In addition to taking disciplinary action against Lee, the CFP Board suspended three financial planners from using its certification marks.
The CFP Board suspended James Keith Cox of Baton Rouge, La., from using its certification marks for one year and one day, effective October 29, 2018 through October 30, 2019, after Finra issued an acceptance, waiver and consent letter with Cox after finding he recommended several annuity transactions in 2014 to one client without a reasonable basis; engaged in an outside business activity with the same client without providing prior written notice to his firm; and made several unsuitable recommendations to a client from which Cox profited by pocketing a commission of more than $25,000.
Cox consented to a four-month Finra suspension based on a more recent charge of unsuitability, but failed to notify the CFP Board of Finra’s action as required.
The CFP Board suspended Richard D. LaSpaluto of Las Vegas, Nev., from using its certification marks for one year and one day, from October 29, 2018 to October 30, 2019. The board took the action after its Disciplinary and Ethics Commission found that between 2008 and 2016, LaSpaluto fell behind on the taxes he owed the IRS. As a result, the IRS filed a $91,603.84 tax lien against LaSpaluto in 2016.
Although LaSpaluto knew of the lien by 2017, he knowingly failed to notify the CFP Board as required and did not adequately respond to requests for further information by the CFP Board staff looking into the matter, the board said.
The CFP Board suspended Jaime Page Nelson of New York, N.Y., from using its certification marks for six months, from October 29, 2018 to April 29, 2019. The board took the action after Nelson reportedly misrepresented her completion of the board’s Continuing Education (CE) credit hours.
The CFP Board also issued three Letters of Admonition to the planners Richard D. Holdway, CFP, of Palm Springs, Calif.; Anne Marie C. Albertine, CFP, of Bethesda, Md.; and Rick M. Higgins, CFP, of Spartanburg, S.C.
In September 2016, the CFP Board received a complaint letter alleging that Holdway, a 28-year employee of Ameriprise Financial Services Inc. since 1990, and a subordinate were serving as beneficiaries, trustees and powers of attorney for numerous clients in violation of firm policy.
After a hearing, the board’s Disciplinary and Ethics Commission found that Holdway had failed to adequately supervise a subordinate. As a result, the subordinate was named as a beneficiary in several client accounts.
In addition, Holdway was named a fiduciary of several client accounts, without prior firm approval.