CFP Board Discloses Bankruptcies by CFP® Professionals

Certified Financial Planner Board of Standards, Inc. today announced the names of five CFP® professionals who have filed for protection under the United States Bankruptcy Code or been named as a debtor in an involuntary bankruptcy petition. This includes those bankruptcy filings that have not been dismissed within the last five years, and where the debtors have (a) obtained confirmation of a plan under Chapter 11 or Chapter 13 of the United States Bankruptcy Code or (b) received a discharge under the United States Bankruptcy Code.

Under the CFP Board rules that were effective July 1, 2012 until June 29, 2020, these five CFP® professionals are not subject to disciplinary procedures but will have their bankruptcy disclosed.

Under the prior policy, CFP Board did not investigate, and the Disciplinary and Ethics Commission did not adjudicate, matters involving only a single bankruptcy. Rather, CFP Board verified that the CFP® professional filed a petition for bankruptcy within the last five years and that the bankruptcy court adjudicated the bankruptcy.

CFP Board then disclosed the bankruptcy on the CFP® professional’s public profile, which is available through the search functions on CFP Board’s website. Under the prior policy, CFP Board also shared with consumers and other stakeholders who contact CFP Board regarding a CFP® professional’s certification status the information in the CFP® professional’s public profile, including identifying whether the CFP® professional was the subject of a bankruptcy petition. All disclosures regarding a CFP® professional’s bankruptcy will remain on CFP Board’s website for 10 years from the earlier of the date the CFP® professional disclosed the bankruptcy to CFP Board or the date CFP Board became aware of the bankruptcy.

The public may review an individual’s bankruptcy information and certification status with CFP Board at https://www.letsmakeaplan.org/choose-a-cfp-professional/verify-a-cfp-professional. For more detail regarding a CFP® professional’s bankruptcy, please visit the U.S. Court’s Public Access to Court Electronic Records (PACER) website, which can be found at https://pacer.login.uscourts.gov/cgi-bin/login.pl?court_id=00pcl. Please note that you will be required to register and pay a nominal fee to view the information.

This disclosure of these five CFP® professionals is made pursuant to CFP Board’s prior policy regarding single-bankruptcy cases and covers the second quarter of 2020 until June 29, 2020. The release of the information below does not constitute discipline of these individuals and is provided only for purposes of providing consumers with adequate information to make an informed decision with regard to engaging a CFP® professional to assist with financial decisions.