The CFP Board of Standards today announced disciplinary actions against 15 advisors and has permanently banned four from using the CFP certification mark.
The CFP Board permanently revoked the right to use the CFP certification for the following four advisors:
Dan Glick of Orland Park, Ill. Based on his settlement agreement with the CFP Board, he consented to the findings that he forged clients’ signatures on letters to a bank in order to gain access to, and misappropriate, their assets.
R. Steven Wilkinson of Oakland, Calif. Based on his Chapter 13 Bankruptcy in 2000 and Chapter 7 Bankruptcy in 2012, he demonstrated a continued inability to manage his personal finances.
Noah L. Myers of Lyme, Conn. Based on his failure to file an answer to CFP Board’s Complaint within the required time period. The complaint alleged that the SEC imposed sanctions against Myers for: 1) conveying on his Form ADV Part II that he would allocate batched trades fairly and not unduly favor himself or his firm when in practice he allocated profitable trades to himself; and 2) implementing unsuitable investment recommendations to clients.
Robert C. Wheeling of Lititz, Pa. Based on his failure to file an answer to CFP Board’s Complaint within the required time period. The complaint alleged that he was the subject of a Finra Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any Finra member in any capacity for four months. Finra determined that Wheeling sold equity indexed annuities outside the scope of his employment to 24 clients without obtaining approval from his firm. Wheeling also failed to timely report the Finra suspension to CFP Board.
The CFP Board suspended the rights of four advisors from using the CFP mark: Joel Robert Heffington of Hinsdale, Ill., for two years; Chris B. Steele of West Des Moines, Iowa, for one year and one day; Dennis Lerner of Edgewater, N.J., for five years; and Jeffrey S. Geraci of Virginia Beach, Va., for one year and one day.
The CFP Board also ordered interim suspensions for Barbara J. Stark of Eden Prarie, Minn. Interim suspensions last until the CFP Board completes the disciplinary process and makes a final decision on any penalties, according to board.
Letters of admonition went to Robert R. Liggero of Atlantic Beach, Calif.; Wesley C. Brumfield of Alpharetta, Ga.; R. Kenneth Lindell of Bangor, Maine; Bryan Mackey of Buffalo, N.Y.; Jeffrey O. Briggs of Bend, Ore.; and Travis Hughes of El Paso, Texas.