CFP Board Suspends Former Next Financial Broker Following Recent FINRA Bar
Certified Financial Planner Board of Standards Inc., a non-profit organization that administers the certified financial planner certification program, has imposed an automatic interim suspension following the recent FINRA bar of former Next Financial broker, Tye Williams.
Williams was barred by the Financial Industry Regulatory Authority on September 6th after failing to produce requested documents and information in connection with an investigation into a customer complaint that, from 2004 to 2014, he converted more than $1 million from his 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, Williams violated FINRA Rules 8210 and 2010.
Under the interim suspension order, Williams’s right to use the CFP certification marks is suspended pending CFP Board’s completed investigation and possible further disciplinary proceedings.
CFP professionals agree to abide by certain standards of professional conduct, and CFP Board enforces its ethical standards by investigating incidents of alleged unethical behavior. In cases where violations are found, the disciplinary and ethics 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.
Certified Financial Planner Board of Standards currently authorizes nearly 80,000 individuals to use the CFP designation in the U.S.
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