After what looks to be violations of the Certified Financial Planner Board’s Standards of Professional Conduct, Alan Goldfarb, chairman of the CFP Board of Directors, has resigned effective immediately along with two members of the Board’s Disciplinary and Ethics Commission (DEC).
The CFP Board stated Friday that it became aware of “broad allegations that members of the board and other volunteers may have violated provisions of the CFP Board’s Standards of Professional Conduct.”
After hearing of the allegations, the CFP Board said that its board of directors created a “special committee” made up of public board members who have no ties to the financial services industry and retained outside counsel to investigate and report its findings directly to the committee.
The special committee, the CFP Board says, “found sufficient merit in the allegations against Mr. Goldfarb and the two members of the DEC to refer them for further proceedings under CFP Board’s Disciplinary Rules and Procedures.”
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After being presented with the committee’s findings, Goldfarb and the two DEC members resigned from their positions during a special October 31 meeting.