The CFP Board disputes Alan Goldfarb's description of allegations against him that led to him resigning last week as chairman of the group's Board of Directors.

"Alan Goldfarb's description of the alleged violation that is being referred for further proceedings under our Disciplinary Rules and Procedures is not correct," said Kevin Keller, CEO of the CFP Board, in an e-mail.

Goldfarb, who is listed on his firm's site as having CFP and AIF licenses, could not be reached for comment at the time of publication. However, Financial Planning magazine quotes Goldfarb as saying in an e-mail that he did not commit any violation, but the charges concern him misrepresenting his compensation as "salary" rather than "fee and commission." Goldfarb, who is director of wealth advisory services for Weaver Wealth Management in Dallas, maintained in the statement that his compensation is salary but a question has arisen because he also is a principal in a broker-dealer.

According to filings with the Financial Industry Regulatory Authority (Finra) and the Securities and Exchange Commission (SEC), Goldfarb is a limited partner in Weaver and Tidwell Financial Advisors, a registered investment advisory (RIA) firm that does business as Weaver Wealth Management in Dallas. He also is a broker with and an owner of Weaver Tidwell Capital LLC, also in Dallas, which handles securities for Weaver Wealth Management.

Keller emphasized that the allegations do not involve criminal or civil laws; they relate to possible violations of CFP Board's Standards of Professional Conduct. The CFP Board's Disciplinary and Ethics Commission (DEC) will review the allegations and decide whether a public sanction should be issued against Goldfarb.

In a press release it issued Friday, CFP Board said it became aware of broad allegations that members of the Board and other volunteers may have violated provisions of CFP Board's Standards of Professional Conduct. A special committee found sufficient merit in the allegations against Goldfarb and two members of the DEC to refer them for further proceedings under CFP Board's Disciplinary Rules and Procedures. When presented with the committee's findings, Goldfarb and the two DEC members decided to resign from their positions.

Nancy Kistner, CFP, was elected to fill the remainder of Goldfarb's term. She will continue to chair the Board of Directors through December 31, 2013.

-Dorothy Hinchcliff