The Certified Financial Planner Board of Standards Inc. has revoked the right of three financial advisors to use the CFP designation because of violations of CFP rules. Eight other advisors also have been sanctioned, the CFP Board announced Tuesday.
Marc H. Baldinger of Stuart, Fla., Ronald W. Vaught of Melbourne, Fla., and Marcus C. Rodriguez of Houston failed to answer CFP complaints in the required time, the CFP Board says, resulting in revocations of their right to use the CFP mark.
Baldinger was charged by the Financial Industry Regulatory Authority Inc. (FINRA) with failing to tell his employer about positions he held with outside companies and accounts he held with outside broker-dealers. He reached an agreement with FINRA without admitting or denying guilt, but then failed to answer an accompanying complaint from the CFP Board.
Vaught also reached an agreement with FINRA without admitting or denying guilt. He was charged by FINRA with failing to notify his employer that he was named as a successor trustee and beneficiary of a client’s trust, with falsifying a business document and with improperly using a client’s funds.
Rodriguez was found guilty by FINRA of failing to maintain a proper supervisory standard at his firm, which resulted in a two-year suspension from FINRA and $50,000 fine.
In other action, the CFP Board suspended the right of David L. Gabai of West Hills, Calif., to use the CFP mark for five years after being permanently barred by FINRA from associating with any other FINRA member after being involved in a fraudulent stock scheme.
The CFP Board also suspended the right of Richard D. Blair of Bee Cave, Texas, to use the CFP mark. He was sanctioned by the Texas State Securities Board for improperly selling REIT investments to his clients.
Doyle H. Brown of Reno, Nev., has had his right to use the CFP mark suspended for a year and a day for failing to file tax returns for several years and owing the IRS more than $136,000.
The right of David E. Hitchcock of Spring Lake Park, Minn., to use the CFP mark has been suspended for one year for misrepresenting investments to clients.
Michael John Smeriglio III of Greenwich, Conn., has been issued an interim suspension for failing to provide requested information to FINRA.