Four advisors in four different states have lost the right to use the CFP certification over issues that range from personal financial troubles to outright fraud.
The CFP Board of Standards said Monday it had permanently revoked the advisors' right to use all CFP certification marks as the result of reviews by the Board's Disciplinary and Ethics Commission, which meets three times a year.
Advisors who can no longer use the CFP certification are:
- Steven Wilkinson of Oakland, Calif.: The Disciplinary and Ethics Commission determined that because Wilkinson filed for Chapter 13 bankruptcy in 2000 and Chapter 7 bankruptcy in 2012, he demonstrated what it described as "a continued inability to manage his personal finances." The board revoked Wilkinsons right to use the CFP certification effective Jan. 5, 2014. A message to Wilkinson seeking comment was not returned.
- Noah Myers of Lyme, Conn.: The board said Myers failed to file an answer within the required time period to its complaint that that the SEC had imposed sanctions against him. The SEC sanctions were for allocating profitable trades to himself, despite conveying on his Form ADV Part II that he would allocate batched trades fairly and not unduly favor himself or his firm; and for implementing unsuitable investment recommendations to clients. Myers' revocation was effective Dec. 12, 2013; he could not be reached for comment after a phone number listed for him was no longer working.
- Dan Glick of Orland Park, Ill.: Glick signed a settlement agreement with the CFP Board in which he consented to the CFP Boards findings that he forged clients signatures on letters to a bank in order to gain access to, and misappropriate, their assets. The board revoked Wilkinsons right to use the CFP certification effective Dec. 9, 2013. Glick told Financial Planning that he had no comment on the CFP Board move.
- Robert Wheeling of Lititz, Pa.: The board said Wheeling failed to file an answer within the required time period to its complaint that he was the subject of a FINRA Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for four months. FINRA had determined that Wheeling sold equity indexed annuities outside the scope of his employment to 24 clients without obtaining approval from his firm. Wheeling also failed to report the FINRA suspension to the CFP Board in a timely fashion, the board said. Wheelings revocation was effective Dec. 12, 2013. Wheeling's last known employer, Summit Brokerage Services, said he left the firm late last year.
The board also announced several other sanctions on Monday: It suspended four advisors' right to use the CFP certification, delivered an interim suspension to one advisor and issued letters of admonition to another six advisors.
Advisors whose right to use the CFP certification was suspended include Joel Robert Heffington of Hinsdale, Ill.; Chris Steele of West Des Moines, Iowa; Dennis Lerner of Edgewater, N.J. and Jeffrey Geraci of Virginia Beach, Va. An interim suspension was issued to Barbara Stark of Eden Prairie, Minn., pending further investigation.
The CFP Board also says it issued letters of admonition to Robert Liggero of Atlantic Beach, Calif.; Wesley Brumfield of Alpharetta, Ga.; R. Kenneth Lindell of Bangor, Maine; Bryan Mackey of Buffalo, N.Y.; Jeffrey O. Briggs of Bend, Oregon and Travis Hughes of El Paso, Texas.
The public may check on an individuals disciplinary history and certification status on the CFP Board's web site at CFP.net/verify.
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