Certified Financial Planner Board of Standards, Inc. (CFP
Board), a nonprofit organization that certifies more than 100,000
CFP® professionals in the United States, today announced public
sanctions against 10 current or former CFP® professionals, or
candidates for CFP® certification.
CFP Board sets and enforces high standards of competence and
ethics for all CFP® professionals. When CFP Board learns that a
CFP® professional has not abided by the ethical standards, CFP
Board investigates and takes enforcement action.
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, the
Standards of Professional Conduct (Standards), which included the
Code of Ethics and Professional Responsibility, Rules of Conduct
and Financial Planning Practice Standards. Individuals on the
pathway to CFP® certification make a commitment to abide by CFP
Board’s Pathway to CFP® Certification Agreement (Pathway
Agreement). CFP Board’s Code and Standards benefits and protects
the public and advances financial planning as a distinct and
valuable profession. Compliance with the Code and Standards is
critical to the integrity of the CFP Board certification marks.
CFP Board’s Procedural Rules sets 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 CFP Board’s Code and
Standards or its predecessor Standards, or an individual pursuing
initial CFP® certification has violated the Pathway Agreement. The
Commission functions in accordance with the Procedural Rules and
reviews all matters on a case-by-case basis, considering the
details specific to each individual case. If the Commission
determines there are grounds for sanction, then it may impose a
sanction. Commission orders may be appealed by a Respondent or CFP
Board pursuant to the Procedural Rules.
CFP Board public sanctions include Public Censures, Suspensions,
Temporary Bars, Revocations and Permanent Bars of the right to use
the CFP Board certification marks. In certain circumstances, such
as when a CFP® professional is in default due to failure to
acknowledge receipt of a Notice of Investigation or failure to file
an Answer, a CFP® professional may receive an Administrative Order
of Suspension, Temporary Bar, Revocation or Permanent Bar.
Administrative Orders may be appealed.
More information on CFP Board’s enforcement process can be found
at CFP.net/enforcement. In addition, at CFP.net/verify, CFP Board
provides the public with:
- An individual’s CFP® certification status and summaries of and
links to orders issuing public sanctions to current or former CFP®
professionals.
- 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’s) BrokerCheck and the U.S. Securities and Exchange
Commission’s (SEC’s) Investment Adviser Public Disclosure databases
for individuals who are subject to FINRA or SEC oversight.
The Public Sanctions on 10 Individuals
A short summary of each sanction can be found below.
STATE
NAME
LOCATION
SANCTION
Wisconsin
Justin G. Ward, CFP®
Glendale
Public Censure
Maryland
Christopher J. Asher
Davidsonville
Suspension
Iowa
Randyl R. Taber
Van Meter
Temporary Bar
Michigan
Jed Walker
Sanford
Temporary Bar
Alabama
Harrison J. Campbell
Montgomery
Revocation
Pennsylvania
Andrew C. Grezlak
Furlong
Revocation
Arizona
Elaine M. Zito
Scottsdale
Permanent Bar
California
Jeffrey A. Russell
San Clemente
Permanent Bar
Connecticut
Lawrence B. Kaplan
Lyme
Permanent Bar
New Hampshire
Thomas M. Chadwick
New London
Permanent Bar
PUBLIC CENSURE
WISCONSIN
Justin G. Ward, CFP® (Glendale, Wisconsin): In May 2024,
the Disciplinary and Ethics Commission (Commission) issued an order
in which Mr. Ward received a Public Censure. The Commission
determined that Mr. Ward violated Standard E.2.a. of the Code and
Standards and Rule 6.5 of the Rules of Conduct, which provide that
a CFP® professional may not engage in conduct that reflects
adversely on their integrity or fitness as a CFP® professional, on
the CFP® marks or on the profession. Mr. Ward was admitted into a
program that defers or withholds the entry of conviction for a
misdemeanor in 2022 and served 12 months of probation, filed for
Chapter 7 bankruptcy in 2020 (which was discharged) and submitted a
CFP Board Ethics Declaration in 2020 that failed to disclose the
bankruptcy filing as required. Read the Commission’s Order: Case
History 44278.
SUSPENSION
MARYLAND
Christopher J. Asher (Davidsonville, Maryland): In May
2024, the Disciplinary and Ethics Commission (Commission) issued
Mr. Asher a three-year Suspension of his certification and right to
use the CFP Board certification marks. The Commission found that
Mr. Asher violated Standard E.2.a. of the Code and Standards, which
provides that a CFP® professional may not engage in conduct that
reflects adversely on their integrity or fitness as a CFP®
professional, on the CFP® marks or on the profession, and Standard
E.3.a of the Code and Standards, which provides that a CFP®
professional must provide written notice to CFP Board within 30
calendar days after the CFP® professional, or an entity over which
the CFP® professional was a Control Person, has been charged with,
convicted of or admitted into a program that defers or withholds
the entry of a judgment or conviction for a Felony or Relevant
Misdemeanor. In May 2022, Mr. Asher struck and killed a
construction worker with his vehicle while driving under the
influence of alcohol. On December 22, 2022, Mr. Asher entered a
guilty plea to charges of Negligent Manslaughter, a felony, and
Causing Serious Physical Injury/Death of Vulnerable Individual
While Operating a Motor Vehicle, a traffic offense, in the Circuit
Court of Anne Arundel County, Maryland. Mr. Asher was sentenced to
10 years of state custody with all but 15 months suspended. Citing
several mitigating factors, including Mr. Asher’s decades-long
record of service to his community, the Commission issued to Mr.
Asher a three-year Suspension starting August 5, 2022, the
effective date of an earlier Interim Suspension Order issued
against Mr. Asher. His suspension runs through August 5, 2025. Read
the Commission’s Order: Case History 45863.
TEMPORARY BAR
IOWA
Randyl R. Taber (Van Meter, Iowa): In December 2023, the
Disciplinary and Ethics Commission (Commission) issued Mr. Taber a
three-year Temporary Bar that prohibits him from applying for or
obtaining CFP® certification for three years. The Commission found
that Mr. Taber violated Standard A.8 of the Code and Standards,
which states that a CFP® professional must comply with the laws,
rules and regulations governing Professional Services, and Standard
D.2.a of the Code and Standards, which states that a CFP®
professional will be subject to discipline by CFP Board for
violating policies and procedures of the CFP® Professional’s Firm
that do not conflict with the Code and Standards, based on findings
that he consented to in a 2021 Letter of Acceptance, Waiver and
Consent (AWC) that he entered into with the Financial Industry
Regulatory Authority, Inc. (FINRA). The AWC states that, in
February 2021, Mr. Taber impersonated a client on a telephone call
with a financial services company, and that Mr. Taber twice denied
that he impersonated the client until the firm presented him with
phone records reflecting his contacts with the financial services
company. FINRA fined Mr. Taber $5,000 and suspended him for 20
days, and his firm terminated him. The Commission also found that
Mr. Taber violated CFP Board’s Terms and Conditions of
Certification and Trademark License by failing to cooperate with
CFP Board’s investigation. The Commission issued to Mr. Taber an
Order of Temporary Bar of three years, effective April 9, 2024,
through April 9, 2027. Read the Commission’s Order: Case History
42699.
MICHIGAN
Jed Walker (Sanford, Michigan): In May 2024, counsel to
the Disciplinary and Ethics Commission (DEC Counsel) issued an
order in which Mr. Walker received an Administrative Temporary Bar
prohibiting him from applying for or obtaining CFP® certification
until he has been deemed eligible to apply for CFP® certification
in accordance with Article 4.6 of CFP Board’s Procedural Rules. On
August 28, 2023, CFP Board Enforcement Counsel delivered a Notice
of Investigation (NOI) to Mr. Walker concerning the circumstances
around a petition for Chapter 7 Bankruptcy that he filed on July
27, 2023. Mr. Walker failed to acknowledge receipt of the NOI as
required by Article 1.1 of the Procedural Rules despite repeated
attempts by Enforcement Counsel to reach him and was, therefore, in
default under Article 4.1 of CFP Board’s Procedural Rules. Based on
a determination of the seriousness, scope and harmfulness of Mr.
Walker’s conduct, Enforcement Counsel filed a Motion for Order of
Administrative Temporary Bar under Article 4.2 of the Procedural
Rules, which DEC Counsel granted on May 7, 2024. The Order was
effective June 6, 2024. Read DEC Counsel’s Order: Case History
45848.
REVOCATION
ALABAMA
Harrison J. Campbell (Montgomery, Alabama): In May 2024,
counsel to the Disciplinary and Ethics Commission (DEC Counsel)
issued an order in which Mr. Campbell received a Revocation of his
CFP Board certification and his right to use the CFP Board
certification marks. On September 6, 2023, CFP Board Enforcement
Counsel delivered to Mr. Campbell, and contemporaneously filed with
the Disciplinary and Ethics Commission (Commission), a Complaint
alleging a violation of Standard E.2.a. of CFP Board’s Code and
Standards for Mr. Campbell’s third alcohol-related conviction (his
two prior alcohol-related convictions occurred prior to his CFP
Board certification). Mr. Campbell failed to file an Answer to the
Complaint and was therefore in default under Article 4.1 of CFP
Board’s Procedural Rules. Based on a determination of the
seriousness, scope and harmfulness of Mr. Campbell’s conduct,
Enforcement Counsel filed a Motion for Order of Administrative
Revocation under Article 4.2 of the Procedural Rules, which DEC
Counsel granted on May 17, 2024. The Order was effective June 17,
2024. Read DEC Counsel’s Order: Case History 44496.
PENNSYLVANIA
Andrew C. Grezlak (Furlong, Pennsylvania): In June 2024,
counsel to the Disciplinary and Ethics Commission (DEC Counsel)
issued an order in which Mr. Grezlak received a Revocation of his
CFP Board certification and his right to use the CFP Board
certification marks. On December 5, 2023, CFP Board Enforcement
Counsel delivered to Mr. Grezlak and filed with the Disciplinary
and Ethics Commission (Commission) a Complaint that alleged a
violation of Standard A.8.a. and Standard E.2 of CFP Board’s Code
and Standards. The Complaint alleged that Mr. Grezlak had been
permitted to resign from his firm due to a complaint lodged against
him, and that he failed to respond to requests for information
about his resignation by the Financial Industry Regulatory
Authority, Inc. (FINRA). Mr. Grezlak’s failure to respond to
FINRA’s inquiries led to his suspension and ultimately his bar from
association with any FINRA member firm. Mr. Grezlak failed to file
an answer to the Complaint and was therefore in default under
Article 4.1 of CFP Board’s Procedural Rules. Based on a
determination of the seriousness, scope and harmfulness of Mr.
Grezlak’s conduct, Enforcement Counsel filed a Motion for Order of
Administrative Revocation under Article 4.2 of the Procedural
Rules, which DEC Counsel granted on June 10, 2024. The Order was
effective July 10, 2024. Read DEC Counsel’s Order: Case History
45112.
PERMANENT BAR
ARIZONA
Elaine M. Zito (Scottsdale, Arizona): In May 2024,
counsel to the Disciplinary and Ethics Commission (DEC Counsel)
issued an order in which Ms. Zito received an Administrative
Permanent Bar that permanently bars her from applying for or
obtaining CFP® certification. On April 11, 2023, CFP Board
Enforcement Counsel issued a Notice of Investigation to Ms. Zito
concerning an arbitration that her former client filed with the
Financial Industry Regulatory Authority, Inc. (FINRA) against her
former broker-dealer. The client alleged that Ms. Zito was
negligent and breached her fiduciary duty when she recommended that
the client invest a large concentration of assets in
high-commission, complex, risky, illiquid, highly speculative
products. Ms. Zito communicated with Enforcement Counsel about its
investigation but failed to substantively respond to Enforcement
Counsel’s requests. On December 12, 2023, Enforcement Counsel
delivered a Notice of Failure to Cooperate to Ms. Zito, providing
her 14 days to cure this failure. Ms. Zito did not cure the failure
and was, therefore, in default under Article 4.1 of CFP Board’s
Procedural Rules. Based on a determination of the seriousness,
scope and harmfulness of Ms. Zito’s conduct, Enforcement Counsel
filed a Motion for Order of Administrative Permanent Bar under
Article 4.2 of the Procedural Rules, which DEC Counsel granted on
May 7, 2024. The Order was effective June 6, 2024. Read DEC
Counsel’s Order: Case History 44438.
CALIFORNIA
Jeffrey A. Russell (San Clemente, California): In June
2024, counsel to the Disciplinary and Ethics Commission (DEC
Counsel) issued an order permanently barring Mr. Russell from
applying for or obtaining CFP Board certification. On December 19,
2023, CFP Board Enforcement Counsel delivered to Mr. Russell and
filed with the Disciplinary and Ethics Commission (Commission) a
Complaint alleging that Mr. Russell’s then-employer terminated him
on May 26, 2021, due to concerns about unauthorized transactions
and his failure to timely escalate a customer complaint. Mr.
Russell, who allowed his CFP® certification to lapse on March 20,
2023, entered into a Letter of Acceptance, Waiver and Consent (AWC)
with the Financial Industry Regulatory Authority, Inc. (FINRA)
consenting to findings that, without obtaining the customers’
authorizations or consents, Mr. Russell purchased (i) money market
mutual funds for 610 customers in February 2021 and (ii) a mutual
fund that invested in mortgage-backed securities (MBS) for six
customers between December 2020 and March 2021, generating $2,999
in commissions. According to the AWC, Mr. Russell violated FINRA
Rule 2010 and consented to a six-month suspension from associating
with any FINRA member, a $5,000 fine and disgorgement of $2,999.
Because Mr. Russell ceased participating in CFP Board’s
investigation and did not file an Answer to CFP Board’s Complaint,
he was in default under Article 4.1 of CFP Board’s Procedural
Rules. Based on a determination of the seriousness, scope and
harmfulness of Mr. Russell’s conduct, Enforcement Counsel filed a
Motion for Order of Administrative Permanent Bar under Article 4.2
of the Procedural Rules, which DEC Counsel granted on June 10,
2024. The Order was effective July 10, 2024. Read DEC Counsel’s
Order: Case History 45346.
CONNECTICUT
Lawrence B. Kaplan (Lyme, Connecticut): In June 2024,
counsel to the Disciplinary and Ethics Commission (DEC Counsel)
issued an order permanently barring Mr. Kaplan from applying for or
obtaining CFP Board certification. On December 19, 2023, CFP Board
Enforcement Counsel delivered to Mr. Kaplan and filed with the
Disciplinary and Ethics Commission (Commission) a Complaint
alleging that on December 23, 2022, Mr. Kaplan entered into a
Consent Order with the Connecticut Department of Banking (CDB) in
which he consented to findings that (i) he violated Section 36b-23
of the Connecticut Uniform Securities Act (the Act) by submitting
copies of billing invoice emails to the CDB and representing that
the invoices had been sent to clients when they had not and that
(ii) he violated Section 36b-l4(a)(l) of the Act and Section 36b-3
l-l4b(a) of the Regulations of Connecticut Agencies by failing to
maintain client billing invoices for the first quarter of 2021 for
at least three clients. Mr. Kaplan was ordered to Cease and Desist
from future violations and pay an administrative fine of $10,000.
Mr. Kaplan, who allowed his CFP® certification to lapse on October
1, 2023, ceased participating in CFP Board’s investigation, did not
file an Answer to CFP Board’s Complaint and was therefore in
default under Article 4.1 of CFP Board’s Procedural Rules. Based on
a determination of the seriousness, scope and harmfulness of Mr.
Kaplan’s conduct, Enforcement Counsel filed a Motion for Order of
Administrative Permanent Bar under Article 4.2 of the Procedural
Rules, which DEC Counsel granted on June 10, 2024. The Order was
effective July 10, 2024. Read DEC Counsel’s Order: Case History
45432.
NEW HAMPSHIRE
Thomas M. Chadwick (New London, New Hampshire): In June
2024, counsel to the Disciplinary and Ethics Commission (DEC
Counsel) issued an order permanently barring Mr. Chadwick from
applying for or obtaining CFP Board certification. On January 29,
2024, CFP Board Enforcement Counsel delivered to Mr. Chadwick and
filed with the Disciplinary and Ethics Commission (Commission) a
Complaint alleging that Mr. Chadwick entered into a December 11,
2023, Stipulation and Consent Order with the Vermont Department of
Financial Regulation in which Mr. Chadwick consented to findings
that (i) he violated the Vermont Securities Act and caused his
clients to lose more than $3.4 million by investing them in an
unsuitable, complex, leveraged securities product without properly
evaluating each client’s risk tolerance, age, employment status,
financial situation, financial needs and investment goals and that
(ii) he dishonestly used clients’ credentials to access their
investment accounts. Mr. Chadwick was permanently barred from
obtaining a securities license in Vermont and was ordered to pay
more than $1.6 million in restitution. Mr. Chadwick chose not to
file an Answer to CFP Board’s complaint and was therefore in
default under Article 4.1 of CFP Board’s Procedural Rules. Based on
a determination of the seriousness, scope and harmfulness of Mr.
Chadwick’s conduct, Enforcement Counsel filed a Motion for Order of
Administrative Permanent Bar under Article 4.2 of the Procedural
Rules, which DEC Counsel granted on June 25, 2024. The Order was
effective July 25, 2024. Read DEC Counsel’s Order: Case History
44041.
ABOUT CFP BOARD
CFP Board is the professional body for personal financial
planners in the U.S. CFP Board consists of two affiliated
organizations focused on advancing the financial planning
profession for the public’s benefit. CFP Board of Standards
sets and upholds standards for financial planning and administers
the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely
recognized by the public, advisors and firms as the standard for
financial planners — so that the public has access to the benefits
of competent and ethical financial planning. CFP® certification is
held by more than 100,000 people in the U.S. CFP Board Center
for Financial Planning addresses diversity and workforce
development challenges and conducts and publishes research that
adds to the financial planning profession’s body of knowledge.
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