The Certified Financial Planner Board of Standards has permanently revoked the right of Russell K. Jalbert of Southfield, Mich., to use the CFP designation, the board announced Friday.
The revocation was enacted after Jalbert filed for bankruptcy in 1990 and again in 2014, and he failed on three separate occasions to disclose on his ethics declaration form for renewal of his CFP certification that consumer complaints had been filed against him.
The action against Jalbert was one of 13 disciplinary actions taken against CFP designees during the first half of the year. The CFP Board maintains certain standards that CFP certificate holders agree to abide by. If they fail to do so, the CFP Board can take disciplinary action against them.
Three other advisors were permanently barred from using the CFP designation for failing to respond to the board’s inquiries.
Jacob Keith Cooper of San Diego, Calif., failed to answer the board’s complaint alleging he recommended to financial planning clients an unsuitable investment grade life insurance policy and unsuitable alternative investments. The SEC alleged Cooper and his firm, Total Wealth Management Inc., failed to disclose material information regarding TWM and Cooper’s receipt of revenue sharing from private funds for which TWM served as an investment advisor.
Terence Marable, of Palos Park, Ill., had his right to use the CFP certification permanently revoked for failing to answer the CFP Board’s complaint involving Marable borrowing money from a client.
The right of Beverly Bailey of Rio Rancho, N.M., to use the CFP designation was permanently revoked after she failed to answer the CFP Board’s inquiry about falsely representing herself as a client in order to help a real client expedite an Individual Retirement Account rollover transfer.
Other action by the CFP Board, involved Lynne Marcus of Boynton Beach, Fla., who has had her right to use the CFP designation suspended for six months after the New York Insurance Department revoked her insurance license.
Shaun Dorr Hampton of Grosse Pointe, Mich., lost the right to use the CFP designation for six months for allegedly directing two financial planning clients to sign incomplete forms and for not providing written disclosure of fees, sales charges, surrender charges and other information.
The right of Philip D. Cox Jr. of Atlanta to use the CFP designation has been suspended for 90 days for marking order tickets for leveraged and inverse exchange funds in customer accounts as unsolicited when they were in fact solicited by Cox.