James E. Putman, the founder and former CEO of an Appleton, Wis., investment firm, was disciplined by the CFP Board for allegedly accepting $1.24 million in kickbacks for steering clients’ money into dubious investments.
The board permanently revoked Putman’s right to use the CFP designation following a civil suit brought three years ago by the SEC alleging security fraud violations and seeking to freeze assets in the case. Putman’s firm, Wealth Management, managed unregistered funds while continuing to cause clients to invest in those funds, according to the SEC. Putman did not return calls to his home.
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