CFP BOARD LISTS PUNISHED PLANNERS: FIVE STRIPPED OF RIGHT TO USE DESIGNATION, TWO OTHERS SUSPENDED

The Certified Financial Planner Board of Standards has revoked permanently the right of the following financial planning practitioners to use the CFP marks or call themselves certified financial planner licensees as a result of what it terms unethical, improper or illegal professional or personal conduct:

ARIZONA

* Marilyn M. Brooks (Phoenix): failed to respond to its October 1998 complaint alleging, among other things, unauthorized use of the CFP marks.

CONNECTICUT

* William T. Sears (Danbury): failed to respond to its August 1998 complaint alleging that he had pled guilty to a charge of larceny in the first degree.

KENTUCKY

* Louis A. Carmichael (Lexington): failed to respond to its August 1998 complaint alleging, among other things, that he had made false attestations on CFP Board forms and failed properly to disclose several civil proceedings.

OREGON

* Ronald J. Bales (The Dalles): failed to respond to its November 1998 complaint alleging, among other things, unauthorized use and misuse of the CFP marks.

TEXAS/NORTH CAROLINA

* Richard J. Suydam (Austin/Raleigh): Allegations included misrepresentation, false advertising, fee disputes, unsuitable recommendations and failure to disclose conflicts of interest. In addition, the materials submitted established that Mr. Suydam had been using the CFP marks while unauthorized to do so. The Board of Professional Review determined that Mr. Suydam failed to research whether his recommendations were permitted through North Carolina statutes.

License suspensions

The CFP Board has suspended the right of the following Californians to use the CFP marks or to call themselves certified financial planner licensees:

* Cheryl Lee Nunn (Scotts Valley): Suspended for one year and one day. The complainant, a client’s child, alleged unsuitability in connection with an annuity policy, and charged that Ms. Nunn had failed to act in the best interest of her client by encouraging him to incur surrender fees and by churning investments. Ms. Nunn must petition the board for reinstatement of her license after the suspension’s end.

* Kunio Okui (Castro Valley): Suspended for one year after he allegedly used the CFP marks in association with his name in a Yellow Pages listing during a time when his right to do so had been revoked by the board. He also failed to respond to the board’s December 1997 notice of investigation.

Letter of admonition

The CFP Board issued a letter of admonition after its Board of Professional Review determined that:

* Samuel I. Goldberg of San Mateo, Calif., had failed to disclose required information on CFP Board forms, a breach of the board’s Code of Ethics and Professional Responsibility.