The CFP Board permanently revoked the right of William B. Smith of Grafton, Mass., to use the CFP designation after investigating allegations that he fraudulently used $1.2 million in client’s money for his own benefit and moved $25,000 from another client to his own account.

In the former incident, the suit filed in United States District Court in Maine was settled out of court for undisclosed terms, according to Smith’s lawyer Louis Ciavarra of Bowditch & Dewey in Boston, Mass.

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