CFP Board Discloses Bankruptcies By CFP® Professionals

WASHINGTON, Feb. 3, 2017 /PRNewswire-USNewswire/ -- Certified Financial Planner Board of Standards, Inc. announces today the names of CFP^® professionals who (i) have filed for protection or been named as a debtor in an involuntary bankruptcy  petition that has not been dismissed under the United States Bankruptcy Code within the last five years and (ii) have (a) obtained confirmation of a plan under Chapter 11 or Chapter 13 of the United States Bankruptcy Code or (b) received a discharge under the United States Bankruptcy Code.  Under the CFP Board rules that took effect July 1, 2012, these CFP^® professionals are not subject to disciplinary procedures but will have their bankruptcy disclosed.  

CFP Board does not investigate, and the Disciplinary and Ethics Commission does not adjudicate, matters involving only a single bankruptcy. Rather, CFP Board verifies the CFP^® professional has filed a petition for bankruptcy within the last five years and that the bankruptcy court has adjudicated the bankruptcy.  CFP Board then discloses the bankruptcy on the CFP^® professional's public profile, which is available through the search functions on CFP Board's website. CFP Board will also share with consumers and other stakeholders who contact CFP Board regarding a CFP^® professional's certification status the information in the CFP^® professional's public profile, including identifying whether the CFP^® professional was the subject of a bankruptcy petition. All disclosures regarding a CFP^® professional's bankruptcy will remain on CFP Board's website for 10 years from the earlier of the date the CFP^® professional disclosed the bankruptcy to CFP Board or the date CFP Board became aware of the bankruptcy.

The public may review an individual's bankruptcy information and certification status with CFP Board at www.CFP.net/search. For more detail regarding a CFP^® professional's bankruptcy, please visit the U.S. Court's Public Access to Court Electronic Records (PACER) website, which can be found at https://pacer.login.uscourts.gov/cgi-bin/login.pl?court_id=00pcl. Please note that you will be required to register and pay a nominal fee to view the information.

This disclosure of these names is made pursuant to CFP Board's rules regarding single-bankruptcy cases and covers the second, third and fourth quarters of 2016. The release of the information below does not constitute discipline of these individuals and is provided only for purposes of providing consumers with adequate information to make an informed decision with regard to engaging a CFP^® professional to assist with financial decisions.

ABOUT CFP BOARD

The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP^® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP^® professionals and other stakeholders. CFP Board owns the certification marks CFP^®, Certified Financial Planner™, CFP^® (with plaque design) and CFP^® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.  CFP Board currently authorizes more than 76,000 individuals to use these marks in the U.S.

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SOURCE Certified Financial Planner Board of Standards, Inc.