The Certified Financial Planner Board of Standards today announced sanctions against 33 current or former certified financial planners for various violations, in one case revoking the license of a planner who the board said uttered the term “white power” and directed it at a person of color running for city council.
 
The sanctions, effective immediately or on the date noted in each case, include public censures, suspensions, temporary bars, permanent bars and revocations of the right to use the CFP marks, the CFP Board said. Under the board's disciplinary code, permanent bars apply to planners who do not currently hold the CFP mark, while revocations apply to CFP holders.
 
In all, six planners were publicly censured, one was temporarily barred, seven were suspended, three received permanent bars, and seven had their rights to use the CFP marks revoked, the board said.
 
David Lynn Medlin of North Richland Hills, Texas, had his right to use the CFP certification marks revoked after he failed to respond in time to the board’s complaint that he directed the term “white power” at a local city council candidate. The board’s complaint said Medlin twice used the term, on April 24 and 26, 2021. The second  incident was captured on a cell phone video, the board said. Medlin’s conduct violated the board’s Code of Ethics and Standards of Conduct, which the board said “requires a CFP professional to treat others with dignity, courtesy and respect.” Medlin, who operated Maven Wealth Consulting LLC, had been with LPL Financial for five years until June 2021, according to BrokerCheck. The revocation of his CFP marks was effective July 2022.
 
Ronald Niederpruem of Gunnison, Colo., also had his license revoked because he failed to respond in time to the board’s complaint that he allegedly provided investment advice while being unregistered. The board said Niederpruem failed to register as an investment adviser representative in Hawaii while continuing to provide investment advice for more than 10 years. He also intentionally failed to file annual audited financial statements for about 10 years, the board said. Niederpruem’s registration as an investment advisor representative and his firm’s registration as an investment advisor were revoked by Hawaii, the board said. The revocation of his right to use the CFP marks was effective June 27.
 
The board also revoked the license of Tucson, Ariz.-resident Heather L. Guilliom for failing to respond in time to a board complaint that she allegedly filed for Chapter 7 bankruptcy in 2016, that she was convicted of misdemeanor DUI in September 2017 and that she was convicted for felony endangerment and misdemeanor DUI in June 2019. The board said Guilliom violated its rules saying CFPs may not engage in conduct that reflects poorly on its marks. Her CFP revocation was effective July 8.
 
Roderick L. Whited of Gainesville, Fla., was permanently barred from applying for or obtaining the CFP marks. The board said Whited, who was barred by the Financial Industry Regulatory Authority in November 2021, failed to acknowledge receipt of CFP Board’s notice of investigation and to deliver proof of compliance with the board’s interim suspension order. The board noted that he consented to the Finra bar after the agency found that he had converted $44,170 in charitable donations from a pediatric cancer charity, deposited the donated funds into his personal bank account and then used the funds to pay his personal expenses. The board sought to investigate Finra’s order, but Whited did not respond and was deemed in default, at which time a permanent bar was issued. Whited’s administrative permanent bar was effective as of August 16.
 
Nicholas Spagnoletti Jr. of Madison, N.J., also was permanently barred from applying for or obtaining the CFP certification marks. In August 2021, Spagnoletti, an advisor with Wealth Enhancement Group and LPL Financial, was arrested and charged with possession and distribution of child pornography and was charged with endangering the welfare of children. The board said in a complaint that he failed to cooperate with its investigation of the criminal charges (and failed to file a timely response to the complaint). His administrative permanent bar was effective as of July 22.
 
Kendrick G. Smith of Pine Mountain, Ga., also was permanently barred. The board said he failed to cooperate with its investigation into his Chapter 7 bankruptcy filing in January. The bar follows his relinquishment of his certification and his failure to file a timely response to the complaint. Kendrick’s administrative permanent bar was effective as of August 15.
 
David J. Campanella of Hudson, Ohio, was permanently barred from applying for or obtaining the CFP certification marks after he failed to provide evidence to the board that he had complied with an automatic interim suspension order the board had issued in April. The sanction was issued after the board learned that Finra had barred Campanella in February from association with any member firm. The board said Campanella, who was being investigated by Finra for allegedly having undisclosed outside brokerage accounts while associated with his member firm, provided inaccurate and incomplete information in response to the investigation and subsequently consented to a bar. The board said despite the requirement to do so, Campanella failed to deliver evidence that he had ceased use of the CFP certification marks and advised his firm and clients of the interim suspension. His administrative permanent bar was effective on August 15.
 
Among those receiving a suspension was Chris B. Steele of Clive, Iowa. The suspension, which prohibits Steele’s right to use the CFP certification marks for one year and one day, was issued following his failure to respond by the board’s deadline to its allegations that he pleaded guilty to DUI, his fourth alcohol-related offense, conduct the board said reflected poorly on his “integrity or fitness” as a CFP professional and the marks and was in violation of the board’s Code of Ethics and Standards of Conduct. The CFP Board also said Steele failed to disclose the charge and the conviction and made a false or misleading representation to the board “by submitting an inaccurate ethics declaration.” His administrative suspension was effective as of July 6.
 
Those issued a public censure include Joseph A. Gross of West Sand Lake, N.Y. The board said that in August Gross entered into a consent order with the Disciplinary and Ethics Commission in which he consented to findings that he was convicted of felony importation of a controlled substance (Oxycodone) in January. He also consented that his conduct violated board standards and conduct, “which provides that a CFP professional may not engage in conduct that reflects adversely on the CFP professional.”
 
The complete list of those disciplined is as follows: