The Certified Financial Planner Board of Standards has suspended a Texas-based LPL Financial advisor who has been indicted for alleged felony child sex crimes, including statutory rape, according to a news release.
The suspension against Rusty J. Whittaker, 42, was effective as of August 18, the CFP Board said. Whittaker, who worked for Genesis Wealth Management LLC in Austin, Texas, up until June, had been with LPL since 2017.
LPL did not respond to a request for comment.
According to the June 12 indictment from the U.S. District Court in Mecklenburg County, N.C., Whittaker was charged with statutory rape of a child 15 years or younger, statutory sex offense with a child, two counts of indecent liberties with a child, first-degree sexual exploitation of a minor and soliciting prostitution of a minor, all felonies.
Whittaker, a resident of Austin, Texas, committed the alleged crimes against the child on May 20 in North Carolina, the indictment alleges. The alleged charges are not listed on Whittaker’s BrokerCheck profile.
Upon learning of the charges against Whittaker, the CFP Board said its enforcement counsel filed a motion on July 27 requesting that a hearing panel of the Disciplinary and Ethics Commission (DEC) issued the interim suspension order against Whittaker.
“After reviewing the matter, a Hearing Panel of the DEC determined that CFP Board Enforcement Counsel demonstrated by a preponderance of the evidence that Mr. Whittaker's alleged conduct poses a significant threat to the public or significantly impinges upon the reputation of the profession or the CFP certification marks,” the board said.
Under the interim suspension order, Whittaker's right to use the CFP certification marks is suspended pending CFP Board's completed investigation and possible further disciplinary proceedings, the board said.
Whittaker, according to KXAN-TV in Austin, was a volunteer coach for the Lake Travis Youth Association (LTYA). The group’s executive director told the TV station that Whittaker passed a background check in March.
In September 2021, Whittaker was named one of “Austins Finest Honorees” by the Cystic Fibrosis Foundation of Central Texas. “Austin's Finest Honorees are outstanding men and women nominated for their exemplary leadership, active involvement in the community, and business excellence,” the group explained on its Facebook page. His bio, which accompanied the award, noted that he is married with three children and that the family’s “philanthropic passions focus around children, education, financial literacy, and golf.”
Whittaker, who could not be reached for comment, began his career with Ameriprise Financial Services Inc., in 2006. He left in 2007 to Join USAA Investment Management Company where he stayed for 10 years before joining LPL.