The Certified Financial Planner Board of Standards is suspending the credentials of a former Texas-based advisor after he was barred by the Financial Industry Regulatory Authority.
The CFP Board on Friday imposed an automatic interim suspension of the credentials of Tye C. Williams, formerly an advisor affiliated with NEXT Securities in Frisco, Texas.
Williams was barred by Finra after he failed to produce documents and information regarding an investigation into a customer complaint. Under the CFP Board’s disciplinary rules, a certification holder is suspended immediately without hearing upon evidence of a conviction or discipline by a professional organization.
According to the CFP Board, the customers complained to Finra that from 2004 to 2014, Williams converted more than $1 million from their accounts, made unsuitable recommendations, engaged in unauthorized transactions and mismanaged their assets.
When Williams allegedly failed to produce documents requested by Finra in that case, he violated the organization’s internal rules, according to the CFP Board. In response, Finra barred him from associating with any of its member firms. Williams consented to Finra’s sanctions without admitting or denying the findings against him.
He continued to work for NEXT Financial until 2016.
The interim suspension of Williams’s CFP credentials will continue pending a CFP Board investigation and possible further disciplinary hearings.