The CFP Board has disciplined eight planners for infractions ranging from fiduciary breaches to multiple bankruptcies.
Among the board's most significant sanctions, it permanently revoked the CFP certification of Ameriprise adviser William W. Gammon, effective July 2, 2016, after he failed to answer the board's complaint in a timely fashion. The board alleged that Gammon, based in Towson, Maryland, recommended and sold clients alternative investments — including non-traded REITs, debentures and equipment leasing funds — that were unsuitable given the clients’ ages, risk tolerances and investment objectives. The investments unsuitably concentrated the clients’ assets in alternative and real estate investments and the investments did not meet the clients’ liquidity restrictions, the board found.
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