A Colorado financial planner has temporarily lost his right to use the CFP designation because he invested clients in funds without their knowledge, the Certified Financial Planner Board of Standards announced Monday.
The CFP Board imposed an automatic interim suspension of the right to use the CFP mark on Neil Maxwell, who operated Maxwell Wealth Planning in Parker, Colo., after he agreed with Colorado regulators that he invested clients in funds without telling them.
In August, Maxwell entered into a consent order with the Colorado Division of Securities. Colorado had determined Maxwell invested two senior clients’ money in a blockchain investment fund managed by an unlicensed investment advisor. He also asked for a loan from another client after the client declined to invest in the blockchain fund.
Maxwell agreed to a permanent bar from the securities industry in Colorado, a permanent revocation of his Colorado investment advisor license and to no longer advise on or manage securities accounts. He also agreed to repay $170,000 to the two clients. The Colorado investment advisor license of Maxwell Wealth Planning has been permanently revoked.
The CFP Board said it will continue to investigate and could take other disciplinary action against Maxwell regarding his use of the CFP mark.