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Public discipline imposed on CFP® professionals

On Behalf of | Jul 29, 2020 | FINRA |

Residents of Pennsylvania might want to read this posting regarding several CFAs that have had disciplinary action taken upon them by the Certified Financial Planner Board of Standards, Inc. (CFP Board). They were from several states, however, included among them was one from Pennsylvania, James Vincent Cipriotti.

According to WFMZ-TV News, penalties included letters of admonition, suspensions and permanent revocations. Mr. Cipriotti received a suspension of three-months of his right to use the CFP® certification marks.

The Disciplinary and Ethics Commission issued an order, in December of 2019, that said that Mr.Ciprotti could not use the CFP® certification marks for three months, July 1, 2020 until November 1, 2020. This was the result, as determined by the commission, of false and misleading statements to potential clients through a mailing. It promised a $200 Visa gift card as an inducement to scheduling an appointment in the office.

The use of bold typefaces and certain words in the solicitation was found to be misleading by the commission. The Visa gift card offering was unlawful. Pennsylvania law only allows an inducement up to and including $100. Product information was missing, when Mr. Ciprotti mentioned a product.

The mailing also stated that, by receiving a free retirement income analysis from Mr. Cipriotti, possible clients would not live past their money. It also failed to disclose a risk associated with his investment product.

As a private, self-governing agency that seeks to monitor and enforce activity on the New York Stock Exchange, The Financial Industry Regulatory Authority (FINRA) helps protect the rights of investors. However, some investors have complaints and disputes against their brokers. FINRA seeks to enforce activity among its broker-dealers and gives people a right to file a complaint. A knowledgeable attorney might be a great asset in receiving guidance, seeking arbitration and helping an investor recover damages.


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