Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP® certification against Vincent J. Camarda, which is effective as of August 5, 2022.
On July 11, 2022, CFP Board filed a Motion for Interim Suspension Order pursuant to Article 2.1.a.1 of CFP Board’s Procedural Rules requesting the Disciplinary and Ethics Commission (DEC) issue an Interim Suspension Order against Mr. Camarda. On June 9, 2022, the U.S. Securities and Exchange Commission (SEC) filed a Complaint against Mr. Camarda and two co-defendants in the U.S. District Court for the Eastern District of New York (Case No. 2:22-cv-03421) concerning a securities offering that raised more than $75,000,000 from more than 200 investors. The SEC’s Complaint alleges that Mr. Camarda recommended and sold the securities of an issuer without disclosing to the investors the fact that he and his company were in debt to that issuer and thus had a conflict of interest. The SEC alleges that this operated as a fraud on those investors, in violation of Sections 206(1) and (2) of the Investment Advisers Act of 1940. In addition, the SEC alleges that Mr. Camarda violated the registration provisions of the federal securities laws and sold the securities without proper registration. Press reports described the SEC’s suit against Mr. Camarda and his co-defendants. A Hearing Panel of the DEC reviewed the matter on August 4, 2022, and then granted the Motion and issued the Interim Suspension Order on August 5, 2022, after determining that CFP Board Counsel demonstrated by a preponderance of the evidence that Mr. Camarda’s conduct poses a significant threat to the public or significantly impinges upon the reputation of the profession or the CFP® certification marks. Under the Interim Suspension Order, the right of Mr. Camarda to use the CFP® marks is suspended pending CFP Board’s completed investigation and possible further disciplinary proceedings.
An interim suspension is a suspension of a CFP® professional’s certification and trademark license during the pendency of proceedings. A Respondent subject to an Interim Suspension Order must not use the CFP® certification marks or state or suggest that Respondent is a CFP® professional while the Interim Suspension Order is in effect. An Interim Suspension Order is a temporary sanction and does not preclude CFP Board from imposing a final sanction. An Interim Suspension Order will remain in place until the DEC or, if an appeal is filed, CFP Board’s Appeals Commission, issues a final order. CFP Board Counsel may vacate an Interim Suspension Order if a criminal conviction, civil liability or professional discipline is vacated or reversed or if Respondent provides sufficient evidence indicating that Respondent was not the subject of a criminal conviction, civil liability or professional discipline. A Hearing Panel of the DEC may issue an Order to vacate an Interim Suspension Order upon a successful Petition to Vacate an Interim Suspension Order by Respondent.
The basis for this decision also may be found on CFP Board’s website at CFP.net/verify. At that website, CFP Board provides the public with:
CFP Board’s Enforcement Process
As part of their certification, CFP® professionals make a commitment to CFP Board to abide by CFP Board’s Code of Ethics and Standards of Conduct (Code and Standards) or its predecessor, the Standards of Professional Conduct (Standards), which included the Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards. CFP Board’s Procedural Rules set forth the process for investigating matters and imposing sanctions where violations have been found.
CFP Board enforces its ethical standards by investigating alleged violations and, where there is probable cause to believe there are grounds for sanction, presents a Complaint containing the alleged violations to CFP Board’s DEC. The DEC meets at least six times a year to review any matter in which CFP Board has alleged that a CFP® professional has violated the Code and Standards or its predecessor Standards. The DEC functions in accordance with the Procedural Rules and reviews all matters on a case-by-case basis, considering the details specific to an individual case. If the DEC determines there are grounds for sanction, then it may impose a sanction. DEC orders may be appealed by a CFP® professional or CFP Board pursuant to the Procedural Rules.
In certain circumstances, such as when a CFP® professional is in default due to failure to acknowledge receipt of a Notice of Investigation or file an Answer, CFP Board staff must deliver an Administrative Order of Suspension, Temporary Bar, Revocation or Permanent Bar. Administrative Orders also are subject to appeal.
More information on CFP Board’s enforcement process can be found at CFP.net/ethics/enforcement.
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