CFP Board Imposes Public Sanctions on Five Individuals

Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization that certifies more than 100,000 CFP® professionals in the United States, today announced public sanctions against five current or former CFP® professionals, or candidates for CFP® certification.

CFP Board sets and enforces high standards of competence and ethics for all CFP® professionals. When CFP Board learns that a CFP® professional has not abided by the ethical standards, CFP Board investigates and takes enforcement action.

CFP Board’s Enforcement Process

As part of their certification, CFP® professionals make a commitment to CFP Board to abide by CFP Board’s Code of Ethics and Standards of Conduct (Code and Standards) or its predecessor, the Standards of Professional Conduct (Standards), which included the Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards. Individuals on the pathway to CFP® certification make a commitment to abide by CFP Board’s Pathway to CFP® Certification Agreement (Pathway Agreement). CFP Board’s Code and Standards benefits and protects the public and advances financial planning as a distinct and valuable profession. Compliance with the Code and Standards is critical to the integrity of the CFP Board certification marks.

CFP Board’s Procedural Rules sets forth the process for investigating matters and imposing sanctions where violations have been found. CFP Board enforces its ethical standards by investigating alleged violations and, where there is probable cause to believe there are grounds for sanction, presents a Complaint containing the alleged violations to CFP Board’s Disciplinary and Ethics Commission (Commission). The Commission meets at least six times a year to review any matter in which CFP Board has alleged that a CFP® professional has violated CFP Board’s Code and Standards or its predecessor Standards, or an individual pursuing initial CFP® certification has violated the Pathway Agreement. The Commission functions in accordance with the Procedural Rules and reviews all matters on a case-by-case basis, considering the details specific to each individual case. If the Commission determines there are grounds for sanction, then it may impose a sanction. Commission orders may be appealed by a Respondent or CFP Board pursuant to the Procedural Rules.

CFP Board public sanctions include Public Censures, Suspensions, Temporary Bars, Revocations and Permanent Bars of the right to use the CFP Board certification marks. In certain circumstances, such as when a CFP® professional is in default due to failure to acknowledge receipt of a notice of investigation or failure to file an answer, a CFP® professional may receive an Administrative Order of Suspension, Temporary Bar, Revocation or Permanent Bar. Administrative Orders may be appealed.

More information on CFP Board’s enforcement process can be found at CFP.net/enforcement. In addition, at CFP.net/verify, CFP Board provides the public with:

• An individual’s CFP® certification status and summaries of and links to orders issuing public sanctions to current or former CFP® professionals.
• 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. This information may include customer disputes, disciplinary actions taken by a regulator or employer, certain criminal matters and certain financial matters (such as bankruptcy proceedings and unpaid judgments or liens).
• Links to 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.

The Public Sanctions on Five Individuals

A short summary of each sanction can be found below.

PUBLIC CENSURE

FLORIDA

Anthony Thomas Pace, CFP® (Palm Beach Gardens, Florida): In August 2024, the Disciplinary and Ethics Commission (Commission) accepted a consent order in which Mr. Pace agreed to a Public Censure for violating Standard A.8.a. of CFP Board’s Code and Standards and Rule 4.3 of its Rules of Conduct. In October 2023, Mr. Pace entered a stipulation and consent agreement with the Florida Office of Financial Regulation in which he consented to findings that he had violated Florida law by rendering investment advice from Florida without being registered in the state. Standard A.8.a. of CFP Board’s Code and Standards and Rule 4.3 of its Rules of Conduct require a CFP^® professional to comply with the laws, rules and regulations governing professional services provided to a client. Read the Commission’s Order: Case History 46031.

GEORGIA

Julian F. Patton Jr., CFP® (Alpharetta, Georgia): In August 2024, the Disciplinary and Ethics Commission (Commission) accepted a consent order in which Mr. Patton agreed to a Public Censure for violating CFP Board’s Code and Standards. Mr. Patton consented to findings that, on August 29, 2023, he pleaded guilty and was convicted of a misdemeanor DUI Level 4 in Mecklenburg County, North Carolina, his third alcohol-related offense. Mr. Patton consented to a finding that he violated Standard E.2.a. of the Code and Standards, which states that a CFP® professional may not engage in conduct that reflects adversely on his or her integrity or fitness as a CFP® professional, on the CFP® marks or on the profession. Read the Commission’s Order: Case History 43184.

NEW YORK

John P. Harnish, CFP® (Pittsford, New York): In June 2024, the Disciplinary and Ethics Commission (Commission) accepted a consent order in which Mr. Harnish agreed to a Public Censure for violating CFP Board’s Code and Standards and Rules of Conduct. Mr. Harnish consented to findings that he entered into a cease-and-desist order with the Securities and Exchange Commission (SEC) in which the SEC found that he had willfully violated Sections 206(2) and 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adequately disclose his firm’s compensation practices and its practice of recommending mutual funds with 12b-1 fees. Mr. Harnish disgorged the improperly disclosed fees and paid a fine to the SEC. In the Consent Order with CFP Board, Mr. Harnish consented to findings that he violated Rule 1.4 of the Rules of Conduct and Standard A.1. of the Code and Standards, which require a CFP® professional to place the interest of the client ahead of their own and act as a fiduciary when providing financial advice to a client; Rule 2.2(A) of the Rules of Conduct, which requires a CFP® professional to disclose to a prospective client or client an accurate and understandable description of the compensation arrangements being offered; and Rule 4.3 of the Rules of Conduct and Standard A.8.a. of the Code and Standards, which require a CFP® professional to comply with the laws, rules and regulations governing professional services provided to a client. Read the Commission’s Order: Case History 44146.

PENNSYLVANIA

Michael Neill, CFP® (Wayne, Pennsylvania): In August 2024, the Disciplinary and Ethics Commission (Commission) accepted a consent order in which Mr. Neill agreed to a Public Censure for violating CFP Board’s Code and Standards. In April 2021, Mr. Neill’s former firm terminated him for allegedly submitting over 200 securities transactions under his personal representative code, not under a joint code that he shared with another firm representative, receiving higher commissions than he was contractually entitled to as a result. In April 2023, Mr. Neill signed a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA) in which he consented to a one-month suspension from associating with any FINRA member and a $5,000 fine for causing his former firm to maintain inaccurate books and records in violation of FINRA Rules 4511 and 2010. Mr. Neill later consented to a finding by the Delaware Insurance Commissioner that he unintentionally failed to report the AWC, resulting in a $500 fine. In the Consent Order with CFP Board, Mr. Neill agreed to findings that he violated Rule 4.3 of the Rules of Conduct and Standard A.8.a. of the Code and Standards, which require a CFP® professional to comply with laws, rules and regulations governing professional services provided to a client. Mr. Neill also consented to a finding that he failed to provide CFP Board with written notice of the FINRA AWC as required under Standard E.3.c. of the Code and Standards. Read the Commission’s Order: Case History 45631.

PERMANENT BAR

TEXAS

Adam C. Sifuentes (Dallas, Texas): In July 2024, counsel to the Disciplinary and Ethics Commission (DEC Counsel) issued an order permanently barring Mr. Sifuentes from applying for or obtaining CFP® certification. In September 2023, CFP Board Enforcement Counsel filed with the Commission and delivered to Mr. Sifuentes a complaint alleging that on May 5, 2022, Mr. Sifuentes pleaded guilty and was convicted in Dallas County Criminal Court of two misdemeanor charges of driving while intoxicated (DWI) following arrests in November 2017 and October 2019. The complaint alleged that Mr. Sifuentes failed to disclose the DWI conviction to CFP Board as required, and that he made false or misleading representations to CFP Board by answering “no” on his 2018 and 2020 Ethics Declarations in response to questions regarding whether he had been charged with or convicted of a misdemeanor. Because Mr. Sifuentes did not file an answer to the complaint, instead informing CFP Board that he was withdrawing his CFP® certification, he was in default under Article 4.1 of CFP Board’s Procedural Rules. Based on the seriousness, scope and harmfulness of his conduct, Enforcement Counsel filed a Motion for Order of Administrative Revocation, which DEC Counsel granted on July 2, 2024. The Order was effective August 1, 2024. Read DEC Counsel’s Order: Case History 45041.

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.

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