WASHINGTON, Aug. 25, 2017 /PRNewswire/ -- Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has imposed automatically an interim suspension of Lawrence A. deShetler's CFP® certification, effective July 19, 2017.
CFP Board imposed an interim suspension after Mr. deShetler failed to respond to an Order to Show Cause. CFP Board filed the Order to Show Cause on June 29, 2017, after discovering that the State of Texas alleged Mr. deShetler deposited client money from an Investment Retirement Account ("IRA") into an account over which he had sole signatory authority. The State of Texas further alleged that Mr. deShetler wired money to the client each month in the same amount as the client previously had received from her IRA. Mr. deShetler misrepresented that the money was a monthly IRA distribution. The State of Texas further alleged that Mr. deShetler spent a portion of the client's money on personal expenses. CFP Board also discovered that the US Attorney for the Eastern District of Texas charged Mr. deShetler with one count of mail fraud stemming from his solicitation of funds from clients in which he represented that he would invest the clients' money but actually used the money for his personal benefit. Mr. deShetler pleaded guilty to one count of mail fraud. Pursuant to Article 5.2, Mr. deShetler was required to respond to the Order to Show Cause within 20 calendar days or by July 19, 2017. Mr. deShetler failed to file a response to the Order to Show Cause. Pursuant to Article 5.4 of CFP Board's Disciplinary Rules, "[i]f a CFP® professional fails to file a Response [to the Order to Show Cause] within [20 calendar days from the date of service of the Order to Show Cause], the CFP® professional shall be deemed to have waived the right to respond, the allegations set forth in the Order to Shaw Cause shall be deemed admitted and an interim suspension will be automatically issued."
CFP Board's enforcement process is a critical consumer protection. CFP® professionals agree to abide by CFP Board's Standards of Professional Conduct (Standards), which includes the Code of Ethics and Professional Responsibility (Code of Ethics), Rules of Conduct and Financial Planning Practice Standards (Practice Standards). The Standards set forth the ethical standards for financial planners who hold the CFP® certification.
CFP Board enforces its ethical standards by investigating incidents of alleged unethical behavior by CFP® professionals. In cases where violations are found, the Disciplinary and Ethics Commission (Commission) may impose discipline ranging from a private censure or public letter of admonition to the suspension or revocation of an individual's right to use the CFP® marks. CFP Board's Disciplinary Rules and Procedures (Disciplinary Rules) set forth the process for investigating matters and imposing discipline where violations have been found.
ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 77,000 individuals to use these marks in the U.S.
SOURCE Certified Financial Planner Board of Standards, Inc.