Board of CFP to unveil planner misconduct

Here's a representative case we found in the database. It deals with an advisor who:

1. Made misrepresentations to clients regarding fees, sales charges and his association with a firm that he was not registered with;
2. Made misrepresentations to a state regarding his financial advisory service activities;
3. Misrepresented to a client that he would perform a requested transaction, which he did not perform for a month;
4. Made false attestations on his CFP Board Declaration Form;
5. Failed to disclose annuity surrender penalties to a client;
6. Failed to ensure that the policy receipt of a client's annuity contract was signed;
7. Signed a form for a client that required the signature of his broker-dealer's management;
8. Borrowed money from clients;
9. Made unauthorized transactions in a client's account and
10. Did not research surrender charges on annuities.

According to the case history, the CFP board's Disciplinary and Ethics Commission decided to permanently revoke the advisor's right to use the CFP trademarks. Upon appeal, the commission instead imposed a two-year suspension. Two years later, when the advisor petitioned for reinstatement, the Commission refused.