The Certified Financial Planner Board of Standards has imposed interim suspensions on two financial planners for various violations, including one facing money laundering charges.
Randall Scott Boll of Old Hickory, Tenn., and David Yow-Shang Chiueh of East Hanover, N.J., lost their right to use the CFP certification marks until further notice, the board said.
Boll was sanctioned on January 26 following an arrest and indictment in California in December. According to court documents, Boll was charged with conspiracy to launder money; money laundering; conspiracy to cause a financial institution to fail to file currency transaction reports and to structure financial transactions; and operating an unlicensed money transmitting business.
Boll was once registered with the Financial Industry Regulatory Authority, according to BrokerCheck. He first entered the industry in in 2012 with Northwestern Mutual Investment Services before moving to Park Avenue Securities in 2015. He left after two years.
The CFP Board said Boll is suspended pending its completion of the investigation, and he also could face further disciplinary proceedings.
Chiueh was sanctioned by the CFP Board on January 28 after he was accused of fraud by the SEC, the board said. The board said the Securities and Exchange Commission on November 24 instituted an order against Chiueh and his firm, Upright Financial Corp., of which he is founder and president. According to the SEC order, from at least July 1, 2017, through June 30, 2020, Chieuh “made investments in a mutual fund he managed that were inconsistent with the description of that fund in the fund's publicly available registration and repeatedly miscalculated the fund's net asset value.”
The board said Chiueh willfully violated sections of the Securities Act of 1933, the Investment Company Act of 1940, and the Investment Advisers Act of 1940, among other violations.
According to the SEC complaint, Chieuh and Upright, without admitting or denying the findings, consented to a cease-and-desist order, a censure, and certain undertakings including the retention of an independent compliance consultant. Upright agreed to pay disgorgement of $390,705 and prejudgment interest of $36,505, and Upright and Chiueh agreed to pay a civil penalty of $90,000, the complaint said.