CFP Board Promotes Public Trust With 9 Actions

Upholding Ethical Standards in a Thriving Network of Over 107,000 CFP^® Professionals

WASHINGTON--(BUSINESS WIRE)--Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 107,000 CFP^® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on 9 individuals.

CFP Board is a professional body that has adopted a Code of Ethics and Standards of Conduct (Code and Standards) that benefits and protects the public and advances financial planning as a distinct and valuable profession. The Code and Standards requires that a CFP^® professional meet certain duties when providing professional services to a client, and to refrain from engaging in other misconduct that reflects adversely on their integrity or fitness as a certificant, on the CFP^® marks or on the profession. CFP^® professionals make a commitment to CFP Board to abide by the Code and Standards, and their compliance reinforces the integrity of the CFP Board certification marks. CFP Board does not guarantee a CFP^® professional’s services, but it may sanction a CFP^® professional who fails to uphold their commitment.

CFP Board’s Fitness Standards for Candidates for CFP^® Certification and Former CFP^® Professionals Seeking Reinstatement (“Fitness Standards”) sets the standards against which CFP Board evaluates the ethical fitness of those seeking CFP^® certification. In some circumstances, CFP Board may determine an applicant is currently fit for CFP^® certification and issue a public notice of their prior misconduct.

Information about how CFP Board addresses ethical issues involving CFP^® professionals and those pursuing initial CFP^® certification is available at CFP.net/enforcement.

At CFP.net/verify, the public can verify an individual’s CFP^® certification status. CFP Board also provides 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, such as 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. CFP Board is not a federal, state or self-regulatory organization, and it does not sanction financial services firms.

The Public Sanctions on 9 Individuals

STATE	NAME	LOCATION	SANCTION
Florida	Michael Paul Massey, CFP^®	Vero Beach	Public Censure
Michigan	David H. Knight, CFP^®	Traverse City	Public Censure
Florida	Robert Henderson Jr.	Hialeah	Suspension
Ohio	Scott A. Pelfrey	Loveland	Suspension
Arizona	Paul C. Ohanian	Scottsdale	Revocation
Florida	David B. Ghingher	Brooksville	Revocation
Illinois	Sanford A. Schmidt	Northbrook	Revocation
Oklahoma	Jason M. Kurtz	Edmond	Permanent Bar

Virginia

Jonathan Heck

Moseley

Public Notice

PUBLIC CENSURE

FLORIDA

Michael Paul Massey, CFP^® (Vero Beach, Florida): In December 2025, the Disciplinary and Ethics Commission (Commission) accepted a consent order in which Mr. Massey agreed to a public censure for violating Standard E.2.a of CFP Board’s Code and Standards, which prohibits a CFP^® professional from engaging in conduct that reflects adversely on their integrity or fitness as a CFP^® professional, on the CFP^® marks or on the profession. Mr. Massey consented to findings that, in August 2022, he pleaded “no contest” in Florida state court to felony cocaine possession and misdemeanor possession of drug paraphernalia. Following Mr. Massey’s successful completion of a pretrial diversion program for first-time offenders, the Florida court allowed Mr. Massey to withdraw his plea, dismissed the criminal charges against him and directed that they be expunged. Read the consent order: Case History 43383.

MICHIGAN

David H. Knight, CFP^® (Traverse City, Michigan): In October 2025, CFP Board’s Appeals Commission affirmed a March 2025 Disciplinary and Ethics Commission (Commission) order imposing a public censure on Mr. Knight. The March 2025 order cites Respondent’s “no contest” plea to a misdemeanor in Michigan state court, in violation of Standard E.2.a of the Code of Ethics and Standards of Conduct, which provides that a CFP^® professional may not engage in conduct that reflects adversely on his or her integrity or fitness as a CFP^® professional, upon the CFP^® marks, or upon the profession. In January 2023, following Mr. Knight’s successful completion of probation, the Michigan court dismissed the criminal charges and closed the case. Read the order: Case History 43926.

SUSPENSION

FLORIDA

Robert Henderson Jr. (Hialeah, Florida): In October 2025, CFP Board’s Appeals Commission affirmed a May 2024 order issued by the Disciplinary and Ethics Commission (Commission) suspending Mr. Henderson’s CFP Board certification and right to use the CFP Board certification marks for three years. The Commission found that Mr. Henderson violated Standard A.8.a of CFP Board’s Code and Standards and Rule 4.3 of its Rules of Conduct, which require CFP^® professionals to comply with all applicable laws, rules and regulations governing professional services provided to clients. The Commission’s May 2024 decision cites an order issued by the Financial Industry Regulatory Authority, Inc. (FINRA) in September 2021 finding that Mr. Henderson had violated several FINRA Rules by failing to disclose his outside business activities and by failing to disclose approximately $368,000 in federal tax liens on his Form U4. FINRA suspended Mr. Henderson for thirteen months and imposed $30,000 in fines. The Commission’s order notes that Mr. Henderson had previously been cautioned by FINRA and CFP Board related to earlier undisclosed tax liens and cites his history of customer complaints and apparent disregard for the orderly administration of his personal finances. The order requires that Mr. Henderson hire an established compliance professional to create firm policies and procedures that incorporate CFP Board’s Code and Standards into his practice. Mr. Henderson’s suspension is effective from October 28, 2025 through October 28, 2028. Read the order: Case History 44396.

OHIO

Scott A. Pelfrey (Loveland, Ohio): In November 2025, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Pelfrey’s CFP Board certification and right to use the CFP Board certification marks for one year and one day for violating Standard E.2.d of CFP Board’s Code and Standards by failing to address federal tax liens filed against him. Standard E.2.d prohibits a CFP^® professional from engaging in conduct that reflects adversely on their integrity or fitness as a CFP^® professional, on the CFP^® marks or on the profession. The Commission found Mr. Pelfrey’s explanation for not satisfying his federal tax liabilities for more than a decade insufficient to rebut the presumption that the tax liens demonstrated his inability to manage his personal finances responsibly. The Commission’s order describes steps Mr. Pelfrey must take to address his outstanding tax liabilities to be eligible for reinstatement. His suspension is effective from December 26, 2025, through December 27, 2026. Read the order: Case History 45715.

REVOCATION

ARIZONA

Paul C. Ohanian (Scottsdale, Arizona): In November 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order revoking Mr. Ohanian’s CFP^® certification after he failed to answer a complaint alleging numerous violations of CFP Board’s Rules of Conduct and Code and Standards. The complaint describes a consent agreement Mr. Ohanian entered with the Commodity Futures Trading Commission (CFTC) in which Mr. Ohanian agreed to pay $338,000 in restitution and a $169,000 civil penalty for advising clients to invest in a commodity pool without disclosing material information, including facts about excessive fees and changes to the trading strategy. According to the consent agreement, the investment lost more than 90% of its value due to undisclosed reckless trading by an unregistered individual. The CFTC found that Mr. Ohanian was also not properly registered to advise clients on futures trading, and he is prohibited for four years from trading with any entity registered under the Commodities Exchange Act. Because Mr. Ohanian failed to file an answer to the complaint, he was in default under Article 4.1.e of CFP Board’s Procedural Rules. Based on its determination of the seriousness, scope and harmfulness of Mr. Ohanian’s conduct, enforcement counsel filed a motion for an administrative order revoking his CFP^® certification, which counsel for the Commission granted on November 17, 2025. The order was effective December 17, 2025. Read the order: Case History 45845.

FLORIDA

David B. Ghingher (Brooksville, Florida): In November 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order revoking Mr. Ghingher’s CFP^® certification and permanently barring him from future certification after he failed to cooperate with CFP Board’s investigation into federal tax liens filed against him. By failing to cooperate, Mr. Ghingher was in default under Article 4.1.c of CFP Board’s Procedural Rules. Enforcement counsel conducting the investigation filed a motion for an administrative order revoking Mr. Ghingher’s CFP^® certification based on a determination of the seriousness, scope and harmfulness of his conduct. Counsel for the Commission granted the motion on November 12, 2025, by order effective December 12, 2025. Read the order: Case History 45479.

ILLINOIS

Sanford A. Schmidt (Northbrook, Illinois): In November 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order revoking Mr. Schmidt’s CFP^® certification after Mr. Schmidt stated that he would no longer participate in a CFP Board investigation and failed to appear for his oral examination. The investigation concerned a customer complaint and civil lawsuit filed against Mr. Schmidt in Illinois state court in February 2024, alleging fraud related to his recommendation that clients invest in interest-bearing notes issued by a company later determined to be a Ponzi scheme. Investors in the company, which included Mr. Schmidt’s clients, collectively lost approximately $75 million. Based on its determination of the seriousness, scope and harmfulness of Mr. Schmidt’s conduct, enforcement counsel investigating the conduct filed a motion seeking an administrative order revoking his CFP^® certification, which counsel to the Commission granted on November 10, 2025. The order was effective December 10, 2025. Read the order: Case History 46440.

PERMANENT BAR

OKLAHOMA

Jason M. Kurtz (Edmond, Oklahoma): In November 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Kurtz from obtaining CFP^® certification after Mr. Kurtz failed to provide CFP Board with information about his noncompliance with an arbitration award against him and a bar imposed on him by the Financial Industry Regulatory Authority, Inc. Based on its determination of the seriousness, scope and harmfulness of Mr. Kurtz’s conduct, enforcement counsel investigating the conduct filed a motion seeking an administrative order permanently barring Mr. Kurtz from obtaining CFP^® certification, which counsel to the Commission granted on November 25, 2025. The order was effective on December 26, 2025. Read the order: Case History 46457.

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PUBLIC NOTICE

Jonathan Heck (Moseley, Virginia): In January 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Heck’s petition for a determination that he is fit for CFP^® certification with a public notice after he disclosed in his application that he filed for bankruptcy in September 2020. Mr. Heck and CFP Board enforcement counsel filed his petition as a joint motion stating that Mr. Heck had provided information sufficient for enforcement counsel to find no probable cause to believe Mr. Heck‘s current financial circumstances demonstrate an inability to manage his financial affairs responsibly. Read the order: Case History 48374.

 

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 107,000 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.