A well-known Florida financial advisor couple who sued the Certified Financial Planner Board of Standards and prompted a lengthy battle over the use of the term “fee only” is back in the news.

Jeffrey and Kimberly Camarda, owners of Camarda Wealth Advisory Group in Fleming Island, Fla., have finally been issued a letter of admonition for using “fee only” to describe their services on the CFP Board website when in fact they are compensated for some of their services through insurance commissions, the CFP Board said in a news release issued Thursday.

It is clear the CFP Board is looking to crack down on CFP licensees claiming to be fee-only while earning commissions from insurance sales. Like the Camardas, four other advisors were sanctioned for misrepresenting themselves as “fee only” while holding insurance licenses, selling insurance or selling securities and receiving commissions: Grant Blindbury of Westlake Village, Calif.; David C. Valente of Norwell, Mass.; Daniel L. Chamberlin of Helena, Mont.; and Donald G. Heatherly of Wheaton, Ill. They misrepresented themselves on the CFP Board search tool or to clients, the board said.

The Camarda controversy dates back four years to when the Camardas were told a letter of admonition was going to be issued against them for the violation of CFP Board rules. The husband and wife team filed suit against the board, saying it had given other advisors immunity for the same offense. They also said they had complied with the board’s request at the time. Their website now says they offer “fee-based” services.

The lawsuit erupted into a years-long battle between the Camardas and the board that resulted in the exchange of volumes of paperwork. The Camardas’ claim eventually reached federal court, where their suit was dismissed but not before the controversy involved other advisors.

Former CFP Board Chairman Alan Goldfarb resigned after the board sanctioned him for using the term “fee only” because he owned 1 percent of his firm’s broker-dealer, which accepts commissions. The board also gave thousands of wirehouse advisors a chance to change their compensation designation without penalty.

In its admonition letter, the CFP Board said the Camardas’ RIA firm and its consulting company that operated on some commissions were functionally one organization providing clients with a wide range of investment services and that the Camardas were misrepresenting that they were a “fee only” investment advisor.

Jeffrey Camarda said in a written statement, "While we regret the CFP Board has decided to publicly impose its mildest rebuke on us, and feel it is entirely unwarranted and unfairly inconsistent with its treatment of others, it does not surprise us. We lost confidence in the board long ago, and voluntarily resigned our CFP licenses last year.

“While we value our CFP training and believe it is an important beginning credential, we have frankly grown far beyond it, and find the downside of association with CFP Board far more onerous than any benefits we might receive. We do hope that one day it evolves from what we see as an autocratic licensing operation into a true membership organization where CFPs have real input in policy and leadership choices, and will perhaps reconsider association at that time," he said.

In the cases of the other advisors, each described himself as “fee only” on the CFP Board’s “Find a CFP Professional” search tool or to clients despite the fact that they received commissions through the sale of insurance products or securities.

Other disciplinary actions were also announced by the board.

The right of Michael John Smeriglio III of Greenwich, Conn., to use the CFP mark was permanently revoked after he took a loan from a trust in an estate he controlled. Smeriglio resigned from his firm after admitting he took the loan.

Walter P. Priebe of Fort Lauderdale, Fla., can no longer use the CFP mark because he served as the trustee, attorney-in-fact, beneficiary or transfer-on-death for several clients without disclosing to the clients that it was a conflict of interest for him to simultaneously serve as an investment advisor to the clients. One of the clients was mentally incapacitated at the time of the beneficiary designation.

The right of Erik Bohn of Bethesda, Md., to use the mark was revoked after he failed to appear for testimony before the Financial Industry Regulatory Authority during its investigation of a dispute between Bohn and his partner.

Other advisors had their right to use the CFP mark permanently revoked because they failed to answer complaints filed by the board in a timely manner.

Brian G. Brown of Atlanta can no longer use the CFP mark after being charged by the CFP Board with recommending unsuitable alternative investments to his clients because of the high commissions paid on the investments. He also concentrated too much of his clients’ wealth in alternative investments.

The right of Jodi Lynn Hall of Brentwood, Mo., to use the CFP mark was permanently revoked after she was charged with taking money from her employer’s business bank account.

Nicolas S. Toadvine of Lakeland, Fla., cannot use the CFP mark for one year because the CFP Board says he sold clients unsuitable alternative investments.

Likewise, Marc H. Sussman of Framingham, Mass., cannot use the mark for one year because the CFP Board says he forged the signatures of at least 26 customers on account documents.

The right of Paul G. Liebezeit of Berwyn, Pa., has been suspended for six months because the board said he recommended a fund of hedge funds that was not approved for sale by his firm.

Daniel G. Dillard of Austin, Texas, cannot use the mark for six months because the board said he falsified forms on commissions.

Robert J. Regan of Danville, Calif., cannot use the CFP mark for 60 days because the board said he went beyond the scope of his authority in participating in private securities transactions.

Letters of admonition also were issued to Jeffrey S. Torrison of Lakewood, Colo.; Ryan Cox of Columbus, Ga.; and David Brian Altwerger of Bloomfield, Mich.