Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization that certifies more than 100,000 CFP® professionals in the United States, today announced public sanctions against 10 current or former CFP® professionals, or candidates for CFP® certification.

CFP Board sets and enforces high standards of competence and ethics for all CFP® professionals. When CFP Board learns that a CFP® professional has not abided by the ethical standards, CFP Board investigates and takes enforcement action.

CFP Board’s Enforcement Process

As part of their certification, CFP® professionals make a commitment to CFP Board to abide by CFP Board’s Code of Ethics and Standards of Conduct (Code and Standards) or its predecessor, the Standards of Professional Conduct (Standards), which included the Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards. Individuals on the pathway to CFP® certification make a commitment to abide by CFP Board’s Pathway to CFP® Certification Agreement (Pathway Agreement). CFP Board’s Code and Standards benefits and protects the public and advances financial planning as a distinct and valuable profession. Compliance with the Code and Standards is critical to the integrity of the CFP Board certification marks.

CFP Board’s Procedural Rules sets forth the process for investigating matters and imposing sanctions where violations have been found. CFP Board enforces its ethical standards by investigating alleged violations and, where there is probable cause to believe there are grounds for sanction, presents a Complaint containing the alleged violations to CFP Board’s Disciplinary and Ethics Commission (Commission). The Commission meets at least six times a year to review any matter in which CFP Board has alleged that a CFP® professional has violated CFP Board’s Code and Standards or its predecessor Standards, or an individual pursuing initial CFP® certification has violated the Pathway Agreement. The Commission functions in accordance with the Procedural Rules and reviews all matters on a case-by-case basis, considering the details specific to each individual case. If the Commission determines there are grounds for sanction, then it may impose a sanction. Commission orders may be appealed by a Respondent or CFP Board pursuant to the Procedural Rules.

CFP Board public sanctions include Public Censures, Suspensions, Temporary Bars, Revocations and Permanent Bars of the right to use the CFP Board certification marks. In certain circumstances, such as when a CFP® professional is in default due to failure to acknowledge receipt of a Notice of Investigation or failure to file an Answer, a CFP® professional may receive an Administrative Order of Suspension, Temporary Bar, Revocation or Permanent Bar. Administrative Orders may be appealed.

More information on CFP Board’s enforcement process can be found at CFP.net/enforcement. In addition, at CFP.net/verify, CFP Board provides the public with:

• An individual’s CFP® certification status and summaries of and links to orders issuing public sanctions to current or former CFP® professionals.
• Links to other sources of information about CFP® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board’s website. This information may include customer disputes, disciplinary actions taken by a regulator or employer, certain criminal matters and certain financial matters (such as bankruptcy proceedings and unpaid judgments or liens).
• Links to the Financial Industry Regulatory Authority’s (FINRA’s) BrokerCheck and the U.S. Securities and Exchange Commission’s (SEC’s) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight.

The Public Sanctions on 10 Individuals

A short summary of each sanction can be found below.

PUBLIC CENSURE

WISCONSIN

Justin G. Ward, CFP® (Glendale, Wisconsin): In May 2024, the Disciplinary and Ethics Commission (Commission) issued an order in which Mr. Ward received a Public Censure. The Commission determined that Mr. Ward violated Standard E.2.a. of the Code and Standards and Rule 6.5 of the Rules of Conduct, which provide that a CFP® professional may not engage in conduct that reflects adversely on their integrity or fitness as a CFP® professional, on the CFP® marks or on the profession. Mr. Ward was admitted into a program that defers or withholds the entry of conviction for a misdemeanor in 2022 and served 12 months of probation, filed for Chapter 7 bankruptcy in 2020 (which was discharged) and submitted a CFP Board Ethics Declaration in 2020 that failed to disclose the bankruptcy filing as required. Read the Commission’s Order: Case History 44278.

SUSPENSION

MARYLAND

Christopher J. Asher (Davidsonville, Maryland): In May 2024, the Disciplinary and Ethics Commission (Commission) issued Mr. Asher a three-year Suspension of his certification and right to use the CFP Board certification marks. The Commission found that Mr. Asher violated Standard E.2.a. of the Code and Standards, which provides that a CFP® professional may not engage in conduct that reflects adversely on their integrity or fitness as a CFP® professional, on the CFP® marks or on the profession, and Standard E.3.a of the Code and Standards, which provides that a CFP® professional must provide written notice to CFP Board within 30 calendar days after the CFP® professional, or an entity over which the CFP® professional was a Control Person, has been charged with, convicted of or admitted into a program that defers or withholds the entry of a judgment or conviction for a Felony or Relevant Misdemeanor. In May 2022, Mr. Asher struck and killed a construction worker with his vehicle while driving under the influence of alcohol. On December 22, 2022, Mr. Asher entered a guilty plea to charges of Negligent Manslaughter, a felony, and Causing Serious Physical Injury/Death of Vulnerable Individual While Operating a Motor Vehicle, a traffic offense, in the Circuit Court of Anne Arundel County, Maryland. Mr. Asher was sentenced to 10 years of state custody with all but 15 months suspended. Citing several mitigating factors, including Mr. Asher’s decades-long record of service to his community, the Commission issued to Mr. Asher a three-year Suspension starting August 5, 2022, the effective date of an earlier Interim Suspension Order issued against Mr. Asher. His suspension runs through August 5, 2025. Read the Commission’s Order: Case History 45863.

TEMPORARY BAR

IOWA

Randyl R. Taber (Van Meter, Iowa): In December 2023, the Disciplinary and Ethics Commission (Commission) issued Mr. Taber a three-year Temporary Bar that prohibits him from applying for or obtaining CFP® certification for three years. The Commission found that Mr. Taber violated Standard A.8 of the Code and Standards, which states that a CFP® professional must comply with the laws, rules and regulations governing Professional Services, and Standard D.2.a of the Code and Standards, which states that a CFP® professional will be subject to discipline by CFP Board for violating policies and procedures of the CFP® Professional’s Firm that do not conflict with the Code and Standards, based on findings that he consented to in a 2021 Letter of Acceptance, Waiver and Consent (AWC) that he entered into with the Financial Industry Regulatory Authority, Inc. (FINRA). The AWC states that, in February 2021, Mr. Taber impersonated a client on a telephone call with a financial services company, and that Mr. Taber twice denied that he impersonated the client until the firm presented him with phone records reflecting his contacts with the financial services company. FINRA fined Mr. Taber $5,000 and suspended him for 20 days, and his firm terminated him. The Commission also found that Mr. Taber violated CFP Board’s Terms and Conditions of Certification and Trademark License by failing to cooperate with CFP Board’s investigation. The Commission issued to Mr. Taber an Order of Temporary Bar of three years, effective April 9, 2024, through April 9, 2027. Read the Commission’s Order: Case History 42699.

MICHIGAN

Jed Walker (Sanford, Michigan): In May 2024, counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an order in which Mr. Walker received an Administrative Temporary Bar prohibiting him from applying for or obtaining CFP® certification until he has been deemed eligible to apply for CFP® certification in accordance with Article 4.6 of CFP Board’s Procedural Rules. On August 28, 2023, CFP Board Enforcement Counsel delivered a Notice of Investigation (NOI) to Mr. Walker concerning the circumstances around a petition for Chapter 7 Bankruptcy that he filed on July 27, 2023. Mr. Walker failed to acknowledge receipt of the NOI as required by Article 1.1 of the Procedural Rules despite repeated attempts by Enforcement Counsel to reach him and was, therefore, in default under Article 4.1 of CFP Board’s Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Walker’s conduct, Enforcement Counsel filed a Motion for Order of Administrative Temporary Bar under Article 4.2 of the Procedural Rules, which DEC Counsel granted on May 7, 2024. The Order was effective June 6, 2024. Read DEC Counsel’s Order: Case History 45848.

REVOCATION

ALABAMA

Harrison J. Campbell (Montgomery, Alabama): In May 2024, counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an order in which Mr. Campbell received a Revocation of his CFP Board certification and his right to use the CFP Board certification marks. On September 6, 2023, CFP Board Enforcement Counsel delivered to Mr. Campbell, and contemporaneously filed with the Disciplinary and Ethics Commission (Commission), a Complaint alleging a violation of Standard E.2.a. of CFP Board’s Code and Standards for Mr. Campbell’s third alcohol-related conviction (his two prior alcohol-related convictions occurred prior to his CFP Board certification). Mr. Campbell failed to file an Answer to the Complaint and was therefore in default under Article 4.1 of CFP Board’s Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Campbell’s conduct, Enforcement Counsel filed a Motion for Order of Administrative Revocation under Article 4.2 of the Procedural Rules, which DEC Counsel granted on May 17, 2024. The Order was effective June 17, 2024. Read DEC Counsel’s Order: Case History 44496.

PENNSYLVANIA

Andrew C. Grezlak (Furlong, Pennsylvania): In June 2024, counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an order in which Mr. Grezlak received a Revocation of his CFP Board certification and his right to use the CFP Board certification marks. On December 5, 2023, CFP Board Enforcement Counsel delivered to Mr. Grezlak and filed with the Disciplinary and Ethics Commission (Commission) a Complaint that alleged a violation of Standard A.8.a. and Standard E.2 of CFP Board’s Code and Standards. The Complaint alleged that Mr. Grezlak had been permitted to resign from his firm due to a complaint lodged against him, and that he failed to respond to requests for information about his resignation by the Financial Industry Regulatory Authority, Inc. (FINRA). Mr. Grezlak’s failure to respond to FINRA’s inquiries led to his suspension and ultimately his bar from association with any FINRA member firm. Mr. Grezlak failed to file an answer to the Complaint and was therefore in default under Article 4.1 of CFP Board’s Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Grezlak’s conduct, Enforcement Counsel filed a Motion for Order of Administrative Revocation under Article 4.2 of the Procedural Rules, which DEC Counsel granted on June 10, 2024. The Order was effective July 10, 2024. Read DEC Counsel’s Order: Case History 45112.

PERMANENT BAR

ARIZONA

Elaine M. Zito (Scottsdale, Arizona): In May 2024, counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an order in which Ms. Zito received an Administrative Permanent Bar that permanently bars her from applying for or obtaining CFP® certification. On April 11, 2023, CFP Board Enforcement Counsel issued a Notice of Investigation to Ms. Zito concerning an arbitration that her former client filed with the Financial Industry Regulatory Authority, Inc. (FINRA) against her former broker-dealer. The client alleged that Ms. Zito was negligent and breached her fiduciary duty when she recommended that the client invest a large concentration of assets in high-commission, complex, risky, illiquid, highly speculative products. Ms. Zito communicated with Enforcement Counsel about its investigation but failed to substantively respond to Enforcement Counsel’s requests. On December 12, 2023, Enforcement Counsel delivered a Notice of Failure to Cooperate to Ms. Zito, providing her 14 days to cure this failure. Ms. Zito did not cure the failure and was, therefore, in default under Article 4.1 of CFP Board’s Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Ms. Zito’s conduct, Enforcement Counsel filed a Motion for Order of Administrative Permanent Bar under Article 4.2 of the Procedural Rules, which DEC Counsel granted on May 7, 2024. The Order was effective June 6, 2024. Read DEC Counsel’s Order: Case History 44438.

CALIFORNIA

Jeffrey A. Russell (San Clemente, California): In June 2024, counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an order permanently barring Mr. Russell from applying for or obtaining CFP Board certification. On December 19, 2023, CFP Board Enforcement Counsel delivered to Mr. Russell and filed with the Disciplinary and Ethics Commission (Commission) a Complaint alleging that Mr. Russell’s then-employer terminated him on May 26, 2021, due to concerns about unauthorized transactions and his failure to timely escalate a customer complaint. Mr. Russell, who allowed his CFP® certification to lapse on March 20, 2023, entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA) consenting to findings that, without obtaining the customers’ authorizations or consents, Mr. Russell purchased (i) money market mutual funds for 610 customers in February 2021 and (ii) a mutual fund that invested in mortgage-backed securities (MBS) for six customers between December 2020 and March 2021, generating $2,999 in commissions. According to the AWC, Mr. Russell violated FINRA Rule 2010 and consented to a six-month suspension from associating with any FINRA member, a $5,000 fine and disgorgement of $2,999. Because Mr. Russell ceased participating in CFP Board’s investigation and did not file an Answer to CFP Board’s Complaint, he was in default under Article 4.1 of CFP Board’s Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Russell’s conduct, Enforcement Counsel filed a Motion for Order of Administrative Permanent Bar under Article 4.2 of the Procedural Rules, which DEC Counsel granted on June 10, 2024. The Order was effective July 10, 2024. Read DEC Counsel’s Order: Case History 45346.

CONNECTICUT

Lawrence B. Kaplan (Lyme, Connecticut): In June 2024, counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an order permanently barring Mr. Kaplan from applying for or obtaining CFP Board certification. On December 19, 2023, CFP Board Enforcement Counsel delivered to Mr. Kaplan and filed with the Disciplinary and Ethics Commission (Commission) a Complaint alleging that on December 23, 2022, Mr. Kaplan entered into a Consent Order with the Connecticut Department of Banking (CDB) in which he consented to findings that (i) he violated Section 36b-23 of the Connecticut Uniform Securities Act (the Act) by submitting copies of billing invoice emails to the CDB and representing that the invoices had been sent to clients when they had not and that (ii) he violated Section 36b-l4(a)(l) of the Act and Section 36b-3 l-l4b(a) of the Regulations of Connecticut Agencies by failing to maintain client billing invoices for the first quarter of 2021 for at least three clients. Mr. Kaplan was ordered to Cease and Desist from future violations and pay an administrative fine of $10,000. Mr. Kaplan, who allowed his CFP® certification to lapse on October 1, 2023, ceased participating in CFP Board’s investigation, did not file an Answer to CFP Board’s Complaint and was therefore in default under Article 4.1 of CFP Board’s Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Kaplan’s conduct, Enforcement Counsel filed a Motion for Order of Administrative Permanent Bar under Article 4.2 of the Procedural Rules, which DEC Counsel granted on June 10, 2024. The Order was effective July 10, 2024. Read DEC Counsel’s Order: Case History 45432.

NEW HAMPSHIRE

Thomas M. Chadwick (New London, New Hampshire): In June 2024, counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an order permanently barring Mr. Chadwick from applying for or obtaining CFP Board certification. On January 29, 2024, CFP Board Enforcement Counsel delivered to Mr. Chadwick and filed with the Disciplinary and Ethics Commission (Commission) a Complaint alleging that Mr. Chadwick entered into a December 11, 2023, Stipulation and Consent Order with the Vermont Department of Financial Regulation in which Mr. Chadwick consented to findings that (i) he violated the Vermont Securities Act and caused his clients to lose more than $3.4 million by investing them in an unsuitable, complex, leveraged securities product without properly evaluating each client’s risk tolerance, age, employment status, financial situation, financial needs and investment goals and that (ii) he dishonestly used clients’ credentials to access their investment accounts. Mr. Chadwick was permanently barred from obtaining a securities license in Vermont and was ordered to pay more than $1.6 million in restitution. Mr. Chadwick chose not to file an Answer to CFP Board’s complaint and was therefore in default under Article 4.1 of CFP Board’s Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Chadwick’s conduct, Enforcement Counsel filed a Motion for Order of Administrative Permanent Bar under Article 4.2 of the Procedural Rules, which DEC Counsel granted on June 25, 2024. The Order was effective July 25, 2024. Read DEC Counsel’s Order: Case History 44041.

ABOUT CFP BOARD

CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240802171700/en/