CFP Board Censures Improper CFP(R) Certificant Conduct.DENVER -- Certified Financial Planner Certified Financial Planner (CFP) A person who has passed examinations accredited by the Certified Financial Planner Board of Standards, showing that the person is able to manage a client's banking, estate, insurance, investment, and tax affairs. Board of Standards, Inc. today announced public disciplinary actions against the following individuals' rights to use the CFP 1. CFP - Constraint Functional Programming. 2. CFP - Communicating Functional Processes. 3. CFP - Call For Papers (for a conference). (R) certification marks, effective immediately. STATE NAME LOCATION DISCIPLINE Alaska Sheila D. Miller Anchorage Letter of Admonition California Phillip Kohlmeyer Pleasant Hill Revocation Florida Scott D. Krause Windemere Suspension Illinois Robert W. Esch Alhambra Suspension Massachusetts Bradford C. Bleidt Boston Revocation Oregon Ronald J. Sloy Portland Letter of Admonition Virginia Glenn C. Moore Manassas Letter of Admonition Public disciplinary actions taken by CFP Board, in order of decreasing severity, include permanent revocation, suspension and letters of admonition Any formal verbal statement made during a trial by a judge to advise and caution the jury on their duty as jurors, on the admissibility or nonadmissibility of evidence, or on the purpose for which any evidence admitted may be considered by them. . Under terms of the revocation, Phillip Kohlmeyer and Bradford C. Bleidt no longer have the right to use the CFP(R) marks. The rights of Robert W. Esch to use the CFP certification marks were suspended for two years, and the rights of Scott D. Krause were suspended for one year and one day. CFP Board issued letters of admonition to Sheila D. Miller, Glenn C. Moore, and Ronald J. Sloy; they retain the right to use the CFP marks. The basis for each decision can be found in the attached report. Consumers may check on a planner's disciplinary history and certification status with CFP Board at www.CFP.net. The mission of CFP Board, a nonprofit regulatory organization, is to foster professional standards in personal financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against so that the public values, has access to and benefits from competent financial planning. CFP Board owns the certification marks CFP(R), CERTIFIED FINANCIAL PLANNER(TM) and federally registered CFP (with flame logo) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. For more information about CFP Board, visit www.CFP.net. DISCIPLINARY ACTION REPORT NOVEMBER 2005 REVOCATIONS California Phillip Kohlmeyer (Pleasant Hill): Kohlmeyer voluntarily and permanently relinquished his rights to use the CFP(R) certification marks. Disciplinary action was initiated following three consumer complaints made to CFP Board against Kohlmeyer. CFP Board determined that Kohlmeyer over-concentrated the accounts of several clients. He also settled a claim by a customer during an arbitration proceeding by securities regulator the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). for recommending unsuitable trades. Kohlmeyer reportedly closed his practice. Massachusetts Bradford C. Bleidt (Boston): CFP Board initiated a complaint against Bleidt after he sent a tape recording to the Securities and Exchange Commission (SEC) in which he admitted to buying a radio station in 2002 with money stolen from client deposits with his financial management firm. On the tape, Bleidt admitted to having stolen tens of millions of dollars from clients during the past 20 years, violating numerous federal securities laws. The SEC, the Massachusetts Division of Insurance and the Maine Bureau of Insurance have taken action against him. CFP Board's complaint revoking Bleidt's rights to use the CFP(R) marks was served in April 2005, and Bleidt subsequently accepted the terms, which have now become final. SUSPENSIONS Florida Scott D. Krause (Windemere): Krause's rights to use the CFP(R) certification marks have been suspended for more than one year. Krause violated CFP Board's Code of Ethics Code of Ethics can refer to:
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Investment Services, was ordered to pay $652,000 following an NASD arbitration. After one year Krause may petition CFP Board for a hearing to reinstate the certification marks, but he will be required to demonstrate, by clear and convincing evidence clear and convincing evidence n. evidence that proves a matter by the "preponderance of evidence" required in civil cases and beyond the "reasonable doubt" needed to convict in a criminal case. (See: beyond a reasonable doubt) , that he has been rehabilitated, has complied with all provisions of the suspension order and complied with all renewal requirements. Illinois Robert W. Esch (Alhambra): Esch has consented to a two-year suspension of his rights to use the CFP(R) certification marks. Before applying for recertification recertification Recredentialing Graduate education A process in which a professional is periodically re-evaluated–eg, every 10 yrs by an accrediting body to assure continued provision of safe, high-quality health care with CFP Board, Esch will be required to complete eight hours of continuing education continuing education: see adult education. continuing education or adult education Any form of learning provided for adults. In the U.S. the University of Wisconsin was the first academic institution to offer such programs (1904). credit specific to retirement planning, in addition to the 30 continuing education credit requirement all certificants must meet. Esch's Investment Adviser (IA) and Investment Adviser Representative (IAR IAR - Instruction Address Register. The IBM name for program counter. ) registrations in Illinois were revoked by the state securities regulator, with the right to reapply Re`ap`ply´ v. t. & i. 1. To apply again. reapply vi → volver a presentarse, hacer or presentar una nueva solicitud two years after the date of the Consent Order. He was also fined $15,000. Because the violations found by the state were also violations of CFP Board's Code of Ethics and Professional Responsibility, the parties reached a settlement. PUBLIC LETTERS OF ADMONITION Alaska Sheila D. Miller (Anchorage): Miller asked a client to sign and date blank new account forms, delayed execution of the agreed-to investment program, altered the date on the forms to mask the delay in program execution and failed to promptly notify her broker/dealer compliance department of the issues, all in violation of DCE (1) (Distributed Computing Environment) Software from The Open Group that allows applications to be built across heterogeneous platforms in a network. DCE includes security, directory naming, time synchronization, file sharing, RPCs and multithreading services. and NASD Securities rules. CFP Board found that the violations warranted a Letter of Admonition following the Alaska Department of Commerce and Economic Development's issuance of an Order Imposing a Civil Fine. Oregon Ronald J. Sloy (Portland): Sloy was issued a public Letter of Admonition as a result of American Arbitration Association The American Arbitration Association (AAA) is a private enterprise in the business of arbitration, and one of several arbitration organizations that administers arbitration proceedings. The AAA also administers mediation and other forms of alternative dispute resolution. (AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. ) findings that he had sold unsuitable, high-risk investments to a client. Sloy had failed to inform his client of the unsuitability of such a risky stock portfolio. CFP Board concluded that the sale of risky, high-technology stock portfolios that used a high percentage of margin debt to purchase the stock was a violation of Sloy's duty to his client. In mitigation, CFP Board found that Sloy had made changes to his practice. Virginia Glenn C. Moore (Manassas): Moore admitted to a securities regulator that he signed the names of a customer and his wife to an account agreement without their knowledge or consent. Moore was suspended and fined. Because the Virginia State Corporations Commission of Securities and Retail Franchising required Moore to retake re·take tr.v. re·took , re·tak·en , re·tak·ing, re·takes 1. To take back or again. 2. To recapture. 3. To photograph, film, or record again. n. 1. his Securities exam, CFP Board elected to issue only a Letter of Admonition. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion