consent for approximately six weeks after his resignation from the firm. Mr. Weimer did not use the NPI or disclose it to others. After the firm determined that Mr. Weimer had removed the NPI, Mr. Weimer returned the NPI; and (3) by improperly removing and retaining customer information, Mr. Weimer caused the firm to violate Regulation S-P, and in so doing, violated FINRA Rule 2010. Accordingly, the Commission issued to Mr. Weimer a Public Censure.

OREGON

Trevor Looney, CFP® (Tigard, Oregon): In October 2021, the Disciplinary and Ethics Commission (Commission) issued an order in which Mr. Looney received a Public Censure. The Commission imposed this sanction after determining that Mr. Looney was charged with Driving Under the Influence (DUI) in 2007 before he became a CFP® professional, which did not result in a conviction, and was subsequently charged and convicted of two additional DUIs in 2018 and 2020 while he was a CFP® professional. The Commission determined that Mr. Looney's conduct violated Rule 6.5 of the Rules of Conduct, which provides that a certificant shall not engage in conduct which reflects adversely on his integrity or fitness as a certificant, upon the CFP® marks, or upon the profession. Accordingly, the Commission determined to issue Mr. Looney an Order of Public Censure.

WASHINGTON

Melinda Crary, CFP® (Mountlake Terrace, Washington): In November 2021, the Disciplinary and Ethics Commission (Commission) and Ms. Crary entered into a Consent Order in which Ms. Crary agreed that CFP Board would issue a Public Censure. In the Consent Order, Ms. Crary consented to CFP Board's findings that Ms. Crary violated Rule 4.3 of the Rules of Conduct when, in February 2017, Ms. Crary entered into a consent order with the State of Washington Department of Financial Institutions, Securities Division (Washington Order). The Washington Order contained findings that between 2011 and 2017, Ms. Crary and her firm were not registered as an investment adviser, and that Ms. Crary was not registered as an investment adviser representative. The Washington Order contained further findings that Ms. Crary and her firm held themselves out as financial planners and solicited financial planning business without registering with the State. As part of the Washington Order, Ms. Crary and her firm agreed to pay a $10,000.00 administrative fine and $5,000.00 in investigative costs. Ms. Crary also consented to CFP Board's findings that she violated Rules 6.2 of the Rules of Conduct when she failed to disclose the Washington Order on her 2017 Ethics Declaration. Accordingly, the Commission issued to Ms. Crary a Public Censure.

SUSPENSION

CALIFORNIA

David A. Dickson (Orangevale, California): In December 2021, the Disciplinary and Ethics Commission (Commission) issued an order in which Mr. Dickson received a three-month suspension with a remedial certification requirement. The Commission issued its order after determining that Mr. Dickson prioritized paying for his children's private education over paying taxes to the Internal Revenue Service (IRS) for nine tax years, resulting in the IRS filing a federal tax lien against Mr. Dickson totaling $89,725. As of August 2020, Mr. Dickson has an outstanding tax balance of $239,156. Currently, Mr. Dickson is making timely payments to the IRS pursuant to an Installment Agreement.  The Commission determined that Mr. Dickson's conduct violated Rule 6.5 of the Rules of Conduct, which provides that a certificant shall not engage in conduct which reflects adversely on his integrity or fitness as a certificant, upon the CFP® marks, or upon the profession. In addition, the Commission required Mr. Dickson to perform additional remedial work by certifying that he has fully complied with all requirements of the Installment Agreement at the end of the Suspension. Any failure to comply with the certification requirement shall be considered a default, as defined by Article 11.4 of the Procedural Rules, with Mr. Dickson subject to an Administrative Order of Suspension for one year and one day. Accordingly, the Commission issued to Mr. Dickson a suspension for three months with a certification requirement. Mr. Dickson's suspension is effective from December 24, 2021 until March 24, 2022.

Jeffrey Stanga (Aliso Viejo, California): In November 2021, the Disciplinary and Ethics Commission (Commission) and Mr. Stanga entered into a Consent Order in which Mr. Stanga agreed that CFP Board would issue a suspension of his right to use the CFP® certification marks beginning on the date of the Consent Order and ending on April 4, 2022. In the Consent Order, Mr. Stanga consented to findings that on March 11, 2021, he entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) which imposed a 12-month suspension, a $10,000 fine and disgorgement of $28,539 plus interest, for violating FINRA Rules by failing to fully disclose the nature of his outside business activities and by participating in private securities transactions without providing the required written notice to, or receiving written approval from, his registered firm. Pursuant to the Consent Order, Mr. Stanga also consented to findings that his conduct violated Standard E.2 of the Code of Ethics and Standards of Conduct. Accordingly, the Commission issued to Mr. Stanga a suspension. Mr. Stanga's suspension is effective from November 24, 2021 until April 4, 2022.

FLORIDA

Nathaniel Goldenberg (Lithia, Florida): In December 2021, the Disciplinary and Ethics Commission (Commission) and Mr. Goldenberg entered into a Consent Order in which Mr. Goldenberg agreed that CFP Board would issue a thirty-month suspension of his right to use the CFP® certification marks. In the Consent Order, Mr. Goldenberg agreed to findings that he: (1) violated Rule 6.5 of the Rules of Conduct when he copied a client's signature to asset transfer paperwork in June 2020 to implement the client's transition to his new firm; (2) violated Rule 6.5 of the Rules of Conduct when he copied a client's signature to asset transfer paperwork in July 2020 to transfer funds away from Mr. Goldenberg's new firm; (3) violated Rule 3.1 of the Rules of Conduct when he failed to treat client information as confidential by saving copies of documents containing non-public personal information (NPI), including names, birthdates, social security numbers, and account numbers, for at least four customers into an electronic folder on a thumb drive prior to leaving his prior firm to start his own firm and with the intention of using this information at his new firm; (4) violated Rule 3.1 of the Rules of Conduct when he failed to take prudent steps to protect the security of information and property by taking a thumb drive containing customers' NPI from his previous employer without password protecting the information; and (5) violated Rules 4.3 and 5.1 of the Rules of Conduct and Standard A.8.a. of the Code of Ethics and Standardsof Conduct when he caused his prior firm to violate Regulation S-P by saving NPI for at least four customers on a thumb drive with the intention of using this information at his new firm and keeping the customer documents and NPI in his possession after he left his prior firm, in violation of his prior firm's policies and without providing notice to or obtaining consent from these four customers. In the Consent Order, Mr. Goldenberg also agreed to findings that he entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA), in which FINRA determined that Mr. Goldenberg violated FINRA Rule 2010 and imposed a one-month suspension for causing his prior firm to violate Regulation S-P. Accordingly, the Commission issued to Mr. Goldenberg a suspension for thirty (30) months. Mr. Goldenberg's suspension is effective from December 15, 2021 until June 15, 2024.

ILLINOIS

Gerald A. Schmitt (New Lenox, Illinois): In March 2021, CFP Board issued an administrative order suspending Mr. Schmitt's right to use the CFP® certification marks for one year and one day. This sanction followed Mr. Schmitt's failure to file an Answer to CFP Board's Complaint within the required timeframe. CFP Board alleged that Mr. Schmitt failed to cooperate with CFP Board's investigation through his lack of response to CFP Board's investigative requests. CFP Board sought to investigate a 2019 Order of Suspension and Prohibition (Order) from the Illinois Secretary of State Securities Department (Illinois) for (1) recommending and selling fraudulent and unregistered securities; and (2) obtaining money through the sale of securities by failing to disclose material facts. Finally, CFP Board also sought to investigate allegations that Mr. Schmitt misled CFP Board by failing to disclose the Illinois Order on his Ethics Disclosure forms. CFP Board's Complaint alleged that Mr. Schmitt's conduct violated Standard E.5 of the Code of Ethics and Standards of Conduct. Mr. Schmitt failed to deliver an Answer to the Complaint to CFP Board within 30 calendar days of the date of delivery, as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Schmitt has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Schmitt 's conduct, CFP Board issued an Administrative Order of Suspension. Mr. Schmitt's administrative suspension was effective as of July 19, 2021.

NEW JERSEY

Louis S. Abrams (Newton, New Jersey): In October 2021, CFP Board issued an administrative order suspending Mr. Abrams' right to use the CFP® certification marks for one year and one day. This sanction followed Mr. Abrams' failure to file an Answer to CFP Board's Complaint within the required timeframe. CFP Board alleged that Mr. Abrams violated Standard E.2.c. of the Code of Ethics and Standards of Conduct when he filed for Chapter 7 Bankruptcy protection on June 3, 2021 in the Southern District of New York U.S. Bankruptcy Court. Mr. Abrams failed to file an Answer to CFP Board's Complaint within 30 calendar days as required by Article 3.4 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Abrams has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Abrams' conduct, CFP Board issued an Administrative Order of Suspension. Mr. Abrams' administrative suspension was effective as of November 26, 2021.

TEMPORARY BAR

MINNESOTA

Brian C. Stern (Eden Prairie, Minnesota): In October 2021, CFP Board issued an administrative order temporarily barring Mr. Stern from applying for or obtaining the CFP® certification marks for one year and one day. This sanction followed Mr. Stern's failure to respond to CFP Board's Notice of Investigation within the required timeframe. CFP Board sought to investigate a tax lien filed against Mr. Stern by the State of Minnesota on February 4, 2016. Mr. Stern did not provide a response to CFP Board's Notices of Investigation within 30 calendar days as required by Article 1.1 of the Procedural Rules. Under Article 4.1.a. of the Procedural Rules, Mr. Stern has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Stern's conduct, CFP Board issued an Administrative Order of Temporary Bar wherein Mr. Stern's right to apply for or obtain the CFP® marks is temporarily barred for one year and one day. Mr. Stern's administrative temporary bar was effective as of November 17, 2021.

NEVADA

Brett S. Ellen (Las Vegas, Nevada): In October 2021, CFP Board issued an administrative order temporarily barring Mr. Ellen from applying for or obtaining the CFP® certification marks for one year and one day. This sanction followed Mr. Ellen's relinquishment of his certification and his failure to respond to CFP Board's Notice of Investigation within the required timeframe. CFP Board sought to investigate an arbitration filed against Mr. Ellen on September 4, 2020, in which it is alleged that Mr. Ellen sold unsuitable products. Mr. Ellen did not provide a response to CFP Board's second Notice of Investigation within 30 calendar days as required by Article 1.1 of the Procedural Rules. Under Article 4.1.a. of the Procedural Rules, Mr. Ellen has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Ellen's conduct, CFP Board issued an Administrative Order of Temporary Bar wherein Mr. Ellen's right to apply for or obtain the CFP® marks is temporarily barred for one year and one day. Mr. Ellen's administrative temporary bar was effective as of November 17, 2021.

OHIO

R. David Riedy (Sandusky, Ohio): In October 2021, CFP Board issued an administrative order temporarily barring Mr. Riedy from applying for or obtaining the CFP® certification marks for one year and one day. This sanction followed Mr. Riedy's relinquishment of his certification and failure to respond to CFP Board's Notice of Investigation within the required timeframe, as required by Article 1.1 of the Procedural Rules. CFP Board sought to investigate a customer complaint filed against Mr. Riedy on February 22, 2021, in which it is alleged that Mr. Riedy misrepresented monthly insurance premium costs. Under Article 4.1.a. of the Procedural Rules, Mr. Riedy has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Riedy's conduct, CFP Board issued an Administrative Order of Temporary Bar wherein Mr. Riedy's right to apply for or obtain the CFP® marks is temporarily barred for one year and one day. Mr. Riedy's administrative temporary bar was effective as of November 17, 2021.

PERMANENT BAR

CALIFORNIA

Michelle R. Maccio (Beverly Hills, California): In October 2021, CFP Board issued an administrative order permanently barring Ms. Maccio from applying for or obtaining the CFP® certification. This sanction followed Ms. Maccio's failure to respond to CFP Board's Notice of Investigation within the required timeframe. CFP Board sought to investigate a Cease and Desist and Revocation order filed against Ms. Maccio by the U.S. Virgin Islands Division of Banking, Insurance and Financial Regulation on October 1, 2020, finding breach of fiduciary duty and other misconduct related to her operation of a hedge fund and her lack cooperation with auditors, as well as a pending action initiated by the California Department of Financial Protection and Innovation on November 12, 2020, following the action taken in the U.S. Virgin Islands. Ms. Maccio did not provide a response to CFP Board's Notice of Investigation or CFP Board's second Notice of Investigation within 30 calendar days as required by Article 1.1 of the Procedural Rules. Under Article 4.1.a. of the Procedural Rules, Ms. Maccio has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Ms. Maccio's conduct, CFP Board issued an Administrative Order of Permanent Bar. Ms. Maccio's administrative permanent bar was effective as of November 29, 2021.

Gregory W. McCloskey (Newport Beach, California): In October 2021, CFP Board issued an administrative order permanently barring Mr. McCloskey from applying for or obtaining the CFP® certification. This sanction followed Mr. McCloskey's relinquishment of his certification and his failure to respond to CFP Board's Notice of Investigation within the required timeframe. CFP Board sought to investigate a customer complaint filed against Mr. McCloskey in 2018, in which Mr. McCloskey faces allegations of misrepresentation, unsuitability, and high fees; his 2019 resignation from his firm, after it was alleged he failed to follow his firm's heightened supervision plan; and his 2021 bar from associating with any Financial Industry Regulatory Authority (FINRA) member firm, after he consented to findings that he participated in undisclosed private securities transactions involving a customer and sought to conceal these transactions from his member firms and FINRA. Mr. McCloskey did not provide a response to CFP Board's Notices of Investigation within 30 calendar days as required by Article 1.1 of the Procedural Rules. Under Article 4.1.a. of the Procedural Rules, Mr. McCloskey has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. McCloskey's conduct, CFP Board issued an Administrative Order of Permanent Bar. Mr. McCloskey's administrative permanent bar was effective as of November 17, 2021.

NEW YORK

Bruce A. Mazo (Rhinebeck, New York): In October 2021, CFP Board issued an administrative order permanently barring Mr. Mazo from applying for or obtaining the CFP® certification. This sanction followed Mr. Mazo's failure to file an Answer to CFP Board's Complaint alleging that Mr. Mazo violated Rule 6.5 of the Rules of Conduct when he failed to pay his federal tax obligations from 2009 to 2016, which resulted in the issuance of a federal tax lien. Mr. Mazo's total outstanding debt to the IRS is approximately $148,000. Mr. Mazo did not file an Answer to CFP Board's Complaint within 30 calendar days as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Mazo has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Mazo's conduct, CFP Board issued an Administrative Order of Permanent Bar wherein Mr. Mazo is permanently barred from applying for or obtaining the right to use the CFP® certification marks. Mr. Mazo's administrative permanent bar was effective as of November 12, 2021.

REVOCATION

NEW JERSEY

Charles C. Leonard, Jr. (Haddonfield, New Jersey): In October 2021, CFP Board issued an administrative order permanently revoking Mr. Leonard's right to use the CFP® certification marks. This sanction followed Mr. Leonard's failure to file an Answer to CFP Board's Complaint within the required timeframe. CFP Board's Complaint alleged that Mr. Leonard violated Rule 6.5 of the Rules of Conduct on account of the outstanding federal tax liens filed against him totaling approximately $77,000 and other outstanding tax debt totaling approximately $490,000. Mr. Leonard failed to file an Answer to CFP Board's Complaint within 30 calendar days as required by Article 3.2 of the ProceduralRules. Under Article 4.1.b. of the Procedural Rules, Mr. Leonard has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Leonard's conduct, CFP Board issued an Administrative Order of Revocation. Mr. Leonard's administrative revocation was effective as of November 12, 2021.

M. Imran Rana (Township of Washington, New Jersey): In October 2021, CFP Board issued an administrative order permanently revoking Mr. Rana's right to use the CFP® certification marks. This sanction followed Mr. Rana's failure to timely file an Answer to CFP Board's Complaint alleging that Mr. Rana violated Standard E.5 of CFP Board's Code of Ethics and Standards of Conduct when he failed to satisfy his Duty of Cooperation by refusing to respond to CFP Board's requests for information and a Notice of Failure to Cooperate. CFP Board sought to investigate Mr. Rana's 1990 and 2014 Chapter 7 Bankruptcy filings. Mr. Rana failed to file an Answer to CFP Board's Complaint within 30 calendar days as required by Article 3.2 of the Procedural Rules. Under Article 4.1.b. of the Procedural Rules, Mr. Rana is deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Rana's conduct, CFP Board issued an Administrative Order of Revocation. Mr. Rana's administrative revocation was effective as of November 17, 2021.

TENNESSEE

Ryan K. Scott (Lebanon, Tennessee): In November 2021, CFP Board issued an administrative order permanently revoking Mr. Scott's right to use the CFP® certification marks. This sanction followed Mr. Scott's failure to provide a response to or otherwise acknowledge CFP Board's Notice of Investigation within the required timeframe. CFP Board's Notice of Investigation sought information about a 2017 federal tax lien against Mr. Scott. Mr. Scott failed to cooperate with CFP Board's investigation by providing a response to CFP Board's Notice of Investigation within 30 calendar days as required by Article 1.1 of the Procedural Rules. Under Article 4.1.a. of the Procedural Rules, Mr. Scott has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Scott's conduct, CFP Board issued an Administrative Order of Revocation. Mr. Scott's administrative revocation was effective as of December 3, 2021.

TEXAS

Brian K. Hobbs (Dallas, Texas): In September 2021, CFP Board issued an administrative order permanently revoking Mr. Hobbs' right to use the CFP® certification marks. This sanction followed Mr. Hobbs' failure to comply with CFP Board's Interim Suspension Order, dated May 24, 2021. CFP Board had suspended Mr. Hobbs' right to use the CFP® certification marks after the U. S. Securities and Exchange Commission filed a civil action against him alleging that he participated in a "cherry-picking scheme." Mr. Hobbs failed to provide CFP Board with evidence of his compliance with the Interim Suspension Order within 45 days thereof as required. Accordingly, under Article 4.1.c of the Procedural Rules, Mr. Hobbs has been deemed in default. In accordance with Article 4.2 of the Procedural Rules, based on CFP Board's determination of the seriousness, scope and harmfulness of Mr. Hobbs' conduct, CFP Board issued an Administrative Order of Revocation. Mr. Hobbs' administrative revocation was effective as of October 24, 2021.

ABOUT CFP BOARD

Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public's awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms and consumer groups as the standard for financial planning, CFP® certification is held by more than 92,000 people in the United States.

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SOURCE Certified Financial Planner Board of Standards, Inc.