Robert A. Kahn of Chesterfield, Mo, has been permanently barred from using the Certified Financial Planner designation because of his alleged involvement in excessive trading in a client’s account, the CFP Board of Standards announced Tuesday.
Kahn is one of 11 people barred from using the designation because they failed to answer in a timely manner the CFP Board’s inquiries about various incidents involving alleged illegal or unethical behavior as a financial planner, the board said. The board also issued temporary revocations and letters of admonition.
In Kahn’s case, the CFP Board alleged he also improperly placed discretionary orders in the client’s account between 2011 and 2016, made recommendations that were unsuitable and placed his interests above his client’s.
The board permanently revoked the right of Andrew L. Schade of Lansing, Mich., to use the designation. The complaint alleged Schade recommended unsuitable variable universal life insurance policies to a husband and wife in 2012 and 2013 because the policies were inconsistent with the clients’ investment objectives, risk tolerances, goals, needs and priorities.
Larry Templin of Temple, Texas, has been barred from using the designation because he was banned by the Financial Industry Regulatory Authority from associating with any Finra member.
The board barred Kevin P. Smith of Edina, Minn., from using the designation for allegedly failing to appear to testify before Finra and was subsequently prohibited from association with any Finra member.
Drew K. Horter of Mason, Ohio, has been barred from using the designation because his firm, Horter Investment Management, allegedly prepared, reviewed and approved false and misleading marketing materials that he disseminated to the firm’s advisors and clients.
The board barred Thomas T. Riquier of Danvers, Mass., from using the designation for allegedly borrowing at least $800,000 from more than 23 clients without disclosing the loans to his firm, which resulted in his termination by his broker-dealer. He also allegedly withheld documents and information and failed to cooperate with Massachusetts regulators.
Larry C. Grossman of Palm Harbor, Fla., was barred from using the designation for allegedly making misrepresentations and omissions of material fact to his investment advisory clients when he advised them to invest in funds from which he received undisclosed referral fees, consulting fees and sales charges.
Steven A., Cohen of Brookfied, Conn., can no longer use the designation because he filed for personal bankruptcy in 1997 and 2018, the board said.
Neil Maxwell of Aurora, Colo., has been barred from using the designation because his firm. Maxwell Wealth Planning, allegedly invested two senior clients’ funds in a blockchain investment fund managed by an unlicensed investment adviser without the clients’ prior knowledge. He also is charged with requesting a loan from a client after the client declined to invest in the blockchain investment fund.