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January 08, 2016 at 04:00 AM
The Certified Financial Planner Board of Standards disciplined several CFP professionals for varying levels of unprofessional conduct.
CFP Board sanctions include letters of admonition, interim suspensions and permanent revocations of a violator’s CFP mark. Advisors may have also been sanctioned by the Financial Industry Regulatory Authority or state regulators.
Here are some highlights from the board’s most recent disciplinary action report, released in late December. In total, it reported 11 public sanctions, issued between May and October.
CFP Board Admonishes Professional Over Bankruptcy
Richard Connell, of Hingham, Massachusetts, received a public letter of admonition in June from the CFP Board’s disciplinary and ethics commission for failing to amend his Form U4 in a timely manner to disclose his Chapter 7 filing for bankruptcy in 2009.
Connell had settled with the Financial Industry Regulatory Authority over the matter, and in his settlement had agreed to a one-month suspension from association with any FINRA member in any capacity and $5,000 fine.
CFP Board Issues Interim Suspension for Financial Misconduct
Michael John Smeriglio III, of Greenwich, Connecticut, received an interim suspension of his CFP certification, effective May 28, 2015, after the CFP Board discovered that he accepted censure and a fine from FINRA, without admitting or denying its findings that he failed to provide the latter agency with information it requested. FINRA was investigating allegations that Smeriglio converted customer funds from a customer’s estate and trust.
FINRA permanently barred Smeriglio from associating with any FINRA member in any capacity. Under the CFP Board’s interim suspension order, Smeriglio’s CFP certification is suspended pending a completed investigation and possible further disciplinary proceedings.
California CFP Suspended for 5 Years After FINRA Bar
