CFP Board Imposes Interim Suspension on Randy Alford

Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has imposed an automatic interim suspension of Randy Alford’s CFP® certification.

CFP Board imposed an automatic interim suspension, effective March 16, 2017, after discovering that the Financial Industry Regulatory Authority, Inc. (FINRA) barred Mr. Alford from associating in any capacity with any FINRA member firm for failing to provide information to FINRA during its investigation. FINRA began its investigation after it discovered Mr. Alford was discharged from his position as a registered representative for failing to disclose an outside business activity involving a limited partnership and for selling away without his firm’s approval. Mr. Alford did not respond to FINRA’s requests for documents and information. This failure to respond violated FINRA Rule 8210, and caused FINRA to issue a Notice of Suspension to Mr. Alford in December 2015. The suspension lasted from January 2016 to March 2016, when it was converted to a permanent bar due to Mr. Alford’s failure to request termination of his suspension within three months of FINRA’s Notice of Suspension. Pursuant to FINRA Rule 9552(h), Mr. Alford was automatically barred from associating with any FINRA member in any capacity in March 2016.  Pursuant to Article 5.7 of CFP Board’s Disciplinary Rules and Procedures, “[a]n interim suspension shall immediately be issued without a hearing when CFP Board Counsel receives evidence of a conviction or a professional discipline in accordance with Article 13.1 for…revocation of a financial professional license (securities, insurance, accounting or bank-related license).” Under the interim suspension order, Mr. Alford’s right to use the CFP® certification marks is suspended pending CFP Board’s completed investigation and possible further disciplinary proceedings.

CFP Board’s enforcement process is a critical consumer protection. CFP® professionals agree to abide by CFP Board’s Standards of Professional Conduct (Standards), which includes the Code of Ethics and Professional Responsibility (Code of Ethics), Rules of Conduct and Financial Planning Practice Standards (Practice Standards). The Standards set forth the ethical standards for financial planners who hold the CFP® certification.

CFP Board enforces its ethical standards by investigating incidents of alleged unethical behavior by CFP® professionals. In cases where violations are found, the Disciplinary and Ethics Commission (Commission) may impose discipline ranging from a private censure or public letter of admonition to the suspension or revocation of an individual’s right to use the CFP® marks. CFP Board’s Disciplinary Rules and Procedures (Disciplinary Rules) set forth the process for investigating matters and imposing discipline where violations have been found.