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 six 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 an 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, in order of increasing
severity, Public Censures, Suspensions, Temporary Bars, Permanent
Bars and Revocations 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
are subject to appeal.
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 Six Individuals A short summary
of each sanction can be found below.
STATE
NAME
LOCATION
SANCTION
Minnesota
Delawoe C. Bahtuoh, CFP®
Minneapolis
Public Censure
Florida
Bruce M. Weinstein
Delray
Revocation
Ohio
Christopher J. Selka
Norwalk
Revocation
Connecticut
Andrew M. Komarow
Farmington
Permanent Bar
North Carolina
Arun Aggarwal
Raleigh
Permanent Bar
North Carolina
Mark A. Whitaker
Harrisburg
Permanent Bar
PUBLIC CENSURE
MINNESOTA
Delawoe C. Bahtuoh, CFP® (Minneapolis, Minnesota): In
April 2024, Counsel to the Disciplinary and Ethics Commission (DEC
Counsel) issued Mr. Bahtuoh an Order of Public Censure. On December
11, 2023, Mr. Bahtuoh reported to CFP Board that he had filed for
Chapter 7 bankruptcy protection in March 2023 (Bankruptcy Matter).
On December 18, 2023, CFP Board Enforcement Counsel issued a
Complaint for Single Bankruptcy (Complaint) to Mr. Bahtuoh and
described his options for responding to the Complaint pursuant to
Article 3.4 of CFP Board’s Procedural Rules. Mr. Bahtuoh had no
other bankruptcy matter and, on March 15, 2024, pursuant to Article
3.4.d.(i) of the Procedural Rules, he filed an Answer to the
Complaint admitting that the Bankruptcy Matter demonstrated an
inability to manage responsibly his financial affairs.
Contemporaneously, Enforcement Counsel and Mr. Bahtuoh filed a
Joint Motion for an Order of Public Censure (Joint Motion) with DEC
Counsel. On April 4, 2024, DEC Counsel found that Mr. Bahtuoh had
violated Standard E.2.c. of CFP Board’s Code of Ethics and
Standards of Conduct, granted the Joint Motion and issued an Order
of Public Censure to Mr. Bahtuoh. To read DEC Counsel’s order,
click here: Case History 45598.
REVOCATION
FLORIDA
Bruce M. Weinstein (Delray Beach, Florida): In March
2024, the Disciplinary and Ethics Commission (Commission) issued an
order that denied Mr. Weinstein’s Renewed Petition for Fitness
Determination (Renewed Petition) and issued a Revocation, which
permanently prohibits Mr. Weinstein from applying for or obtaining
CFP® certification. On August 7, 2017, the Commission issued an
Order suspending Mr. Weinstein’s CFP® marks for four years, from
October 3, 2017, to October 3, 2021, determining that he violated
Rules 5.1 and 6.5 of CFP Board’s prior Rules of Conduct. The
Commission found that Mr. Weinstein entered into a 2016 Acceptance,
Waiver and Consent with the Financial Industry Regulatory
Authority, Inc. (FINRA), in which he had consented to, among other
things, a permanent bar from associating with any FINRA member in
any capacity, and findings that he knowingly submitted false
expense reports to his former employer and accepted reimbursements
from the former employer for ineligible expenses. The Commission
also found that Mr. Weinstein filed his second bankruptcy in 2016
when he had previously filed for bankruptcy protections in 1991. On
August 8, 2022, at the conclusion of his four-year CFP Board
suspension, Mr. Weinstein filed a Petition for Reinstatement
Eligibility (First Petition) to the Commission, consistent with
Article 14.2 of CFP Board’s Procedural Rules. On January 6, 2023,
after a hearing, the Commission denied Mr. Weinstein’s First
Petition, finding Mr. Weinstein failed to meet his burden to prove
his rehabilitation and fitness for CFP® certification under the
Procedural Rules. The Commission found that Mr. Weinstein’s second
bankruptcy had not been discharged, and he did not satisfactorily
prove he had integrated CFP Board’s Code of Ethics and Standards of
Conduct (Code and Standards) into his practice. On September 8,
2023, Mr. Weinstein filed his Renewed Petition to the Commission.
However, after a hearing, the Commission found Mr. Weinstein still
did not meet his burden to prove his rehabilitation and fitness for
CFP® certification because he did not prove his integration of the
Code and Standards into his practice. Accordingly, the Commission
denied Mr. Weinstein’s Renewed Petition and issued Mr. Weinstein an
Order of Revocation, as required by the Procedural Rules. Mr.
Weinstein’s revocation is effective April 26, 2024. To read the
Commission’s Order, click here: Case History 45842.
OHIO
Christopher J. Selka (Norwalk, Ohio): In March 2024,
Counsel to the Disciplinary and Ethics Commission (DEC Counsel)
issued an order in which Mr. Selka received a revocation of his CFP
Board certification and his right to use the CFP Board
certification marks. On May 5, 2023, CFP Board Enforcement Counsel
issued a Notice of Investigation to Mr. Selka requesting evidence
that he had notified his firm(s) and clients of a previous
Administrative Order that had become effective on November 30, 2020
(the November 2020 Order), which had suspended his right to use the
CFP Board certification marks for one year and one day. The
November 2020 Order arose from Mr. Selka’s failure to acknowledge
an earlier investigation related to his history of alcohol-related
convictions. Mr. Selka failed to provide the information requested
or to otherwise acknowledge receipt of the Notice of Investigation
within 30 days, as required by Article 1.1.b. of the Procedural
Rules in effect at the time. Enforcement Counsel sent a second
Notice of Investigation to Mr. Selka, which he also failed to
acknowledge; further, pursuant to Article 4.1.b. of CFP Board’s
Procedural Rules, Enforcement Counsel determined that Mr. Selka was
in default and, based on the seriousness, scope and harmfulness of
his conduct, filed a Motion for Order of Administrative Revocation
(Motion), to which Mr. Selka did not file a response. On March 21,
2024, DEC Counsel granted the Motion and issued Mr. Selka an Order
of Administrative Revocation. To read DEC Counsel’s order, click
here: Case History 45522.
PERMANENT BAR
CONNECTICUT
Andrew M. Komarow (Farmington, Connecticut): In January
2024, Counsel to the Disciplinary and Ethics Commission (DEC
Counsel) issued an order permanently barring Mr. Komarow from
applying for or obtaining CFP Board certification. This sanction
followed Mr. Komarow’s relinquishment of his certification and his
failure to respond to CFP Board Enforcement Counsel’s
investigation. On May 9, 2023, CFP Board Enforcement Counsel issued
a Notice of Investigation (NOI) to Mr. Komarow related to his
termination from his firm for initiation of an Electronic Funds
Transfer to his personal account from an account that contained
insufficient funds, in possible violation of Standard D.2 of the
Code of Ethics and Standards of Conduct, which requires a CFP®
professional to comply with the policies and procedures of his or
her firm. Mr. Komarow did not respond to this NOI or a subsequent
NOI issued by Enforcement Counsel. Pursuant to Article 4.1.a. of
CFP Board’s Procedural Rules, Enforcement Counsel determined that
Mr. Komarow was in default and, based on the seriousness, scope and
harmfulness of Respondent’s conduct, filed a Motion for Order of
Administrative Permanent Bar (Motion), to which Mr. Komarow did not
file a response. On January 18, 2024, DEC Counsel granted the
Motion and issued Mr. Komarow an Order of Administrative Permanent
Bar. To read DEC Counsel’s order, click here: Case History
45082.
NORTH CAROLINA
Arun Aggarwal (Raleigh, North Carolina): In March 2024,
Counsel to the Disciplinary and Ethics Commission (DEC Counsel)
issued an order permanently barring Mr. Aggarwal from applying for
or obtaining CFP Board certification. This sanction followed Mr.
Aggarwal’s failure to file an Answer to CFP Board Enforcement
Counsel’s complaint within 30 days, as required by Article 3.2 of
the Procedural Rules. The complaint alleged that on October 3,
2023, Mr. Aggarwal, who allowed his CFP® certification to lapse on
September 30, 2023, entered into a Letter of Acceptance, Waiver and
Consent (AWC) with the Financial Industry Regulatory Authority,
Inc. (FINRA) consenting to findings that, between June 2021 and
September 2022, he exercised discretionary authority when placing
163 trades in a customer’s account. Although the customer
understood that Mr. Aggarwal was placing the trades, the customer
had not provided prior written authorization for him to exercise
discretion. In addition, Mr. Aggarwal’s firm did not accept the
account as discretionary. As a result, Mr. Aggarwal violated FINRA
Rules 3260(b) and 2010. Between June 2021 and September 2022, Mr.
Aggarwal mismarked the 163 discretionary trades as “unsolicited,”
causing his employer to maintain inaccurate books and records, in
violation of FINRA Rules 4511 and 2010. In the AWC, Mr. Aggarwal
consented to a two-month suspension from associating with any FINRA
member in all capacities and a $7,500 fine. Mr. Aggarwal ultimately
chose to cease participating in CFP Board’s investigation and did
not timely file an Answer to CFP Board’s Complaint. Because he
failed to file an Answer as required by CFP Board’s Procedural
Rules, pursuant to Article 4.1.e. of the Procedural Rules,
Enforcement Counsel determined that Mr. Aggarwal was in default
and, based on the seriousness, scope and harmfulness of his
conduct, filed a Motion for Order of Administrative Permanent Bar
(Motion), to which Mr. Aggarwal did not file a response. On March
18, 2024, DEC Counsel granted the Motion and issued Mr. Aggarwal an
Order of Administrative Permanent Bar. To read DEC Counsel’s order,
click here: Case History 44950.
Mark A. Whitaker (Harrisburg, North Carolina): In April
2024, Counsel to the Disciplinary and Ethics Commission (DEC
Counsel) issued an order in which Mr. Whitaker received an
Administrative Permanent Bar that permanently bars him from
applying for or obtaining CFP® certification. On March 6, 2023, CFP
Board Enforcement Counsel issued a Notice of Investigation to Mr.
Whitaker related to a two-year revocation of his Certified Public
Accountant (CPA) credentials in June 2018 by the North Carolina
State Board of CPA Examiners, due to his failure to disclose
annuity commissions to one of his clients. Mr. Whitaker indicated a
clear intention not to participate or cease participation in CFP
Board’s investigation and he failed to cure a Notice of Failure to
Cooperate that Enforcement Counsel issued to him in accordance with
Article 1.3.d. of CFP Board’s Procedural Rules. Enforcement Counsel
determined that Respondent was in default pursuant to Articles
4.1.b. and 4.1.c. and, based on the seriousness, scope and
harmfulness of Respondent’s conduct, filed a Motion for Order of
Administrative Permanent Bar (Motion), to which Mr. Whitaker did
not file a response. On April 1, 2024, DEC Counsel granted the
Motion and issued Mr. Whitaker an Order of Administrative Permanent
Bar. To read DEC Counsel’s order, click here: Case History
45275.
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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Joseph Feese Director of Public Relations P: 202-379-2305 E:
media@cfpboard.org Twitter: @CFPBoard