WASHINGTON, Sept. 15, 2017 /PRNewswire-USNewswire/ -- Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has imposed an automatic interim suspension of Tye C. Williams's CFP® certification, effective September 13, 2017.
CFP Board imposed an automatic interim suspension following Mr. Williams's consent to a bar from association in any capacity with any Financial Industry Regulatory Authority, Inc. (FINRA) member on September 6, 2016. Mr. Williams was barred by FINRA after he failed to produce requested documents and information in connection with an investigation into a customer complaint that, from 2004 to 2014, Mr. Williams converted over $1 million from the customers' accounts, made unsuitable investment recommendations, engaged in unauthorized transactions and mismanaged their assets. By failing to produce the documents and information requested by FINRA, Mr. Williams violated FINRA Rules 8210 and 2010.
Pursuant to Article 5.7 of CFP Board's Disciplinary Rules, "[a]n interim suspension shall immediately be issued without a hearing when CFP Board Counsel receives evidence of a conviction or a professional discipline in accordance with Article 13.1 for…revocation of a financial professional license (securities, insurance, accounting or bank-related license)." Under the interim suspension order, Mr. Williams's right to use the CFP® certification marks is suspended pending CFP Board's completed investigation and possible further disciplinary proceedings.
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 nearly 80,000 individuals to use these marks in the U.S.
SOURCE CFP Board