WASHINGTON--(BUSINESS WIRE)--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.
