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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
16-05-2025
- Business
- Business Wire
CFP Board Promotes Public Trust With Seven 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 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 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.
Business Wire
22-04-2025
- Business
- Business Wire
CFP Board Announces March 2025 CFP ® Certification Exam Results
WASHINGTON--(BUSINESS WIRE)--CFP Board today announced the results of the March 2025 CFP ® Certification Exam. The exam was administered during a March 18-25 testing window to 3,854 candidates. This is the largest number of people to ever sit for a CFP ® Certification Exam in March, breaking last March's record of 3,683 exam-takers. The pass rate for the March exam was 65%. 'The growing demand for CFP ® certification reflects a powerful trend, as more financial professionals commit to serving their clients' best interests,' said CFP Board CEO Kevin R. Keller, CAE. 'As the community of CFP ® professionals grows, more Americans gain access to the competent, ethical financial planning that they deserve.' According to the March 2025 post-exam survey, the main reason exam-takers are pursuing CFP ® certification is to demonstrate expertise in their job (40%), followed by to distinguish themselves as a fiduciary (33%). Of the exam-takers, 24% reported receiving some level of financial support from their employers during the CFP ® certification process. Registration for the CFP ® exam showed that 72% of March candidates are under 40 years old, and 41% are under age 30. (Both figures reflect an increase in younger candidates compared to November 2024, when 69% were under 40 and 39% were under 30.) The 10 states with the most exam-takers were California, Texas, Florida, Pennsylvania, New York, Illinois, North Carolina, Ohio, New Jersey and Massachusetts, with 2,056 candidates from these states sitting for the exam. Statistics from previous exams — including those from the March 2025 exam — are available on CFP Board's exam statistics webpage. July 2025 Exam The CFP ® exam is offered three times annually, in March, July and November. Registration for the July 2025 CFP ® Certification Exam is now open. This exam will be administered from July 10-17, 2025. The registration deadline is June 26, and the Education Verification deadline is June 18. Testing appointments are scheduled on a first-come, first-served basis. We therefore encourage individuals to register for the exam at least 60 days in advance for the best date and site availability. To begin the path to certification, CFP ® certification candidates should create accounts on Here, they can access resources for all stages of their certification journey. 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.
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
