CFP Board Imposes Interim Suspension on Mary Beth K. McManus of North Palm Beach, Florida

Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP Board financial planning certification and right to use the CFP Board certification marks against Mary Beth K. McManus, which is effective as of September 18, 2024.

On July 8, 2024, CFP Board's Enforcement Counsel filed a Petition for Interim Suspension ("Petition") under Article 2.1 of CFP Board's Procedural Rules, requesting that a Hearing Panel of CFP Board's Disciplinary and Ethics Commission (Commission) issue an Interim Suspension Order against Ms. McManus. In the Petition, Enforcement Counsel provided evidence that on January 17, 2024, Ms. McManus - who was in the business of preparing tax returns - entered a guilty plea in Florida federal court to a felony charge of "Attempt to Evade or Defeat Tax," was sentenced to three years of probation and was ordered to pay the Internal Revenue Service $574,921.09 in restitution. A Hearing Panel convened to review the Petition and determined that Enforcement Counsel had demonstrated by a preponderance of the evidence that (a) Ms. McManus' conduct reflects adversely on her integrity or fitness as a CFP® professional, on the CFP Board certification marks or on the profession; (b) Ms. McManus' conduct (if later proven) likely would result in a sanction of a Suspension or greater pursuant to CFP Board's Sanction Guidelines; and (c) an Interim Suspension Order would be in the public interest. Accordingly, the Hearing Panel granted the Petition and issued an Interim Suspension Order against Ms. McManus. Read the Hearing Panel's Order: Case History 46831.

An interim suspension is a suspension of a CFP® professional's Certification and Trademark License during the pendency of CFP Board enforcement proceedings. A CFP® professional subject to an Interim Suspension Order must not use the CFP Board certification marks, state or suggest that the individual is a CFP® professional or hold out to the public as being certified by CFP Board while the Interim Suspension Order is in effect. An interim suspension is a temporary sanction and does not preclude CFP Board from imposing a final sanction. An Interim Suspension Order will remain in place until: (1) the Commission or, if an appeal is filed, the Appeals Commission issues a final order addressing the conduct at issue in the Interim Suspension Order; (2) Enforcement Counsel dismisses the investigation of the conduct at issue in the Interim Suspension Order and either: (i) the individual files and Counsel to the Commission (DEC Counsel) grants a Petition to Vacate the Interim Suspension under Article 2.4 or (ii) Enforcement Counsel files and DEC Counsel grants a Motion to Terminate the Interim Suspension under Article 9.1; (3) the individual fails to file timely a Petition for Reinstatement After Interim Suspension Order and DEC Counsel grants Enforcement Counsel's Motion for an Administrative Order; (4) the individual fails to satisfy the requirements of Article 2.3 and DEC Counsel grants Enforcement Counsel's Motion for an Administrative Order; or (5) the Commission grants a Petition for Reinstatement After Interim Suspension Order filed by the individual and the individual has completed all requirements for CFP® certification.

More information on CFP Board's enforcement process can be found at CFP.net/enforcement. In addition, at CFP.net/verify, CFP Board provides the public with:

• An individual's CFP® certification status and summaries of and links to orders issuing public sanctions to current or former CFP® professionals.
• 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. This information may include customer disputes, disciplinary actions taken by a regulator or employer, certain criminal matters and certain financial matters (such as bankruptcy proceedings and unpaid judgments or liens).
• Links to the Financial Industry Regulatory Authority, Inc.'s (FINRA's) BrokerCheck Report 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'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 or its predecessors, including the Standards of Professional Conduct (together, the Code and Standards). Individuals on the pathway to CFP® certification or who seek reinstatement of certification make a commitment to CFP Board to abide by CFP Board's Pathway to CFP® Certification Agreement (Pathway Agreement). CFP Board's Code and Standards benefits and protects the public and advances financial planning as a distinct and valuable profession. Compliance with the Code and Standards is critical to the integrity of CFP Board certification and CFP Board certification marks.

CFP Board's Procedural Rules sets 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 the Commission. The Commission meets at least six times a year to review any matter in which CFP Board has alleged that a CFP® professional has violated CFP Board's Code and Standards or that an individual pursuing CFP® certification has violated the Pathway Agreement. The Commission 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 Commission determines there are grounds for sanction that warrant a sanction, then it must impose a sanction. Commission orders may be appealed by a party in accordance with the Procedural Rules.

CFP Board public sanctions include, in order of increasing severity, Public Notices, Public Censures, Temporary Bars, Suspensions, Permanent Bars and Revocations of the right to use the CFP Board certification marks. In certain circumstances, such as when a CFP® professional is in default due to failure to acknowledge receipt of a Notice of Investigation or failure to file an Answer, a CFP® professional may receive an Administrative Order of Suspension, Temporary Bar, Revocation or Permanent Bar. Administrative Orders are subject to appeal.

More information on CFP Board's enforcement process can be found at CFP.net/enforcement.

Public link

Please use the above public link if you want to share this noodl on another website.