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CFP Board Censures 23 Advisors, Issues Revocations, Suspensions for Unethical Practices

The Certified Financial Planner (CFP) Board announced sanctions taken against 23 financial advisors as the result of both CFP and FINRA violations spanning from unsuitable annuities recommendations, misleading clients, misappropriation of funds, and knowingly omitting or submitting false information to regulators or employing firms.

For instance, Spectrum Financial's David L. Gabai of West Hills, California received an interim suspension as the result of a FINRA AWC finding he "utilized deceptive, fraudulent and manipulative strategies involving the purchase and sale of a stock of which he held a significant personal stake."

Darin Gibson of Turnham Gibson Financial Group in Irvine, California received a public admonition for discrepancies between services agreed to and those actually provided to a client, while Immaculate Wealth Management's Mark E. Rauguth of Mesa, Arizona was admonished for improperly using his broker-dealer's signature guarantee stamp for non-firm customers.

More severely, the CFP permanently revoked the Board's marks for Joseph M. Browne of Summit Wealth Partners, Michael T. Sullivan of First Allied Securities, and Michael A. Zolondek most recently of Prancer Financial Services. According toe the CFP, Browne misrepresented his compensation method on the CFP Board's public database, Sullivan recommended and sold unsuitable annuities, and Zolondek helped nearly 300 Farmers Financial Solutions employees cheat on their Life Underwriter Training Course tests; Zolendek also received a permanent bar from FINRA for his misconduct.

The CFP Board also handed down suspensions to the following advisors:

  • Charles E. O'Hara IV (Investors Capital): Recommended and Sold $400,000 in REITs and solicited personal loans from clients.
  • Swan S. Shen (Holistic Financial & Retirement Group): Altered a client's variable annuity checklist, copied and pasted non-genuine customer signatures, consolidated customer statements to present to other clients.
  • Jacqueline H. Thornhill (Las Vegas): Failed to report a FINRA suspension for participating in outside private securities transactions without firm approval.
  • Scott A. Brooks (Ameriprise Financial): Failed to file or pay federal and state income taxes from 2000 through 2008.
  • Brett Fellows (Oak Capital Advisors): Misled clients into transferring accounts to a new broker-dealer.
  • Roy Dwane Johnson (Ajz Consulting): Misappropriated funds and submitted false records to his member firm.
  • Candy J. Lee (Candy J Lee Financial Planning and Money Management): Sold C-shares as a way of ensuring payment.
  • Robert A. Magliulo (Vanderbilt Securities): Improperly instructed an assistant to complete an online education program on his behalf.
  • Kevin M. Nevin (Sandlapper Wealth Management): Failed to notify firm of client's intended investment in three private placements that ran unsupervised.

If you have invested with any financial advisors or brokers who have engaged in misconduct, such as suitability violations, misrepresentations, misappropriations or other illicit activities that have proven harmful to your investments or financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

News: CFP Board Takes Action Against 23 Advisors (BankInvestmentConsultant)

Categories: Discipline, CFP
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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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