Upholding Ethical Standards in a Thriving Network of Over 107,000 CFP^® Professionals

Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 107,000 CFP^® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on 9 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 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 9 Individuals

PUBLIC CENSURE

MASSACHUSETTS

Michael J. MacLean (Worcester, Massachusetts): In February 2026, the Disciplinary and Ethics Commission (Commission) issued Mr. MacLean a public censure, citing his January 2021 termination from his firm over concerns that he applied production numbers to trades that were inconsistent with an agreement he had with another advisor. In November 2023, Mr. McLean entered a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority, Inc. (FINRA) in which he consented to findings that between October 2016 and April 2020, he placed 366 trades under an improper code, crediting him with higher commissions than he was entitled to under his agreement with a retired representative. By causing his firm to maintain inaccurate trade confirmations, Mr. MacLean violated FINRA Rules 4511 and 2010. The order also cites an April 2024 consent order Mr. MacLean entered with the Missouri securities regulators in which he agreed to a $4,000 fine and an injunction based on the same misconduct. The Commission found that Mr. MacLean violated Standard A.8.a of CFP Board’s Code of Ethics and Standards of Conduct, which requires a CFP^® professional to comply with the laws, rules and regulations governing professional services; Standard E.3.j, which required Mr. MacLean to provide timely written notice of his termination to CFP Board; and Standard E.2, which prohibits a CFP^® professional from engaging in conduct that reflects adversely on their integrity or fitness as a CFP^® professional, on the CFP^® marks or on the profession. Read the order: Case History 42551.

SUSPENSION

COLORADO

Thomas C. Powers (Denver, Colorado): In January 2026, a hearing panel of the Disciplinary and Ethics Commission found it in the public interest to impose an interim suspension of Mr. Powers’s CFP Board certification. The interim suspension order cites a November 14, 2025 news article published by WealthManagement.com reporting that Mr. Powers had been terminated by his firm after a viral Instagram video showed him making what the article describes as “racist comments” to an Uber driver. The firm issued a statement a day earlier that it was aware of the video involving one of its employees, and that the conduct displayed was inconsistent with the firm’s standards. The hearing panel reviewed the video and determined that Mr. Powers’s conduct reflects adversely on his integrity and fitness as a CFP^® professional, on the CFP Board certification marks and on the profession and would likely result in a suspension or revocation of his certification under CFP Board’s Sanction Guidelines. The interim suspension order, effective January 30, 2026, will remain in place during the pendency of CFP Board’s enforcement proceedings. Read the order: Case History 48887.

NORTH CAROLINA

Edward B. Stephens (Greensboro, North Carolina): In January 2026, a hearing panel of the Disciplinary and Ethics Commission found it in the public interest to impose an interim suspension of Mr. Stephens’s CFP Board certification. The interim suspension order cites a criminal matter filed against Mr. Stephens in July 2025 in Guilford County, North Carolina, charging him with two felony counts of embezzlement. The related arrest warrant alleges that in February 2025, Mr. Stephens embezzled checks for $125,000 and $120,000 belonging to his employer. The firm permitted Mr. Stephens to resign in July 2025. In issuing the interim suspension order, the hearing panel determined that the conduct described in the charging document reflects adversely on Mr. Stephens’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 Sanction Guidelines. The interim suspension order, effective January 28, 2026, will remain in place during the pendency of CFP Board’s enforcement proceedings. Read the order: Case History 48566.

VIRGINIA

Ferris Ahn (McLean, Virginia): In January 2026, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Ahn’s CFP Board certification and right to use the CFP Board certification marks for one year and one day based on his violation of Standard A.8.a of CFP Board’s Code of Ethics and Standards of Conduct, which requires a CFP^® professional to comply with the laws, rules and regulations governing professional services. The Commission’s order cites a July 2024 settlement Mr. Ahn entered with the Commonwealth of Virginia’s securities regulator finding that Mr. Ahn had violated Virginia law by placing 39 trades in his client’s brokerage accounts between June 2022 and January 2023 without the client’s or his firm’s prior authorization. Virginia ordered Mr. Ahn to pay $32,000 in penalties and $4,000 in investigative costs. Mr. Ahn also failed to inform CFP Board of the Virginia action and that his firm had terminated him in 2023, as he was required to do. Mr. Ahn’s suspension is effective from February 6, 2026, until February 7, 2027. Read the order: Case History 45965.

TEMPORARY BAR

CALIFORNIA

Fred Avalli (Hollister, California): In January 2026, the Disciplinary and Ethics Commission (Commission) issued an order denying Mr. Avalli’s petition for a determination that he is fit for CFP^® certification and barring him from applying for three years. Mr. Avalli was required to petition the Commission after disclosing three misdemeanor convictions (two in 2008, one in 2014), a revocation of his California insurance license in 2016 for failing to disclose the convictions, and the termination of his employment in 2020. The Commission found that Mr. Avalli had made significant progress in addressing the issues underlying these episodes of misconduct but needs more time to demonstrate his fitness for CFP^® certification. Mr. Avalli’s temporary bar is effective from February 23, 2026, through February 23, 2029. Read the order: Case History 46954.

REVOCATION

ARIZONA

Ryan Toronto (Scottsdale, Arizona): In January 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order revoking Mr. Toronto’s CFP^® certification after Mr. Toronto stated that he would no longer participate in CFP Board’s disciplinary proceedings and failed to file an answer to its complaint against him. The complaint alleges that in December 2024, Mr. Toronto entered into a diversion agreement and pleaded guilty in Arizona state court to a misdemeanor criminal charge that was later dismissed upon his successful completion of the diversion program. The complaint asserts that Mr. Toronto’s conduct reflects adversely on his integrity as a CFP^® professional, on the CFP^® marks or on the profession in violation of Standard E.2.a of its Code and Standards, and that his failure to timely and accurately report it to CFP Board violated Standards E.3.a and E.5. Based on its determination of the seriousness, scope and harmfulness of Mr. Toronto’s conduct, enforcement counsel investigating the conduct filed a motion seeking an administrative order revoking his CFP^® certification, which counsel to the Commission granted on January 30, 2026. The order was effective on March 2, 2026. Read the order: Case History 47734.

WISCONSIN

John W. Wolf (Appleton, Wisconsin): In February 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an order revoking Mr. Wolf’s CFP^® certification for refusing to cooperate with an investigation concerning a consent order he entered into with Wisconsin securities regulators in June 2025. The consent order contains findings that, from January 2021 through December 2021, Mr. Wolf recommended that 41 of his clients invest in an unsuitable, speculative and high-risk bond whose issuer ultimately declared bankruptcy. According to the consent order, Mr. Wolf’s clients stood to lose approximately 96% of their investment if the proposed bankruptcy settlement was approved. The consent order also finds that from January 2024 to December 2024, Mr. Wolf charged 32 clients unreasonable fees related to fixed annuities. On September 8, 2025, Mr. Wolf informed CFP Board that he would not cooperate with CFP Board’s investigation and was therefore in default under Article 4.1 of its Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Wolf’s conduct, CFP Board enforcement counsel filed a motion seeking an administrative order revoking his CFP^® certification, which counsel for the Commission granted on February 19, 2026. The order was effective on March 23, 2026. Read the order: Case History 44850.

PERMANENT BAR

TEXAS

Kristopher Whitney (San Antonio, Texas): In December 2025, CFP Board’s Appeals Commission affirmed a February 2025 order issued by counsel to the Disciplinary and Ethics Commission (Commission) that permanently bars Mr. Whitney from obtaining CFP Board certification. In a complaint filed in December 2023 against Mr. Whitney, CFP Board asserted that he had violated CFP Board’s Rules of Conduct and Terms and Conditions of Certification and Trademark License. The complaint cites a decision by the National Futures Association (NFA) that ordered Mr. Whitney and his firm to withdraw from NFA membership, disallowed reapplication for 18 months, and required them to pay a $15,000 fine upon any reapplication. The NFA’s decision settled its own complaint against Mr. Whitney charging him and his firm with violations of NFA Compliance Rules related to inaccurate or misleading disclosures, promotional materials and records, and for failing to supervise the operations of the firm. Mr. Whitney did not file an answer to CFP Board’s complaint and was therefore in default under CFP Board’s Procedural Rules. Based on its determination of the seriousness, scope and harmfulness of Mr. Whitney’s conduct, CFP Board enforcement counsel filed a motion seeking an administrative order permanently barring Mr. Whitney from CFP^® certification, which counsel to the Commission granted on February 12, 2025. The order was effective March 14, 2025. Read the order: Case History 42892.

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PUBLIC NOTICE

Tyler Anthony Hines (Brooklyn, New York): In March 2026, counsel to the Disciplinary and Ethics Commission (Commission) issued an order granting Mr. Hines’s petition for a determination that he is fit for CFP^® certification with a public notice after CFP Board learned that he filed for bankruptcy in October 2020. Mr. Hines and CFP Board enforcement counsel filed his petition as a joint motion stating that Mr. Hines had provided information sufficient for enforcement counsel to find no probable cause to believe Mr. Hines’s current financial circumstances demonstrate an inability to manage his financial affairs responsibly. Read the order: Case History 47971.

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 107,000 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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