The Certified Financial Planner Board of Standards, Inc. today announced the resignations of Chair Alan Goldfarb from the board and two members of the Disciplinary and Ethics Commission (DEC), effective immediately.
In a press statement released on Friday, the CFP Board says it learned of “broad allegations that members of the Board and other volunteers may have violated provisions of CFP Board’s Standards of Professional Conduct.”
The board of directors created a special committee made up of public board members who have no ties to the financial services industry. The special committee of the board retained outside counsel to investigate and report its findings directly to the committee.
“The committee found sufficient merit in the allegations against Goldfarb and the two members of the DEC to refer them for further proceedings under CFP Board’s Disciplinary Rules and Procedures,” the press statement discloses. “When presented with the committee’s findings, they decided to resign from their positions.”
The CFP Board says it was informed of the resignations during a special Oct. 31 meeting and elected new leadership for the board of directors. All proceedings under CFP Board’s Disciplinary Rules and Procedures are confidential.
The press statement adds that proceedings that result in a public sanction will be made public once the process is complete.