Those receiving public censures included David B. MacLaren of Kernersville, N.C. The board said MacLaren consented to findings that he violated its rules of conduct by failing to pay his federal taxes, which resulted in a debt of $160,303. “This tax debt was the direct result of a failure to pay income taxes resulting from high-volume, short-term trading, funded with liquidated retirement accounts,” the board said. It added that MacLaren satisfied this debt in July of 2021.
Michael D. Hostetler of Marietta, Ga., was publicly censured for incurring tax liability for six tax years going back to 2010, resulting in the IRS filing five federal tax liens totaling $145,302 and Georgia filing two state tax liens totaling $4,788, the board said, adding that Hostetler satisfied all the liens. Also, Hostetler in January 2020 filed a petition for Chapter 7 bankruptcy to halt foreclosure proceedings on his primary residence but then voluntarily dismissed the bankruptcy filing, the board said. “Mr. Hostetler subsequently made a false or misleading statement to CFP Board by failing to disclose the bankruptcy filing on his Ethics Declaration merely five months later, thus violating Rule 6.2 of the Rules of Conduct,” the board said.
