Robert A. Kahn of Chesterfield, Mo., has been permanently barred from using the Certified Financial Planner designation because of his involvement in a scheme to make excessive trades in a client’s account, the CFP Board of Standards announced Wednesday.

Kahn was one of three people who permanently lost their rights to use the designation after they failed to answer complaints filed against them by the board in a timely manner.

The CFP Board complaint said Kahn also improperly placed discretionary orders in the account between 2011 and 2016, made recommendations that were unsuitable for the client and placed his interests above his client’s.

Andrew L. Schade of Lansing, Mich., lost his right to use the designation after he recommended unsuitable variable universal life insurance policies to a husband and wife in 2012 and 2013. He violated his fiduciary duty to act in the best interests of his clients at a time when he was providing them with financial planning services by recommending the life insurance policies, totaling $3.9 million in death benefits, to clients that required unaffordable annual payments and surrender charges, the complaint said.

John P. Wheeler of St. Petersburg, Fla., permanently lost his right to use the CFP designation after he received authority as a durable power of attorney, health surrogate and check-writing authority for a non-family member client's account in violation of his firm’s policies and failed to disclose these activities to his firm as outside business activities. He also made false statements to his firm during multiple annual compliance interviews when he said he was not serving as a power of attorney for any clients, the complaint said.

Ike Ikokwu of Alpharetta, Ga., agreed to a five-year suspension of his right to call himself a CFP professional after he failed to satisfy his fiduciary duty to financial planning clients when he recommended the clients invest in a company later found to be a Ponzi scheme involving unsuitable securities. He also failed to disclose that he received selling agent commissions from the company in connection with the investments. The CFP Board further found that Ikokwu falsely informed clients that he had performed extensive due diligence into the company and its securities when he had not.

Scott P. Evans of Glendale, Colo., agreed to a suspension of his right to use the designation for one year and a day after he was convicted of driving under the influence and fleeing the scene of a crime, among other charges.

Mark A. Nordbrock of Santa Monica, Calif., agreed to a suspension of his right to use the
CFP designation for six months. The board said he held himself out as a CFP professional when he had not completed the minimum number of continuing education credit hours to satisfy the CFP Board’s certification requirements. The CFP Board also said he made false statements to the board when he self-reported his completion of continuing education courses that he had not actually taken.

Richard P. Hohol of Roselle, Ill., agreed to a six-month suspension of his right to use the designation because he allowed an unregistered person to act in a capacity that required registration when he allowed her to meet with customers, complete firm paperwork, assess suitability, make investment recommendations and accept payment for providing these services.

Jared S. Friedman of Scotch Plains, N.J., is barred from using the CFP designation for six months for failing to inform his client and misleading his firm when he signed the client’s name on two checks in 2017 without the client’s knowledge.

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