WASHINGTON, Oct. 02, 2026 (GLOBE NEWSWIRE) -- Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 110,000 CFP^® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on 19 individuals.

CFP Board is a professional body that has adopted a Code of Ethics and Standards of Conduct (Code and Standards) that benefits and protects the public and advances financial planning as a distinct and valuable profession. The Code and Standards requires that a CFP^® professional meet certain duties when providing professional services to a client, and to refrain from engaging in other misconduct that reflects adversely on their integrity or fitness as a certificant, on the CFP^® marks or on the profession. CFP^® professionals make a commitment to CFP Board to abide by the Code and Standards, and their compliance reinforces the integrity of the CFP Board certification marks. CFP Board does not guarantee a CFP^® professional’s services, but it may sanction a CFP^® professional who fails to uphold their commitment.

CFP Board’s Fitness Standards for Candidates for CFP^® Certification and Former CFP^® Professionals Seeking Reinstatement (“Fitness Standards”) sets the standards against which CFP Board evaluates the ethical fitness of those seeking CFP^® certification. In some circumstances, CFP Board may determine an applicant is currently fit for CFP^® certification and issue a public notice of their prior misconduct.

Information about how CFP Board addresses ethical issues involving CFP^® professionals and those pursuing CFP^® certification is available at CFP.net/enforcement.

At CFP.net/verify, the public can verify an individual’s CFP^® certification status. CFP Board also provides links to other sources of information about CFP^® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board’s website, such as the Financial Industry Regulatory Authority’s (FINRA’s) BrokerCheck and the U.S. Securities and Exchange Commission’s (SEC’s) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight. CFP Board is not a federal, state or self-regulatory organization, and it does not sanction financial services firms.

The Public Sanctions on 19 Individuals

SUSPENSION

ALABAMA

William Raines Welden (Vestavia, Alabama): In July 2026, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Welden’s CFP^® certification and right to use the CFP Board certification marks for three years. The Commission found that Mr. Welden’s three criminal convictions for driving under the influence of alcohol, the most recent in March 2024, violated Standard E.2.a of CFP Board’s Code and Standards, which requires a CFP^® professional to refrain from conduct that reflects adversely on their integrity or fitness as a CFP^® professional, on the CFP^® marks or on the profession. The Commission’s order notes that after learning of his first two alcohol-related criminal incidents, CFP Board warned Mr. Welden not to engage in this type of misconduct. Mr. Welden’s suspension is effective from August 22, 2026 to August 22, 2029. Read the order: Case History 45940.

CALIFORNIA

Jason R. Guehl (Walnut Creek, California): In May 2026, CFP Board’s Appeals Commission affirmed a September 2025 decision by the Disciplinary and Ethics Commission (Commission) to suspend Mr. Guehl’s CFP^® certification and right to use the CFP Board certification mark for two years and two days. The Commission found that Mr. Guehl failed to meet his duty of care as a fiduciary, in violation of Rule 1.4 of CFP Board’s Rules of Conduct, by recommending that his client pursue a covered call option strategy without properly explaining the strategy or ensuring the client fully understood the risks. The Commission also found the strategy to be unsuitable, in violation of Rule 4.5, because it was inconsistent with the client’s investment objectives of growth and capital conservation. The strategy capped the growth of the client’s portfolio, the September 2025 order states, and many of the call options were ultimately exercised, resulting in the sale (and necessary repurchase) of a significant portion of underlying stock the client had told Mr. Guehl he did not want to sell. The Commission found that Mr. Guehl violated Rule 6.5 when he failed to fully explain to his client the intricacies and potential impact of the covered call strategy, to document their conversations about the strategy, and to monitor and communicate appropriately with his client about the strategy’s performance. Rule 6.5 prohibits a CFP^® professional from engaging in conduct that reflects adversely on their integrity or fitness as a certificant, on the CFP^® marks or on the profession. The Commission’s order notes that Mr. Guehl was not relieved of his duty to act with integrity and fitness as a CFP^® professional when he referred his client to an options specialist in his firm. Mr. Guehl’s suspension is effective from May 26, 2026, to May 28, 2028. Read the order: Case History 43275.

Brian T. Harris (San Diego, California): In June 2026, CFP Board’s Appeals Commission affirmed a February 2026 decision by the Disciplinary and Ethics Commission (Commission) to suspend Mr. Harris’s CFP^® certification and right to use the CFP Board certification marks for two years. The Commission found that Mr. Harris’s 2023 conviction for misdemeanor battery reflected adversely on his integrity or fitness as a CFP^® professional, on the CFP^® marks and on the profession, in violation of Standard E.2.a of CFP Board’s Code Standards. The Commission found that Mr. Harris also violated Standard E.3.i by failing to timely notify CFP Board that California had restricted his real estate license following his criminal incident. Mr. Harris’s suspension is effective from June 2, 2026, to June 2, 2028. Read the order: Case History 44121.

IOWA

William B. Tunink (Des Moines, Iowa): In July 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order suspending Mr. Tunink’s CFP^® certification and right to use the CFP Board certification marks after he failed to respond to CFP Board’s inquiries into an August 2025 client complaint asserting that Mr. Tunink had not repaid funds the client had loaned him. According to the order, several clients alleged that Mr. Tunink had borrowed funds from them for an investment away from his firm. The firm terminated Mr. Tunink for violating its policies. Based on its determination of the seriousness, scope and harmfulness of Mr. Tunink’s conduct, CFP Board enforcement counsel filed a motion seeking an administrative order suspending Mr. Tunink, which counsel to the Commission granted on July 9, 2026. The suspension, effective August 10, 2026, will remain in effect until Mr. Tunink is deemed eligible for reinstatement under Article 4.6 of CFP Board’s Procedural Rules. Read the order: Case History 48710.

MASSACHUSETTS

Lee M. Generous (Marshfield, Massachusetts): In May 2026, CFP Board’s Appeals Commission affirmed a September 2025 decision by the Disciplinary and Ethics Commission (Commission) to suspend Mr. Generous’s CFP^® certification and right to use the CFP Board certification marks for nine months. The suspension order cites an October 2023 letter of Acceptance Waiver and Consent (AWC) Mr. Generous entered with the Financial Industry Regulatory Authority, Inc. (FINRA) in which he consented to a three-month suspension and a $5,000 fine for electronically signing documents on behalf of customers and a supervisor at his firm. The signatures, affixed to documents from May 2020 to March 2021 with the signatories’ authorizations, caused Mr. Generous’s firm to maintain inaccurate books and records in violation of FINRA Rules 4511 and 2010. According to the Commission’s order, the conduct described in the AWC was part of a course of similar misconduct that began as early as 2016 and continued until Mr. Generous’s termination by his firm in October 2021. The Commission found that Mr. Generous had violated Standard A.8.a of the Code and Standards and Rule 4.3 of the Rules of Conduct, which require a CFP^® professional to comply with the laws, rules and regulations governing professional services; Standard D.2.a, for violating his firm’s policies and procedures; and Rule 5.1 which requires a CFP^® professional to perform professional services with dedication to the lawful objectives of their employer and in accordance with CFP Board’s Code of Ethics. In limiting Mr. Generous’s suspension to nine months, the Commission found no evidence that he had a dishonest motive when affixing others’ signatures and noted that Mr. Generous had not been the subject of any customer complaints or prior discipline. Mr. Generous’s suspension is effective from May 26, 2026 to February 26, 2027. Read the order: Case History 46118.

NEVADA

Kyle Chapman (Las Vegas, Nevada): In August 2026, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Chapman’s CFP^® certification and right to use the CFP Board certification marks for one year and one day, citing an August 2024 Letter of Acceptance, Waiver and Consent (AWC) Mr. Chapman entered into with the Financial Industry Regulatory Authority, Inc. (FINRA). The AWC states that in 2020, Mr. Chapman recommended that a client invest $50,000 in a risky, illiquid debt security that was not suitable or in the customer’s best interest. According to the AWC, Mr. Chapman also failed to conduct reasonable due diligence or to adequately understand the risks associated with the investment before recommending it and made negligent misrepresentations and omissions of material fact to the client. In entering the AWC, Mr. Chapman consented to a three-month suspension, a $5,000 fine, and disgorgement of $1,471 for violating FINRA Rules and Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934. The Commission found that Mr. Chapman had breached his fiduciary duty under Standard A.1 of CFP Board’s Code and Standards and violated Standard A.8.a by failing to comply with the laws, rules, and regulations governing professional services. Mr. Chapman’s suspension is effective from September 16, 2026 through September 17, 2027. Read the order: Case History 45132.

NEW JERSEY

Patrick J. Flanagan (Point Pleasant Boro, New Jersey): In July 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order suspending Mr. Flanagan’s CFP^® certification and right to use the CFP Board certification marks after he failed to respond to CFP Board’s inquiries into his September 2025 bankruptcy filing. Based on its determination of the seriousness, scope and harmfulness of Mr. Flanagan’s conduct, CFP Board enforcement counsel investigating the conduct filed a motion seeking an administrative order suspending Mr. Flanagan, which counsel to the Commission granted on July 16, 2026. The suspension, effective August 15, 2026, will remain in effect until Mr. Flanagan is deemed eligible for reinstatement under Article 4.6 of CFP Board’s Procedural Rules. Read the order: Case History 48687.

TEXAS

Nicholas Abelardo Torres (San Antonio, Texas): In September 2026, counsel to the Disciplinary and Ethics Commission (Commission) granted a motion filed jointly by Mr. Torres and CFP Board enforcement counsel seeking a one-year suspension of Mr. Torres’s CFP^® certification and right to use the CFP Board certification marks due to Mr. Torres’s 2025 bankruptcy filing. Mr. Torres states that this is his only bankruptcy filing while acknowledging that it demonstrates an inability to manage his financial affairs responsibly. Mr. Torres’s one-year suspension is effective from September 10, 2026 through September 10, 2027. Read the order: Case History 49113.

TEMPORARY BAR

FLORIDA

Scott P. Belanger (Oakland Park, Florida): In July 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order temporarily barring Mr. Belanger from applying for CFP^® certification after he failed to respond to CFP Board’s inquiries into felony criminal charges brought against him in February 2024. Because Mr. Belanger failed to respond, he was in default under CFP Board’s Procedural Rules. Based on its determination of the seriousness, scope and harmfulness of Mr. Belanger’s conduct, CFP Board enforcement counsel filed a motion for an administrative order of temporary bar, which counsel to the Commission granted on July 6, 2026. The order, effective on August 5, 2026, will remain in effect until Mr. Belanger is deemed eligible for reinstatement under Article 4.6 of the Procedural Rules. Read the order: Case History 46680.

NEW JERSEY

Paul Szkotak (Sewell, New Jersey): In June 2026, CFP Board’s Appeals Commission affirmed a January 2026 decision by the Disciplinary and Ethics Commission (Commission) to deny Mr. Szkotak’s petition for a determination that he is fit for CFP^® certification and bar him from applying for certification for two years. Mr. Szkotak was required to file his petition after disclosing in his application that he filed for Chapter 7 bankruptcy in 2021. Mr. Szkotak presented evidence that events outside of his control contributed to his financial difficulties, but the Commission found that he could have avoided the circumstances leading to his bankruptcy with adequate due diligence and planning in his real estate and contracting businesses. In imposing a bar, the Commission found that Mr. Szkotak’s current financial circumstances did not demonstrate a fitness for CFP^® certification. Mr. Szkotak’s temporary bar is effective from February 20, 2026, through February 20, 2028. Read the order: Case History 47345.

OHIO

John Mulka (Defiance, Ohio): In July 2026, the Disciplinary and Ethics Commission (Commission) issued an order denying Mr. Mulka’s petition for a determination that he is fit for CFP^® certification and barring him from applying for certification for two years. Mr. Mulka was required to petition the Commission after CFP Board learned that he had filed for bankruptcy in 2012 and 2019. The Commission found that although his most recent bankruptcy occurred many years ago and both bankruptcies arose out of challenging events that were outside of Mr. Mulka’s control, he needed more time to demonstrate continued improvement in the management of his personal finances. Mr. Mulka’s temporary bar is effective from August 26, 2026 through August 25, 2028. Read the order: Case History 47794.

Anthony Ricciardi (Poland, Ohio): In June 2026, CFP Board’s Appeals Commission affirmed a December 2025 decision by the Disciplinary and Ethics Commission (Commission) to deny Mr. Ricciardi’s petition for a determination that he is fit for CFP^® certification and bar him from applying for certification for three years. Mr. Ricciardi was required to file his petition after disclosing in his application that his firm had terminated him in 2023 for twice overdrawing funds from his personal checking account with the firm. The Commission’s order describes evidence that Mr. Ricciardi was experiencing financial difficulties at the time brought on by excessive gambling. Mr. Ricciardi has since taken steps to rehabilitate himself, the order states, but the recency of his conduct and his tenuous financial circumstances indicate that he is not currently fit for CFP^® certification. Mr. Ricciardi’s temporary bar is effective from January 2, 2026, through January 2, 2029. Read the order: Case History 46865.

REVOCATION

WASHINGTON

Clifford R. Thomas (Snoqualmie, Washington): In August 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order revoking Mr. Thomas’s CFP^® certification after Mr. Thomas indicated that he would no longer participate in CFP Board’s disciplinary proceedings. On January 29, 2026, CFP Board filed a complaint with the Commission alleging that deferred prosecution agreements Mr. Thomas entered in 2024 to resolve two misdemeanor criminal charges involving a firearm reflect adversely on his integrity as a CFP^® professional, on the CFP^® marks or on the profession. This violates Standard E.2.a of CFP Board’s Code and Standards. Based on its determination of the seriousness, scope and harmfulness of Mr. Thomas’s conduct, enforcement counsel investigating the conduct filed a motion seeking an administrative order revoking his CFP^® certification, which counsel to the Commission granted on August 14, 2026. The order was effective September 14, 2026. Read the order: Case History 47074.

PERMANENT BAR

ARIZONA

George R. Collett (Phoenix, Arizona): In August 2026, counsel to CFP Board’s Disciplinary and Ethics Commission (Commission) issued an order permanently barring Mr. Collett from CFP^® certification after he failed to respond to a complaint CFP Board filed against him in May 2025. The complaint alleges that Mr. Collett violated multiple provisions of CFP Board’s Code and Standards, citing a deficiency letter the Securities and Exchange Commission (SEC) sent his firm in December 2022 that identified several control failures, including the improper allocation of profitable trades to favored clients and unprofitable trades to others. According to the order, Mr. Collett settled an administrative proceeding brought by the SEC in May 2025, agreeing to a three-year supervisory bar and a $25,000 civil penalty for failing to properly supervise the person at his firm who had engaged in the unlawful “cherry-picking” of trade allocations using the firm’s block trading account. Because Mr. Collett did not file an answer to CFP Board’s complaint, he was in default under CFP Board’s Procedural Rules. Based on its determination of the seriousness, scope and harmfulness of Mr. Collett’s conduct, CFP Board enforcement counsel filed a motion for an administrative order permanently barring him from CFP^® certification, which counsel for the Commission granted on August 11, 2026. Mr. Collett, whose CFP^® certification lapsed in April 2025, was permanently barred from future certification effective September 10, 2026. Read the order: Case History 46687.

NEW JERSEY

Nabil Bouab (Upper Saddle River, New Jersey): In June 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Bouab from CFP^® certification after Mr. Bouab failed to file an answer to a complaint CFP Board filed against him in March 2025. The complaint alleges that Mr. Bouab, whose CFP^® certification expired in November 2024, violated CFP Board’s Rules of Conduct by recommending that clients focus their investment portfolios on international and emerging markets in June 2018. The complaint alleges that these recommendations were unsuitable and resulted in seven arbitrations, three of which settled for a total of $342,500. Rule 4.5 of the CFP Board’s Rules of Conduct requires that CFP^® professionals make only suitable investment recommendations to their clients. Based on its determination of the seriousness, scope and harmfulness of Mr. Bouab’s alleged conduct, enforcement counsel filed a motion seeking an administrative order permanently barring him from CFP^® certification, which counsel to the Commission granted on June 22, 2026. The order was effective on July 22, 2026. Read the order: Case History 45264.

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PUBLIC NOTICE

ARIZONA

Joseph Bergen (Phoenix, Arizona): In July 2026, the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Bergen’s petition for a determination that he is fit for CFP^® certification with public notice. Mr. Bergen was required to petition the Commission after disclosing that he had filed for personal bankruptcy in 2009 and 2018. In granting Mr. Bergen’s petition with public notice rather than barring him from CFP^® certification, the Commission acknowledged that both bankruptcies were caused by medical crises not reasonably anticipated or within Mr. Bergen’s control, and he had since rehabilitated his financial circumstances. Read the order: Case History 47816.

KANSAS

Donovan Leighton (Wichita, Kansas): In July 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Leighton’s petition for a determination that he is fit for CFP^® certification with public notice after CFP Board learned that he had filed for bankruptcy in May 2017. Mr. Leighton and CFP Board enforcement counsel filed his petition as a joint motion stating that Mr. Leighton had provided information sufficient for enforcement counsel to find no probable cause to believe Mr. Leighton’s current financial circumstances demonstrate an inability to manage his financial affairs responsibly. Read the Order: Case History 49365.

OHIO

Joseph A. Milford (Avon, Ohio): In July 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Milford’s petition for a determination that he is fit for CFP^® certification with public notice after CFP Board learned that he had filed for bankruptcy in March 2017. Mr. Milford and CFP Board enforcement counsel filed his petition as a joint motion stating that Mr. Milford had provided information sufficient for enforcement counsel to find no probable cause to believe Mr. Milford’s current financial circumstances demonstrate an inability to manage his financial affairs responsibly. Read the order: Case History 49272.

PENNSYLVANIA

Christopher J. Bryan (Philadelphia, Pennsylvania): In July 2026, the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Bryan’s petition for a determination that he is fit for CFP^® certification with public notice after he disclosed in his application that he filed for bankruptcy in January 2021. The order describes circumstances outside of Mr. Bryan’s control involving his firm at the time that contributed to Mr. Bryan’s need to file for bankruptcy and states that Mr. Bryan has since demonstrated an ability to manage his financial affairs responsibly. Read the order: Case History 47822.

ABOUT CFP BOARD 
CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER^® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP^® certification is held by more than 110,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.

CONTACT: Jane Riley Jacobsen, Director of Public Relations, O: 202-379-2305
E: media@cfpboard.org