The Certified Financial Planner (CFP) Board of Standards has disciplined 19 advisors and permanently barred eight from using the CFP mark.
The CFP Board revoked the CFP marks of the following advisors:
James A. Avery, Jr., Mechanicsville, Va., based on a 2006 federal tax lien, a 2004 insurance license suspension; Chapter 13 bankruptcy filings in 2002 and 2004; a 1998 Chapter 13 bankruptcy that was subsequently converted to Chapter 7; and for failing to notify the CFP Board of a DUI conviction within 10 days.
Michael R. Frager, La Jolla, Calif., based on his Chapter 7 bankruptcy filings in 1995 and 2011.
Gala Gorman, Brentwood, Tenn., based on his Chapter 7 bankruptcy in 2004 and Chapter 13 bankruptcy in 2009.
Thomas J. Gregory, Maitland, Fla., based on his allowing an individual to improperly assist him in the completion of a continuing education course; and his termination by his broker-dealer for falsely stating that he completed the course.
Rebecca A. Huntley, West Long Branch. N.J., based on her filing for Chapter 13 bankruptcy in 2009 and Chapter 7 bankruptcy in 2011 and her failure to submit a response to the CFP Board's investigation notice.
Brett M. Plew, Kalamazoo, Mich., for failing to follow a client's instructions to liquidate an account; failing to supervise a subordinate with regard to the client's request; and making a personal guarantee to recover the client's losses in violation of National Association of Securities Dealers rules.
Neal S. Smalbach, Palm Harbor, Calif., for making fraudulent misrepresentations and material omissions when selling preferred shares in a private placement; and for causing client information forms and private placement subscription agreements to be falsely completed so that customers would appear to be experienced and accredited investors.
Bruce D. Workman, Hamel, Minn., for engaging in outside business activities for compensation and failing to provide prompt written notice to his member firm; for recommending that his clients purchase unsuitable private placements; and for failing to report his suspension by the Financial Industry Regulatory Authority within 10 days.
The CFP Board suspended the rights of four advisors to use the CFP mark: Brian W. Armstrong of Cleburne, Texas (two years); Michael Hanke of Lutz, Fla. (one year); Fielder J. Mattox of Cardiff, Calif. (one year); and Gary J. Siano of Downingtown, Pa. (one year)
The CFP Board also ordered interim suspensions for three advisors: John R. Graves of Fredericksburg, Va.; Gregory N. Peterson of Orem Utah; and Henry E. Walker, Jr. of Helena, Ala. Interim suspensions last until the CFP Board completes the disciplinary process and makes a final decision on any penalties, according to board. They can last from a few months to several years.
Letters of admonition went to David B. Hooks of Camarillo, Calif.; Emmet Martin of Greenville, S.C.; Paul T. McCormick of Beachwood, Ohio; and Lee A. Przybyla of San Antonio, Texas.
Further details on the disciplinary cases are available at www.cfp.net.