The Certified Financial Planner Board of Standards has enacted public sanctions for violations ranging from regulatory actions, customer complaints, arbitration actions, bankruptcies and tax liens against 22 current or former financial planner professionals, the board announced today.

The sanctions, effective immediately or on the date noted in each case, include public censures, suspensions, temporary bars, permanent bars and revocations of the right to use the CFP marks, the CFP Board said. Under the board's disciplinary code, permanent bars apply to planners who do not currently hold the CFP mark, while revocations apply to CFP holders.

Last year, the CFP board announced that it had strengthened its enforcement program and had planned to complete background checks on all its more than 87,000 professionals to detect potential misconduct that previously had not been reported to the CFP Board. So far, it said it has completed the background checks and opened “historical Investigations” into the conduct of 1,266 professionals. More than 80% of these latest sanctions are a result of the investigations, the board said.

Of the sanctioned individuals, five were censured, five were suspended, one was temporarily barred, four were barred and the rights of seven to use the CFP marks were revoked.

Among those whose right to use the CFP marks was revoked is Daniel Motherway of Marietta, Ga. The CFP Board said he failed to respond to a request related to an investigation into his 2015 resignation from Wells Fargo. Motherway allegedly sent client account information to his personal email address and exercised unauthorized discretion in the accounts, the board said. Also, the board said Motherway failed to respond for information it sought in the investigation of a 2020 suspension from the Financial Industry Regulatory Authority, which arose from a 2017 termination from UBS Financial Services and a subsequent arbitration award for breach of a promissory note.

Arthur W. Rich of Aiken, S.C., had his right to use the CFP marks revoked for allegedly failing to disclose he had been the subject of a governmental agency inquiry on his 2018 renewal application. The CFP Board filed a complaint against Rich alleging that in November 2016, he entered into a consent order with state regulators in which it was agreed that between May 2016 and September 2016 he sold 47 title insurance policies with an expired insurance license. Rich paid a $4,700.00 fine to the state, the board said.

Also receiving a revocation was Michael J. Altobell of Rocklin, Calif., who failed to cooperate in connection with the CFP Board’s investigation into a disciplinary action in California, the board said. The CFP Board filed a complaint against Altobell alleging that in September 2018 he was issued a final order by California regulators in which he was permanently barred from being an investment adviser, broker-dealer or commodity adviser in California. According to BrokerCheck, Altobell, through his company Paragon Portfolio Management, LLC, engaged in unauthorized trading and accessed client accounts without prior authorization and, among other violations of the California Code, participated in a fraudulent, deceptive, or manipulative activities.

Marshall D. Gunn Jr. of Jacksonville, Fla., was permanently barred from applying for or obtaining CFP certification following his failure to timely respond to the CFP Board’s request for additional information in connection with its investigation of a 2020 Securities and Exchange Commission regulatory action in which he was required to pay $197,500.00 in disgorgement, plus interest, and a $50,000.00 civil penalty.

Also permanently barred was Beth Ann DeBouvre of Stanwood, Mich., who failed to timely respond to a CFP Board complaint that alleged she permitted an individual barred by Finra to conduct a securities business through a member firm. The CFP Board’s complaint alleged that DeBouvre falsified documents to cover that the individual was meeting with customers, making recommendations, providing investment advice and was acting as an associated person in a registered capacity. The board said she also failed to inform customers of the individual’s barred status;  approved accounts that the individual opened and transactions that he recommended; and attempted to dissuade customers from cooperating with Finra’s investigation.

Among those receiving suspensions was Timothy Seiders of Lansdale, Pa., for, among other things, incurring tax liabilities that he failed to timely pay to the Internal Revenue Service for nine consecutive years. This resulted in the IRS filing federal tax liens against Seiders for several of those years and those liens are all currently outstanding, the board said. The board said Seiders also failed to timely pay Pennsylvania any tax liability that he was assessed during six consecutive years, resulting in state tax liens filed against him, some of which are currently outstanding. Seiders owes more than $287,000 in state and federal taxes, the board said.

Among those censured were Robert J. Hannah of Mound, Minn., for a guilty plea in court to fourth degree driving while intoxicated and making a false statement to CFP Board on his 2014 CFP Board Ethics Disclosure form; and Ryan C. Judd of Wentzville, Mo., for admitting to filing for Chapter 7 bankruptcy in Missouri last year, demonstrating an inability to responsibly manage his financial affairs, the board said.

The complete list of those disciplined is as follows: