December 29, 2015
The Certified Financial Planning Board recently sanctioned two Texas individuals:
Richard Blair, Bee Cave, TX
In July 2015, CFP Board’s Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Blair’s right to use the CFP®certification marks for four years. The Commission found that Mr. Blair was sanctioned by the Texas State Securities Board (TSSB) for choosing to sell his clients shares of a Real Estate Investment Trust (REIT) at a higher share price that paid a commission when he could have sold the clients the same REIT at a lower share price that did not pay a commission. At the same time Mr. Blair charged some of the clients a management fee on the REIT shares in addition to a commission he received from the sale of the REIT shares. As a result of the conduct, the TSSB ordered Mr. Blair to reimburse clients who paid a commission and a management fee.
The Commission found that Ms. Blair failed to make timely payments to reimburse clients as required by the TSSB.
The Commission also found that Respondent failed to timely report to the Financial Industry Regulatory Authority, Inc. (FINRA) securities-related civil litigation that was settled and multiple customer complaints. The Commission found that Mr. Blair’s conduct violated Rule 607 of CFP Board’s Code of Ethics and Rule 6.5 of CFP Board’s Rules of Conduct, providing grounds for discipline under Articles 3(b) and 3(d) of CFP Board’sDisciplinary Rules and Procedures. Mr. Blair’s suspension is effective from August 23, 2015 until August 23, 2019.
FINRA records indicate that Blair was previously registered with Wealth Solutions from 5/1994-2012. His registration with FINRA was revoked 10/14/2015 for “failure to pay fines and/or costs” according to FINRA records.
Marcus C. Rodriguez- Houston, TX
In June 2015, CFP Board issued an order permanently revoking Mr. Rodriguez’s right to use the CFP® certification marks. This discipline followed Mr. Rodriguez’s failure to file an answer to CFP Board’s Complaint within the required time period. CFP Board’s Complaint alleged that Mr. Rodriguez violated Rule 4.3, 4.4 and 4.6 of CFP Board’s Rules of Conduct when he was the subject of a Default Decision from the Financial Industry Regulatory Authority, Inc. (FINRA) resulting in a two year suspension and $50,000 fine. The Complaint alleged that Mr. Rodriguez’s conduct violated Rules 4.3, 4.4 and 4.6 of the Rules of Conduct and provided grounds for discipline under Articles 3(a), 3(d) and 3(f) of CFP Board’s Disciplinary Rules and Procedures. Mr. Rodriguez failed to file an Answer to CFP Board’s Complaint within 20 calendar days of the date of service, as required by Article 7.3 of the Disciplinary Rules and Procedures. In accordance with Article 7.4 of the Disciplinary Rules and Procedures, the allegations set forth in the Complaint were deemed admitted, and CFP Board issued an Administrative Order of Revocation. Mr. Rodriguez’s revocation was effective as of July 2, 2015.
FINRA records indicate that Rodriguez was previously registered with Global American Investments from 10/2011-4/2014.
According to their website: The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP®(with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. CFP Board currently authorizes approximately 73,000 individuals to use these marks in the U.S.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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