CFP Board Promotes Public Trust With 13 Actions

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WASHINGTON--(BUSINESS WIRE)--Oct 3, 2025--

Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 106,000 CFP ® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on 13 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 initial 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 13 Individuals

PUBLIC CENSURE

INDIANA

Michael M. Hoffman, CFP ® (Westfield, Indiana): In July 2025, CFP Board’s Appeals Commission affirmed a December 2024 decision by the Disciplinary and Ethics Commission (Commission) imposing a public censure on Mr. Hoffman for violating Standard E.2.a of CFP Board’s Code and Standards, which states that a CFP ® professional may not engage in conduct that reflects adversely on his or her integrity or fitness as a CFP ® professional, on the CFP ® marks or on the profession. The Commission’s order cites a March 1, 2024, pretrial diversion agreement Mr. Hoffman entered in Indiana state court concerning charges of misdemeanor battery involving an incident at the public library in which Mr. Hoffman touched — but did not physically harm — a boy engaging in loud, disruptive behavior. Read the order: Case History 46159.

NEW JERSEY

Andre Krause, CFP ® (Woodbridge, New Jersey): In July 2025, the Disciplinary and Ethics Commission (Commission) issued an order imposing a public censure on Mr. Krause for violating Standard A.8.a of CFP Board’s Code and Standards, which requires a CFP ® professional to comply with the laws, rules and regulations governing professional services. The order cites a March 2024 Letter of Acceptance, Waiver and Consent (AWC) Mr. Krause entered with the Financial Industry Regulatory Authority, Inc. (FINRA) in which he consented to a two-month suspension and a $10,000 fine for violating FINRA Rules 4511 and 2010. The AWC states that between September 2020 and August 2021, Mr. Krause mismarked 1,555 order tickets as unsolicited when he had solicited the trades. By mismarking these orders, Mr. Krause caused his firm to make and preserve inaccurate books and records. Read the order: Case History 46343.

SUSPENSION

MINNESOTA

Gregory A. Zandlo (Minneapolis, Minnesota): In August 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order immediately suspending Mr. Zandlo’s CFP ® certification and right to use the CFP Board certification marks after the U.S. Securities and Exchange Commission (SEC) issued a permanent bar against him for violating multiple antifraud provisions of the federal securities laws. The SEC’s order, entered on June 3, 2025, with Mr. Zandlo’s consent, states that from December 2020 through May 2022, he and his investment advisory firm engaged in “cherry picking” by disproportionately allocating profitable trades to accounts held by him, his firm and individuals related to him, while allocating unprofitable trades to his firm’s advisory clients. Without admitting or denying the findings in the SEC’s order, Mr. Zandlo agreed to pay disgorgement of $80,559, prejudgment interest of $17,172 and a civil penalty of $141,000. The interim suspension of Mr. Zandlo’s CFP ® certification, effective August 8, 2025, will remain in place during the pendency of CFP Board’s enforcement proceedings. Read the order: Case History 48291.

MISSOURI

Randall S. Larson (St. Louis, Missouri): In August 2025, a hearing panel of the Disciplinary and Ethics Commission found it in the public interest to impose on Mr. Larson an interim suspension of his CFP ® certification, citing an enforcement action filed against him and others in January 2025 by the U.S. Securities and Exchange Commission (SEC). The SEC’s complaint, filed in Illinois federal court, alleges that from October 2018 to May 2020, Mr. Larson violated the antifraud and registration provisions of the federal securities laws, and his firm’s policies, by soliciting advisory clients to invest in securities that were not authorized by his firm. The company offering the securities was ultimately alleged to be a “sham” in actions brought against others by the SEC and federal prosecutors. The SEC’s complaint against Mr. Larson also alleges that he breached fiduciary duties he owed his clients by having them sign unfavorable releases to limit his firm’s liability for the clients’ investment losses. In issuing the interim suspension order, the hearing panel determined that conduct alleged in the SEC’s complaint reflects adversely on Mr. Larson’s integrity or fitness as a CFP ® professional, on the CFP Board certification marks or on the profession, and that if proven, would ultimately result in a suspension or more under CFP Board’s Procedural Rules and Sanction Guidelines. The interim suspension order, effective August 15, 2025, will remain in place during the pendency of CFP Board’s enforcement proceedings. Read the order: Case History 46141.

TEXAS

Justin Fort (Leander, Texas): In July 2025, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Fort’s CFP ® certification and right to use the CFP Board certification marks for four years. The Commission found that Mr. Fort’s three misdemeanor arrests between 2020 and 2022, and resulting convictions and deferred disposition, violated Standard E.2.a of CFP Board’s Code and Standards, which prohibits a certificant from engaging in conduct that reflects adversely on their integrity or fitness as a CFP ® professional, on the CFP ® marks or on the profession. The Commission also found that Mr. Fort violated Standard E.5 by falsely answering “No” when asked by CFP Board in February 2023 whether he had been charged with, or convicted of, a misdemeanor in the previous five years. In imposing the four-year suspension, the Commission cited Mr. Fort’s pattern of criminal misconduct, including a previous sanction by CFP Board related to an earlier felony conviction, and his submission of a false ethics declaration. Mr. Fort’s suspension is effective from August 4, 2025, to August 6, 2029. Read the order: Case History 45459.

Phil D. Wheat (McKinney, Texas): In July 2025, counsel to the Disciplinary and Ethics Commission issued an administrative order suspending Mr. Wheat’s CFP Board certification and right to use the CFP Board certification marks after he failed to respond to CFP Board’s repeated requests for information about a customer complaint filed against him. Mr. Wheat settled the customer complaint in 2022 for $11,500. Based on its determination of the seriousness, scope and harmfulness of Mr. Wheat’s conduct, enforcement staff filed a motion seeking an administrative order suspending Mr. Wheat, which counsel to the Commission granted on July 24, 2025. The suspension, effective August 23, 2025, will remain in place until Mr. Wheat is deemed eligible for reinstatement under Article 4.6 of CFP Board’s Procedural Rules. Read the order: Case History 48632.

TEMPORARY BAR

WASHINGTON STATE

Gina Anderson (Bellevue, Washington): In July 2025, counsel to the Disciplinary and Ethics Commission issued an administrative order temporarily barring Ms. Anderson from applying for CFP ® certification after she failed to respond to a CFP Board request for information about her separation from her firm. CFP Board enforcement counsel first notified Ms. Anderson in October 2024 that it was investigating the matter and made several subsequent attempts to contact her about it. Because Ms. Anderson failed to respond, she was in default under Article 4.1 of CFP Board’s Procedural Rules. Based on determination of the seriousness, scope and harmfulness of Ms. Anderson’s conduct, enforcement counsel filed a motion for an administrative order of temporary bar, which counsel to the Commission granted on July 10, 2025. The temporary bar, effective August 11, 2025, will remain in place until Ms. Anderson has been deemed eligible under Article 4.6 of CFP Board’s Procedural Rules. Read the order: Case History 47090.

PERMANENT BAR

Thakoor B. Balkaran (Merrick, New York): In June 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Balkaran from CFP ® certification after he failed to answer a complaint filed against him by CFP Board enforcement counsel in August 2024. The complaint cites a January 2024 letter of Acceptance, Waiver and Consent (AWC) Mr. Balkaran entered with the Financial Industry Regulatory Authority, Inc. (FINRA) in which he consented to a one-month suspension and $5,000 fine. The AWC states that Mr. Balkaran violated FINRA Rule 2010 by certifying to New York state that he had completed continuing education requirements for his state insurance license when another person had completed the requirements for him. The complaint asserts multiple violations of CFP Board’s Code and Standards, including Standard A.2.b.11, which prohibits a CFP ® professional from making an untrue statement of material fact. By failing to file an answer to the complaint, Mr. Balkaran was in default under Article 4.1.e of CFP Board’s Procedural Rules. Based on its determination of the seriousness, scope and harmfulness of Mr. Balkaran’s conduct, enforcement counsel filed a motion for an administrative order of permanent bar, which counsel for the Commission granted on June 24, 2025. The order was effective on July 24, 2025. Read the order: Case History 46269.

* * *

PUBLIC NOTICE

CFP Board found the following individuals to be currently fit for CFP ® certification and issues these notices to inform the public of prior misconduct that did not bar their certification.

CALIFORNIA

Heather Story, CFP ® (Rocklin, California): In August 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order granting Ms. Story’s petition for a determination that she is fit for CFP ® certification with a public notice after she disclosed in her application that she had filed for personal bankruptcy in December 2017. Ms. Story and CFP Board enforcement counsel filed her petition as a joint motion stating that Ms. Story had provided information sufficient for enforcement counsel to find no probable cause to believe her current financial circumstances demonstrate an inability to manage her financial affairs responsibly. Read the order: Case History 46953.

MINNESOTA

Seth Koestler, CFP ® (Victoria, Minnesota): In June 2025, the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Koestler’s petition for a determination that he is fit for CFP ® certification with a public notice after Mr. Koestler disclosed in his application that he had filed for personal bankruptcy in 2012. While Mr. Koestler’s bankruptcy occurred many years ago when he was not providing financial advice or planning services, the Commission found that providing public notice was appropriate given the risky financial decisions that led to the bankruptcy and Mr. Koestler’s continuing efforts to improve his financial circumstances. Read the order: Case History 46873.

NEVADA

Jae Dong Lee, CFP ® (Las Vegas, Nevada): In July 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Lee’s petition for a determination that he is fit for CFP ® certification with a public notice after Mr. Lee disclosed in his application that he had filed for personal bankruptcy in 2012. At the time, Mr. Lee was providing financial advice or was otherwise engaged in financial planning activities. Mr. Lee and CFP Board enforcement counsel filed his petition as a joint motion stating that Mr. Lee had provided information sufficient for enforcement counsel to find no probable cause to believe Mr. Lee’s current financial circumstances demonstrate an inability to manage his financial affairs responsibly. Read the order: Case History 46941.

OHIO

Catherine Rose, CFP ® (Cincinnati, Ohio): In June 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order granting Ms. Rose’s petition for a determination that she is fit for CFP ® certification with a public notice after she disclosed in her application that she had filed for personal bankruptcy in December 2019. Ms. Rose was not providing financial advice or engaged in other financial planning activities at the time. Ms. Rose and CFP Board enforcement counsel filed her petition as a joint motion stating that Ms. Rose had provided information sufficient for enforcement counsel to find no probable cause to believe Ms. Rose’s current financial circumstances demonstrate an inability to manage her financial affairs responsibly. Read the order: Case History 47292.

UTAH

Michael D. Brown, CFP ® (South Jordan, Utah): In July 2025, the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Brown’s petition for a determination that he is fit for CFP ® certification with a public notice after Mr. Brown disclosed in his application that he had filed for Chapter 13 bankruptcy in 2008. While noting that Mr. Brown’s bankruptcy occurred many years ago, the Commission found that public notice was appropriate given the risky financial decision that led to the bankruptcy, involving a speculative real estate investment with little to no apparent due diligence. Read the order: Case History 46939.

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 106,000 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.

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KEYWORD: DISTRICT OF COLUMBIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES FINANCE ASSET MANAGEMENT CONSULTING PERSONAL FINANCE ACCOUNTING

SOURCE: CFP Board

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PUB: 10/03/2025 02:00 PM/DISC: 10/03/2025 01:59 PM

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