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Business Wire
25-07-2025
- Business
- Business Wire
CFP Board Promotes Public Trust With 11 Actions
WASHINGTON--(BUSINESS WIRE)--Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 100,000 CFP® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on 11 individuals. CFP Board is a professional body that has adopted a Code of Ethics and Standards of Conduct (Code and Standards) that benefits and protects the public and advances financial planning as a distinct and valuable profession. The Code and Standards requires that a CFP® professional meet certain duties when providing professional services to a client, and to refrain from engaging in other misconduct that reflects adversely on their integrity or fitness as a certificant, on the CFP® marks or on the profession. CFP® professionals make a commitment to CFP Board to abide by the Code and Standards, and their compliance reinforces the integrity of the CFP Board certification marks. CFP Board does not guarantee a CFP® professional's services, but it may sanction a CFP® professional who fails to uphold their commitment. Information about how CFP Board addresses ethical issues involving CFP® professionals and those pursuing initial CFP® certification is available at At the public can verify an individual's CFP® certification status. CFP Board also provides links to other sources of information about CFP® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board's website, such as the Financial Industry Regulatory Authority's (FINRA's) BrokerCheck and the U.S. Securities and Exchange Commission's (SEC's) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight. CFP Board is not a federal, state or self-regulatory organization, and it does not sanction financial services firms. The Public Sanctions on 11 Individuals STATE NAME LOCATION SANCTION Maryland Gordon S. Wallace, CFP® Annapolis Public Censure Florida Mark Monkarsh Tampa Suspension Illinois Robert D. Lyman Barrington Suspension Kentucky Michael H. Gross Louisville Suspension New Jersey Danny Z. Spiegel Ocean Suspension Oregon Timothy D. Clairmont Portland Suspension Texas Todd L. Luft The Woodlands Suspension California Brian P. Colla Corona Temporary Bar Florida Christopher A. Hynes Punta Gorda Temporary Bar North Carolina Basil Marchi Raleigh Temporary Bar Pennsylvania John A. Dougherty Blue Bell Revocation Expand PUBLIC CENSURE MARYLAND Gordon S. Wallace, CFP® (Annapolis, Maryland): In December 2024, the Disciplinary and Ethics Commission (Commission) issued an order imposing a public censure on Mr. Wallace for violating CFP Board's Code and Standards. The order cites a March 2023 Letter of Acceptance, Waiver and Consent (AWC) that Mr. Wallace entered with the Financial Industry Regulatory Authority, Inc. (FINRA) in which he consented to a 10-day suspension and a $5,000 fine for violating FINRA Rule 2010, which requires registered persons, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade. In the AWC, Mr. Wallace consented to findings that in late May 2021, he and others, at his direction, photographed electronic account information for approximately 135 customers in anticipation of joining another firm. The AWC states that Mr. Wallace retained the information — including customer names, birth dates, account numbers and Social Security numbers—until his new firm secured and returned the information unused. The former firm named Mr. Wallace and others in an arbitration that he resolved in a confidential settlement. The Commission found that Mr. Wallace violated Standards A.8.a, A.9.c and D.2.a of the Code and Standards, which state that a CFP® professional must comply with the laws, rules and regulations governing professional services; must take reasonable steps to protect the security of non-public personal information about any client; and will be subject to discipline by CFP Board for violating policies and procedures of the CFP® professional's firm. The Commission's order was effective January 20, 2025. Read the order: Case History 44120. SUSPENSION FLORIDA Mark Monkarsh (Tampa, Florida): In May 2023, CFP Board's Appeals Commission issued an order suspending Mr. Monkarsh's right to use the CFP Board certification marks for one year and one day based on his violation of Rule 6.5 of CFP Board's Rules of Conduct. The order affirmed a November 2022 decision by CFP Board's Disciplinary and Ethics Commission finding that Mr. Monkarsh had engaged in conduct reflecting adversely on their integrity or fitness as a certificant, on the CFP® marks or on the profession when he failed to pay or file timely returns for federal taxes he owed from 2011 to 2017. The November 2022 decision cites four federal tax liens totaling more than $577,000 issued against Mr. Monkarsh, who owed more than $1.13 million to the Internal Revenue Service (IRS), including accrued interest and penalties. In its decision, the Appeals Commission found that the Disciplinary and Ethics Commission did not abuse its discretion when it deviated upward from the applicable sanction in the Sanction Guidelines (public censure) but did abuse its discretion by imposing a three-year suspension on Mr. Monkarsh. Mr. Monkarsh's suspension was effective from April 17, 2024, through April 17, 2025. Read the order: Case History 33150. ILLINOIS Robert D. Lyman (Barrington, Illinois): In May 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Lyman's CFP® certification after he failed to meet the terms of a consent order approved by the Commission in April 2022. The consent order settled a CFP Board complaint filed against Mr. Lyman involving $644,000 in tax liens the Internal Revenue Service (IRS) imposed on him for failing to pay federal income taxes over several years. CFP Board alleged that the liens demonstrated Mr. Lyman's inability to manage his personal finances and violated Rule 6.5 of CFP Board's Rules of Conduct, which prohibits a CFP® professional from engaging in conduct that reflects adversely on their integrity or fitness as a certificant, on the CFP® marks or on the profession. Mr. Lyman agreed in the consent order that he would certify annually to CFP Board that he was not the subject of any new tax liens but was unable to do so after the IRS and state tax authorities imposed approximately $280,000 in new tax liens against him starting later in 2022. His failure to comply with the terms of the consent order is considered a default under Article 4.1 of CFP Board's Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Lyman's conduct, enforcement counsel filed a motion for an administrative order of suspension, which counsel to the Commission granted on May 1, 2025. The suspension is effective from June 2, 2025, until Mr. Lyman is deemed eligible for reinstatement under Article 4.6 of the Procedural Rules. Read the order: Case History 44766. KENTUCKY Michael H. Gross (Louisville, Kentucky): In May 2025, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Gross's CFP® certification and right to use the CFP® marks for three months. The Commission's order cites a February 2023 agreement Mr. Gross entered with Kentucky state regulators requiring him and his advisory firm to pay a $7,400 fine and to remediate deficiencies observed during a routine compliance examination. The Kentucky order describes several books and records violations and a breach of fiduciary duty under the Kentucky securities laws based on findings that Mr. Gross's firm made impermissible guarantees to existing and potential clients on its YouTube channel, charged a client an unreasonable advisory fee on assets held solely in cash, failed to maintain executed advisory contracts, and did not file timely and accurate Forms U4 and ADV. In its order, the Commission found that Mr. Gross violated Standard A.1 of CFP Board's Code and Standards, requiring a CFP® professional to act as a fiduciary and in the best interests of the client at all times when providing financial advice; Standard A.2.b, prohibiting a CFP® professional from making any untrue or misleading statement of a material fact when providing professional services; and Standard A.8.a, requiring a CFP® professional's compliance with all laws, rules and regulations governing professional services. Mr. Gross's suspension is effective from June 9, 2025, through September 8, 2025. Read the order: Case History 45294. NEW JERSEY Danny Z. Spiegel (Ocean, New Jersey): In May 2025, a hearing panel of the Disciplinary and Ethics Commission (Commission) found it in the public interest to impose on Mr. Spiegel an interim suspension of his CFP® certification and right to use the CFP® marks during the pendency of related enforcement proceedings. In its petition for the interim suspension, CFP Board's enforcement counsel cited a January 2025 cease-and-desist order entered by the Securities and Exchange Commission (SEC) against Mr. Spiegel for violating Section 15(a) of the Securities Exchange Act of 1934 by selling membership interests in limited liability companies without associating with a registered broker-dealer. The SEC's order, entered with Mr. Spiegel's consent, imposed on him a six-month suspension from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization; a six-month suspension from participating in any offering of a penny stock; disgorgement of $142,083; and a civil penalty of $40,000. The CFP Board suspension was effective on May 12, 2025. Read the order: Case History 47584. OREGON Timothy D. Clairmont (Portland, Oregon): In June 2024, CFP Board's Appeals Commission affirmed a December 2023 decision by the Disciplinary and Ethics Commission (Commission) suspending Mr. Clairmont's right to use the CFP® certification marks for two and a half years. In its 2023 order, the Commission found that Mr. Clairmont breached his fiduciary duty under Rule 1.4 of CFP Board's Rules of Conduct and failed to exercise reasonable and prudent professional judgment under Rule 4.4 when he failed to plan for the significant taxes his client incurred on the sale of assets the client had inherited, instead recommending that the client purchase illiquid investments. As a fiduciary providing financial planning, Mr. Clairmont had an obligation to comply with Practice Standard 400-2 of CFP Board's Financial Planning Practice Standards, which requires a CFP® professional to develop recommendations to reasonably meet the client's goals, needs and priorities. The Commission found that Mr. Clairmont failed to fully investigate and set aside funds for his client's tax liability and to appropriately determine the client's required cash flow in relation to her need for immediate income. The Commission also found that Mr. Clairmont violated Rule 6.2 of the Rules of Conduct when he intentionally made a misstatement to CFP Board on his April 2020 Ethics Declaration by answering 'No' to a question asking if he had ever been named a respondent in an arbitration. The order notes that six months earlier, Mr. Clairmont had settled an arbitration claim filed against him by the same client. Mr. Clairmont's suspension is effective June 4, 2025, through December 3, 2027. Read the order: Case History 33677. TEXAS Todd L. Luft (The Woodlands, Texas): In April 2025, counsel to the Disciplinary and Ethics Commission issued an order immediately suspending Mr. Luft's CFP® certification and right to use the CFP® marks based on his February 2025 suspension by the Financial Industry Regulatory Authority, Inc. (FINRA). FINRA suspended Mr. Luft from associating with any FINRA member after he failed to comply with an arbitration award directing him to pay more than $500,000 to his former firm for not meeting obligations under promissory notes he had signed. The CFP Board order, effective April 21, 2025, suspends Mr. Luft during the pendency of related enforcement proceedings. Read the order: Case History 47717. TEMPORARY BAR CALIFORNIA Brian P. Colla (Corona, California): In May 2025, the Disciplinary and Ethics Commission (Commission) issued an order denying Mr. Colla's petition for a determination that he is fit for CFP® certification and barring him from applying for CFP® certification for two years. Mr. Colla was required to file his petition after disclosing to CFP Board that he had filed for Chapter 7 bankruptcy protections in October 2001 and again in April 2024. In reaching its determination, the Commission noted that although Mr. Colla's first bankruptcy occurred over 20 years before he entered the financial services industry, his most recent bankruptcy was discharged only one month before he filed his petition. While the second bankruptcy was due in part to unforeseen business challenges arising from the COVID pandemic, the Commission found it too soon to conclude that Mr. Colla had adequately demonstrated an ability to manage his financial affairs. The bar is effective from June 20, 2025, through June 19, 2027. Read the order: Case History 46512. FLORIDA Christopher A. Hynes (Punta Gorda, Florida): In April 2025, Mr. Hynes entered into a consent order with the Disciplinary and Ethics Commission (Commission) barring him from CFP Board certification and the right to use the CFP Board certification marks for one year and a day. The order describes a recommendation Mr. Hynes made to his clients, a Massachusetts couple, to invest in 'structured cash flows' offered by an issuer purporting to sell the rights to pension payments owed to federal employees. The couple, who in February 2016 purchased approximately $87,000 of the structured products, had discussed with Mr. Hynes their need for a stream of cash flow to cover the first phase of their retirement. Mr. Hynes, a lawyer, told the couple that he had conducted extensive due diligence into the issuer of the structured cash flow product he was recommending, including his review of a memorandum discussing the propriety of the issuer's purchase of pension payments under federal law. The clients' purchase agreement for the product states that payments were in fact illiquid and not guaranteed, and that they were subject to 'unsettled' law and increasing scrutiny by state regulators. In 2018, the clients stopped receiving monthly payments, and the issuer was later determined to have orchestrated a Ponzi scheme. In 2022, Massachusetts securities regulators investigated the circumstances around the clients' investment and entered a consent order with Mr. Hynes in which he agreed that he had violated state law by transacting business in the state without being properly registered. Massachusetts barred Mr. Hynes from seeking registration in the state for five years and ordered him to pay approximately $50,000 in restitution, a $25,000 fine and disgorgement of the referral fee he had earned on the transaction. Mr. Hynes's consent order with the Commission cites several violations of CFP Board's Rules of Conduct, including Rule 1.4, for failing to meet his fiduciary duty of care when engaging in financial planning; Rule 4.5, for recommending an investment that was not suitable for his clients; Rule 4.3, for failing to comply with applicable regulatory requirements governing the professional services he provided to his clients; and Rule 6.5, for engaging in conduct that reflects adversely on his integrity or fitness as a certificant, on the CFP® marks or on the profession. The bar is effective from April 30, 2025, through April 30, 2026. Read the order: Case History 45210. NORTH CAROLINA Basil Marchi (Raleigh, North Carolina): In May 2025, the Disciplinary and Ethics Commission (Commission) issued an order denying Mr. Marchi's petition for a determination that he is fit for CFP® certification and barring him from applying for certification for three years. In his May 2024 application for CFP® certification, Mr. Marchi disclosed tax liens and other conduct presumed to bar him from being certified. In February 2016, the Internal Revenue Service (IRS) began imposing liens on Mr. Marchi covering multiple tax years dating back to 2005. In all, the IRS imposed more than $900,000 in liens for unpaid federal taxes, fines, penalties and fees. North Carolina tax authorities filed separate liens related to Mr. Marchi's unpaid state taxes. His firm terminated him in August 2016 for failing to report the liens, and in March 2017, Mr. Marchi entered a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority, Inc. (FINRA) suspending him for six months and fining him $10,000 for failing to disclose the liens on his FINRA registration. Mr. Marchi filed for bankruptcy in early 2018. At the time of his hearing, Mr. Marchi had not paid his FINRA fine and had $50,000 in outstanding federal tax liens, which he intended to pay under an installment plan with the IRS. In addition to imposing a three-year bar, the Commission's order conditions Mr. Marchi's eligibility for CFP® certification on his having satisfied all outstanding liens and paid his FINRA fine. Mr. Marchi's bar is effective from June 2, 2025, through June 1, 2028. Read the order: Case History 46708. REVOCATION PENNSYLVANIA John A. Dougherty (Blue Bell, Pennsylvania): In May 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order revoking Mr. Dougherty's CFP® certification and permanently barring him from future certification after he indicated he would no longer participate in CFP Board's investigation into allegations made against him in a lawsuit filed in South Carolina state court. The lawsuit alleged that Mr. Dougherty breached his fiduciary duty and duty of care and failed to properly disclose conflicts of interest relating to investment recommendations he had made to a client, including that the client invest in a highly speculative business venture. Mr. Dougherty was already under an interim suspension issued in April 2024. By expressing his clear intention not to participate in CFP Board's investigation, Mr. Dougherty was in default under Article 4.1.b of its Procedural Rules. Enforcement counsel filed a motion for an administrative order revoking Mr. Dougherty's CFP® certification and permanently barring his future certification based on a determination of the seriousness, scope and harmfulness of his conduct. Counsel for the Commission granted the motion on May 30, 2025. The order was effective on June 30, 2025. Read the order: Case History 46471. ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.
Business Wire
22-07-2025
- Business
- Business Wire
Beyond, Inc. Announces the Early Closing Date of the buybuy BABY Digital Asset Security Offering on the tZERO Platform
MURRAY, Utah--(BUSINESS WIRE)--Beyond, Inc. (NYSE:BYON), owner of Bed Bath & Beyond, Overstock, buybuy BABY, and a blockchain asset portfolio, is excited to announce that its subsidiary, Zion Peaks, Inc., has met its minimum target offering amount of $250,000 for its current Regulation Crowdfunding offering and, subject to maintaining at least its minimum target offering amount of funded investment commitments, the last day to withdraw your subscription will be July 31, 2025, the offering will conclude on August 4, 2025 and the early and final closing date for the offering will be August 11, 2025. The offering of the digital security by Zion Peaks is being made exclusively on tZERO's Brokerage Platform, operated by tZERO Securities, LLC, an SEC and FINRA regulated broker dealer, pursuant to Section 4(a)(6) of the Securities Act. For full details relating to the offering and access to tZERO's Brokerage Platform, please visit: About Beyond Beyond, Inc. (NYSE:BYON), based in Murray, Utah, is an ecommerce-focused retailer with an affinity model that owns or has ownership interests in various retail brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value. The Company currently owns Bed Bath & Beyond, Overstock, buybuy Baby, and other related brands and websites as well as a blockchain asset portfolio. The Company regularly posts information and updates on its Newsroom and Investor Relations pages on its website, About tZERO tZERO Group, Inc. (tZERO) and its broker-dealer subsidiaries provide an innovative liquidity platform for private companies and assets. We offer institutional-grade solutions for issuers looking to digitize their capital table through blockchain technology, and make such equity available for trading on an alternative trading system. tZERO, through its broker-dealer subsidiaries, democratizes access to private assets by providing a simple, automated, and efficient trading venue to broker-dealers, institutions, and investors. All technology services are offered through tZERO Technologies, LLC. For more information, please visit our website. About tZERO Securities tZERO Securities, LLC is a broker-dealer registered with the SEC and a member of FINRA and SIPC. It is the intermediary broker-dealer for the Regulation Crowdfunding offering, which is being made pursuant to section 4(a)(6) of the Securities Act. More information about tZERO Securities may be found on FINRA's BrokerCheck. Investor Notice Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in a single security could mean lack of diversification and, consequently, higher risk. No Offer, Solicitation, Investment Advice or Recommendations This release is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by Beyond, tZERO or any of their respective affiliates, subsidiaries, officers, directors or employees. No money or other consideration is being solicited in connection with this release, and if any money or consideration is sent in response to this release, it will not be accepted. No offer to buy the securities to be offered under Regulation Crowdfunding can be accepted in connection with this release. A person's indication of interest involves no obligation or commitment of any kind. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding the digital asset security offering by Commercial Strategies, Inc. and its use of tZERO's brokerage services, including terms, availability of information, timing and availability of such digital asset security offering, and any consequences relating to such digital asset security offering or the use of tZERO's Brokerage Platform. Additional information regarding factors that could materially affect results, and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, and in our subsequent filings with the SEC.
Yahoo
16-05-2025
- Business
- Yahoo
CFP Board Promotes Public Trust With Seven Actions
Upholding Ethical Standards in a Thriving Network of Over 100,000 CFP® Professionals WASHINGTON, May 16, 2025--(BUSINESS WIRE)--Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 100,000 CFP® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on seven individuals. CFP Board is a professional body that has adopted a Code of Ethics and Standards of Conduct (Code and Standards) that benefits and protects the public and advances financial planning as a distinct and valuable profession. The Code and Standards requires that a CFP® professional meet certain duties when providing professional services to a client, and to refrain from engaging in other misconduct that reflects adversely on their integrity or fitness as a certificant, on the CFP® marks or on the profession. CFP® professionals make a commitment to CFP Board to abide by the Code and Standards, and their compliance reinforces the integrity of the CFP Board certification marks. CFP Board does not guarantee a CFP® professional's services, but it may sanction a CFP® professional who fails to uphold their commitment. Information about how CFP Board addresses ethical issues involving CFP® professionals and those pursuing initial CFP® certification is available at At the public can verify an individual's CFP® certification status. CFP Board also provides links to other sources of information about CFP® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board's website, such as the Financial Industry Regulatory Authority's (FINRA's) BrokerCheck and the U.S. Securities and Exchange Commission's (SEC's) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight. CFP Board is not a federal, state or self-regulatory organization, and it does not sanction financial services firms. The Public Sanctions on Seven Individuals STATE NAME LOCATION SANCTION Maryland Derrick P. Myers, CFP® Glen Burnie Public Censure Oregon Robert Sevcik, CFP® Medford Public Censure California Bobby Koba San Diego Suspension Indiana Carl L. Campbell Columbus Temporary Bar Arizona Dan E. Droeg Chandler Permanent Bar New York Vincent J. Camarda Amityville Permanent Bar Texas David B. Test Frisco Permanent Bar PUBLIC CENSURE MARYLAND Derrick P. Myers, CFP® (Glen Burnie, Maryland): In March 2025, the Disciplinary and Ethics Commission (Commission) issued Mr. Myers a public censure for violating Standard E.8 of CFP Board's Code and Standards and Rule 6.5 of its Rules of Conduct, which require a CFP® professional to refrain from engaging in conduct that reflects adversely on their integrity or fitness as a CFP® professional, on the CFP® marks or on the profession. The Commission found that Mr. Myers had failed to pay his firm's federal payroll taxes on time for the 2018-2020 tax years, resulting in a $147,901 federal tax lien against him. Mr. Myers still owed approximately $52,000 in federal taxes as of mid-September 2023, and his firm owed approximately $127,000 as of early February 2024. Both have complied with agreements they entered with the Internal Revenue Service (IRS) to pay the remaining balances in installments. In its order, the Commission also notes a $25,000 federal tax lien against Mr. Myers for the 2015 and 2016 tax years that the IRS later released. The Commission's order requires Mr. Myers to complete supplemental continuing education on tax planning, and for three years to certify to CFP Board every six months his progress toward resolving his and his firm's tax debts. The order was effective April 21, 2025. Read the order: Case History 45647. OREGON Robert Sevcik, CFP® (Medford, Oregon): In March 2025, the Disciplinary and Ethics Commission (Commission) issued Mr. Sevcik a public censure. The Commission's order cites Mr. Sevcik's June 2021 termination from his firm over concerns that he had submitted transactions under production numbers that were inconsistent with an agreement he had with another representative. On October 11, 2022, Mr. Sevcik entered into a letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA), which contains findings that from June 2014 through May 2021, he placed a total of 218 trades under improper codes, crediting him with higher commissions than he was entitled to under commission-splitting agreements he had with two retired representatives. By causing the firm to maintain inaccurate trade confirmations, Mr. Sevcik violated FINRA Rules 4511 and 2010. In its order, the Commission found that Mr. Sevcik violated Standard A.8.a of CFP Board's Code and Standards, which requires that a CFP® professional comply with the laws, rules and regulations governing Professional Services; Rule 4.3 of the Rules of Conduct, which provides that a certificant shall be in compliance with applicable regulatory requirements governing professional services provided to the client; Standard D.2.a of the Code and Standards, which provides that a CFP® professional will be subject to discipline by CFP Board for violating policies and procedures of their firm; and Standard E.3.j, which provides that a CFP® professional must provide written notice to CFP Board within 30 calendar days after the CFP® professional has been terminated for cause from employment for conduct involving allegations of dishonesty, unethical conduct or compliance failures. Read the order: Case History 43315. SUSPENSION CALIFORNIA Bobby Koba (San Diego, California): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Koba's CFP Board certification and right to use the CFP Board certification marks. In December 2023, CFP Board enforcement counsel sent a notice of investigation to Mr. Koba concerning a customer complaint filed against him in September 2023, alleging unsuitable investments. Mr. Koba failed to acknowledge receipt of this notice or the second notice of investigation enforcement counsel delivered to him and was therefore in default under Article 4.1 of CFP Board's Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Koba's conduct, enforcement counsel filed a motion for administrative order of suspension, which counsel to the Commission granted on September 13, 2024. Mr. Koba is prohibited from applying for or obtaining CFP Board certification until he has been deemed eligible to apply for CFP® certification in accordance with Article 4.6 of the Procedural Rules. The order was effective October 13, 2024. Read the order: Case History 46113. TEMPORARY BAR INDIANA Carl L. Campbell (Columbus, Indiana): In April 2025, the Disciplinary and Ethics Commission (Commission) issued an order denying Mr. Campbell's petition for a determination that he is fit for CFP® certification and barring him from applying for CFP® certification for three years, retroactive to December 2024. Mr. Campbell was required to file his petition after he disclosed to CFP Board that he had filed for Chapter 7 bankruptcy in February 2023. In reaching its determination, the Commission noted that Mr. Campbell's bankruptcy filing occurred only two years ago. The bar is effective December 12, 2024, through December 12, 2027. Read the order: Case History 46774. PERMANENT BAR ARIZONA Dan E. Droeg (Chandler, Arizona): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order permanently barring Mr. Droeg from CFP® certification for failing to cooperate with CFP Board's investigation into his 2021 termination from his firm and subsequent regulatory actions taken against him. On February 11, 2022, Mr. Droeg entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA barring him from associating with any FINRA member. In the AWC, Mr. Droeg consented to findings that, from 2015 to 2021, he used his authority as trustee of his client's charitable remainder trust to wrongfully convert more than $800,000 in trust assets to his own accounts. The state of Arizona brought its own action against Mr. Droeg and revoked his securities licenses. Over the course of its investigation, initiated in November 2021, CFP Board enforcement counsel allowed Mr. Droeg numerous opportunities to provide the information it had requested. Mr. Droeg failed to do so and, in November 2024, enforcement counsel issued him a notice of failure to cooperate under Article 1.3 of CFP Board's Procedural Rules. Mr. Droeg did not cure this failure and was therefore in default under Article 4.1. Based on a determination of the seriousness, scope and harmfulness of Mr. Droeg's conduct, enforcement counsel filed a motion seeking an administrative order that would permanently bar him from CFP® certification, which counsel for the Commission granted on March 27, 2025. The order was effective April 28, 2025. Read the order: Case History 43681. NEW YORK Vincent J. Camarda (Amityville, New York): In April 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order permanently barring Mr. Camarda from CFP® certification for failing to cooperate with an investigation into several customer complaints against him. In one complaint made to CFP Board, clients alleged that Mr. Camarda misappropriated their life savings by investing them in an investment vehicle that he owned and then froze their accounts. The Commission had already imposed an interim suspension against Mr. Camarda in August 2022 after he was named in a complaint filed by the U.S. Securities and Exchange Commission (SEC), alleging securities laws violations relating to investments he had recommended and sold to clients. Mr. Camarda failed to acknowledge CFP Board enforcement counsel's January 2025 notice of investigation as required by Article 1.1 of CFP Board's Procedural Rules and was therefore in default under Article 4.1. Based on a determination of the seriousness, scope and harmfulness of Mr. Camarda's conduct, enforcement counsel filed a motion seeking an administrative order that would permanently bar him from CFP® certification, which counsel for the Commission granted on April 4, 2025. The order was effective May 5, 2025. Read the order: Case History 46900. TEXAS David B. Test (Frisco, Texas): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Test from future CFP® certification. On June 22, 2023, CFP Board enforcement counsel filed a complaint against Mr. Test asserting that he had violated Standard A.8.a of the Code and Standards, which requires a CFP® professional to comply with the laws, rules and regulations governing Professional Services, and Standard D.2.a. of the Code and Standards, which states that a CFP® professional will be subject to discipline by CFP Board for violating policies and procedures of the CFP® professional's firm. The complaint alleges that Mr. Test was permitted to resign from his firm in lieu of termination for placing clients' initials on account transaction forms without the clients' knowledge or authorization. The complaint cites a January 19, 2023, Letter of Acceptance, Waiver and Consent (AWC) Mr. Test entered into with FINRA, which imposed on him a $5,000 fine and a two-month suspension from associating with any FINRA member for violating FINRA Rules 2010 and 4511. Mr. Test chose not to file an answer to CFP Board's complaint and was therefore in default under Article 4.1.e. of its Procedural Rules. Enforcement counsel filed a motion for an administrative order of permanent bar against Mr. Test based on a determination of the seriousness, scope and harmfulness of his conduct. Counsel to the Commission granted the motion on March 11, 2025. The order was effective on April 11, 2025. Read the order: Case History 43437. # # # ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge. View source version on Contacts Joseph Feese, Director of Public Relations, P: 202-379-2305, E: media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
05-05-2025
- Business
- Business Wire
Beyond, Inc. Announces the Early Closing Date of the Overstock 'O' Digital Asset Security Offering on the tZERO Platform
MURRAY, Utah--(BUSINESS WIRE)--Beyond, Inc. (NYSE:BYON), owner of Bed Bath & Beyond, Overstock, buybuy BABY, and a blockchain asset portfolio, is excited to announce that its subsidiary, Commercial Strategies, Inc., has met its minimum target offering amount of $250,000 for its current Regulation Crowdfunding offering and, subject to maintaining at least its minimum target offering amount of funded investment commitments, the early and final closing date for the offering will be May 16, 2025. Due to interest from certain investors in the offering, Commercial Strategies, Inc. has decided to increase the maximum individual purchase amount of $4,000 per investor to $50,000 per investor, allowing investors to invest in the offering at their discretion up to the new maximum individual purchase amount, subject to compliance with Regulation Crowdfunding qualification requirements. The offering of the digital security by Commercial Strategies is being made exclusively on tZERO's Brokerage Platform, operated by tZERO Securities, LLC, an SEC and FINRA regulated broker dealer, pursuant to Section 4(a)(6) of the Securities Act. For full details relating to the offering and access to tZERO's Brokerage Platform, please visit: About Beyond Beyond, Inc. (NYSE:BYON), based in Murray, Utah, is an ecommerce focused affinity company that owns or has ownership interests in various retail brands, offering a comprehensive array of products and services that enable its customers to unlock their homes' potential through its vast data cooperative. Beyond, Inc. currently owns Bed Bath & Beyond, Overstock, buybuy Baby, and other related brands and websites. Beyond, Inc. regularly posts information and updates on its Newsroom and Investor Relations pages on its website, About tZERO tZERO Group, Inc. (tZERO) and its broker-dealer subsidiaries provide an innovative liquidity platform for private companies and assets. We offer institutional-grade solutions for issuers looking to digitize their capital table through blockchain technology, and make such equity available for trading on an alternative trading system. tZERO, through its broker-dealer subsidiaries, democratizes access to private assets by providing a simple, automated, and efficient trading venue to broker-dealers, institutions, and investors. All technology services are offered through tZERO Technologies, LLC. For more information, please visit our website. About tZERO Securities tZERO Securities, LLC is a broker-dealer registered with the SEC and a member of FINRA and SIPC. It is the intermediary broker-dealer for the Regulation Crowdfunding offering, which is being made pursuant to section 4(a)(6) of the Securities Act. More information about tZERO Securities may be found on FINRA's BrokerCheck. Investor Notice Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in a single security could mean lack of diversification and, consequently, higher risk. No Offer, Solicitation, Investment Advice or Recommendations. This release is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by Beyond, tZERO or any of their respective affiliates, subsidiaries, officers, directors or employees. No money or other consideration is being solicited in connection with this release, and if any money or consideration is sent in response to this release, it will not be accepted. No offer to buy the securities to be offered under Regulation Crowdfunding can be accepted in connection with this release. A person's indication of interest involves no obligation or commitment of any kind. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding the digital asset security offering by Commercial Strategies, Inc. and its use of tZERO's brokerage services, including terms, availability of information, timing and availability of such digital asset security offering, and any consequences relating to such digital asset security offering or the use of tZERO's Brokerage Platform. Additional information regarding factors that could materially affect results, and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, and in our subsequent filings with the SEC.
Associated Press
21-03-2025
- Business
- Associated Press
CFP Board Promotes Public Trust With Five Actions
Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 100,000 CFP ® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on five individuals. CFP Board is a professional body that has adopted a Code of Ethics and Standards of Conduct (Code and Standards) that benefits and protects the public and advances financial planning as a distinct and valuable profession. The Code and Standards requires that a CFP ® professional meet certain duties when providing professional services to a client, and to refrain from engaging in other misconduct that reflects adversely on their integrity or fitness as a certificant, on the CFP ® marks or on the profession. CFP ® professionals make a commitment to CFP Board to abide by the Code and Standards, and their compliance reinforces the integrity of the CFP Board certification marks. CFP Board does not guarantee a CFP ® professional's services, but it may sanction a CFP ® professional who fails to uphold their commitment. Information about how CFP Board addresses ethical issues involving CFP ® professionals and those pursuing initial CFP ® certification is available at At the public can verify an individual's CFP ® certification status. CFP Board also provides links to other sources of information about CFP ® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board's website, such as the Financial Industry Regulatory Authority's (FINRA's) BrokerCheck and the U.S. Securities and Exchange Commission's (SEC's) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight. CFP Board is not a federal, state or self-regulatory organization, and it does not sanction financial services firms. The Public Sanctions on Five Individuals STATE NAME LOCATION SANCTION Michigan John M. Derbin Jr., CFP ® Grand Rapids Public Censure New York Marat Likhtenstein New York Suspension Ohio Gary L. Arnold Canton Suspension Pennsylvania David E. Martin Pittsburgh Suspension California Cyril B. Roseman La Mesa Revocation PUBLIC CENSURE MICHIGAN John M. Derbin Jr., CFP ® (Grand Rapids, Michigan) In February 2025, the Disciplinary and Ethics Commission (Commission) issued an order imposing a public censure on Mr. Derbin for violating Standard A.8.a. of CFP Board's Code and Standards, which requires a CFP ® professional to comply with the laws, rules and regulations governing professional services; and Standard D.2.a. of the Code and Standards for violating his firm's policies and procedures. In September 2021, Mr. Derbin's firm suspended him for 30 days, fined him $5,000 and required that he meet with compliance officers and take continuing education courses after he impersonated a client on a telephone call with the client's retirement plan provider. The Commission's order also cites a May 24, 2022, letter of Acceptance, Waiver and Consent (AWC) that Mr. Derbin entered into with the Financial Industry Regulatory Authority, Inc. (FINRA) in which Mr. Derbin consented to findings that, by impersonating a client, he violated FINRA Rule 2010. The FINRA AWC imposed a 10-day suspension and a $2,500 fine. Read the order: Case History 43580. NEW YORK Marat Likhtenstein (New York, New York): In September 2024, counsel to the Disciplinary and Ethics Commission issued an order imposing an automatic interim suspension of Mr. Likhtenstein's CFP Board certification and right to use the CFP Board certification marks. In a notice sent to counsel for the Commission and to Mr. Likhtenstein under Article 2.1 of CFP Board's Procedural Rules, CFP Board enforcement counsel provided evidence that Mr. Likhtenstein entered into an August 5, 2024, Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA) that permanently bars him from associating with any FINRA member. The AWC states that Mr. Likhtenstein violated FINRA Rules 8210 and 2010 by refusing to provide information, documents and on-the-record testimony requested by FINRA. Under Articles 2.1.b.3. and 7.2 of the Procedural Rules, FINRA's permanent bar against Mr. Likhtenstein is grounds for an automatic interim suspension. The suspension was effective September 9, 2024. Read the order: Case History 46970. OHIO Gary L. Arnold (Canton, Ohio): In March 2025, a hearing panel of the Disciplinary and Ethics Commission issued an order imposing on Mr. Arnold an interim suspension of his CFP Board financial planning certification and right to use the CFP ® marks. CFP Board's enforcement counsel filed a petition for the interim suspension on December 18, 2024, based on a letter of Acceptance, Waiver and Consent (AWC) Mr. Arnold entered into with the Financial Industry Regulatory Authority, Inc. (FINRA) on October 16, 2024. In the AWC, Mr. Arnold consented to a three-month suspension from associating with any FINRA member, a $10,000 fine and other conditions for violating FINRA Rules 3110 and 2010. The hearing panel concluded that Mr. Arnold's conduct reflected adversely on his integrity or fitness as a CFP ® professional, on the CFP Board certification marks or on the profession; that his conduct likely would result in a sanction of a suspension or greater under CFP Board's Sanction Guidelines; and that an interim suspension order would be in the public interest. The interim suspension was effective March 11, 2025. Read the order: Case History 47512. PENNSYLVANIA David E. Martin (Pittsburgh, Pennsylvania): In October 2024, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Martin's CFP Board certification and right to use the CFP Board certification marks for three years. The Commission found that Mr. Martin violated Rule 4.3 of CFP Board's Rules of Conduct, which requires a CFP ® professional to comply with applicable regulatory requirements governing professional services provided to the client, and Rule 3.6, which prohibits a CFP ® professional from borrowing money from a client. In 2018, Mr. Martin entered into an agreement with the Pennsylvania Department of Banking and Securities in which he consented to findings that, from February 2012 until at least November 2017, he borrowed money from clients in violation of state law. The Commission found that Mr. Martin had personally guaranteed interest payments to clients on loans they made to a real estate investment vehicle in which other clients of Mr. Martin had invested. The loans allowed those other clients to be made whole on their investment. In determining a sanction against Mr. Martin, the Commission cited several aggravating factors, including his failure to disclose potential conflicts of interest, his inability to produce records related to the transactions at issue and his apparent failure to perform adequate due diligence before identifying his clients as potential investors in the real estate investment. The Commission's order also requires that Mr. Martin hire an established securities compliance consultant to assist him in the preparation of a comprehensive written policies and procedures manual that incorporates the Code and Standards into his practice. Mr. Martin's suspension was effective December 15, 2024. Read the order: Case History 44782. REVOCATION CALIFORNIA Cyril B. Roseman (La Mesa, California): In January 2025, counsel to the Disciplinary and Ethics Commission issued an administrative order revoking Mr. Roseman's CFP ® certification and permanently barring him from future CFP ® certification. CFP Board enforcement counsel notified Mr. Roseman in September 2023 that it was investigating a February 2023 Chapter 7 bankruptcy filing — Mr. Roseman's second — and repeatedly asked Mr. Roseman to provide two years of tax returns but never received them. On July 24, 2024, enforcement counsel sent Mr. Roseman a notice of failure to cooperate under Article 1.3.d. of CFP Board's Procedural Rules, allowing him time to cure the failure by producing the requested documents. Mr. Roseman failed to do so and was, therefore, in default under Article 4.1.c. Enforcement counsel filed a motion for an administrative order revoking Mr. Roseman's CFP ® certification based on a determination of the seriousness, scope and harmfulness of Mr. Roseman's conduct. Counsel for the Commission granted the motion on January 17, 2025. The order was effective on February 17, 2025. Read the order: Case History 45907. ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER ® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP ® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge. SOURCE: CFP Board Copyright Business Wire 2025. PUB: 03/21/2025 02:00 PM/DISC: 03/21/2025 01:59 PM
