Six CFPs Automatically Suspended
The CFP Board has imposed six automatic interim suspensions on current holders of the designation, the board says.
CFP Board rules dictate that such suspensions are issued to any CFP professional convicted of a felony, stripped of a professional license or sanctioned by another regulator, according to the board. As such, the board suspended Dale Norton, Jr., in Newhall, Calif., after receiving evidence in April that Norton was the subject of a felony conviction for possession of child or youth pornography, which he then allegedly failed to report to the board within 30 days as required, the CFP Board says in a press release.
Norton also allegedly failed to notify the board in a timely manner that he had been permanently barred by the State of California Department of Insurance, according to the board.
CFP Board has also imposed a temporary suspension on Harry Couglar in San Diego, Calif., following a Finra bar imposed in May over allegations that Couglar had failed to notify his firm and two other Finra member firms that he had discretionary authority over joint or individual accounts held by a total of 50 individuals and prepared tax returns for at least 18 people without disclosing this outside business activity to the firm, the CFP Board says.
In addition, Craig Lewis of Gainesville, Ga., received an interim suspension following a November 2017 Finra bar over his alleged refusal to show up for testimony in connection to the industry self-regulator’s investigation of his outside business activity, according to the press release from the CFP Board. The board also imposed a suspension on David Ferwerda of Grand Rapids, Mich., following the October 2018 Finra bar over his alleged refusal to provide documents for the regulator’s investigation of Ferwerda’s sales of notes of a group of unregistered investment companies, the board says.
Sam Aziz, of Powell, Ohio, received an interim suspension following his March 2019 Finra bar over his alleged refusal to appear for testimony in connection to the regulator’s investigation of allegations of excessive trading, unsuitable recommendations and more, according to the press release.
Finally, the board imposed an interim suspension on Benjamin Galloway, of Columbia, S.C., following a January 2019 Finra bar over his alleged refusal to show up for testimony in connection with the regulator’s investigation of Galloway’s requests for mileage reimbursement and use of a corporate credit card, the CFP Board says.