CFP Board Promotes Public Trust With 11 Actions

Upholding Ethical Standards in a Thriving Network of Over 106,000 CFP^® Professionals

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 11 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 11 Individuals

SUSPENSION

CALIFORNIA

Christopher D. Martin (Apple Valley, California): In September 2025, a hearing panel of the Disciplinary and Ethics Commission found it in the public interest to impose an interim suspension of Mr. Martin’s CFP Board certification and right to use the CFP Board certification marks. The interim suspension order cites a January 2025 letter of Acceptance, Waiver and Consent (AWC) Mr. Martin entered with the Financial Industry Regulatory Authority, Inc. (FINRA) in which he consented to a two-year suspension and $15,000 fine for participating in undisclosed, unauthorized private securities transactions in violation of FINRA Rules 3280 and 2010. The AWC states that between July 2017 and October 2022, Mr. Martin participated in the sale of more than $4 million in stock to 106 investors, 19 of them his customers, without prior approval from his firm. Mr. Martin denied having engaged in any private securities transactions in completing six annual compliance questionnaires from 2017 to 2022. In issuing the interim suspension order, the hearing panel determined that the conduct described in the AWC reflects adversely on Mr. Martin’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 September 19, 2025, will remain in place during the pendency of CFP Board’s enforcement proceedings. Read the order: Case History 47720.

COLORADO

Hank Nicholson (Boulder, Colorado): In August 2025, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Nicholson’s CFP Board certification and right to use the CFP Board certification marks for one year and one day based on violations of CFP Board’s Rules of Conduct and its Code of Ethics and Standards of Conduct in his handling of his clients’ investment portfolio. The Commission found that Mr. Nicholson failed to exercise reasonable and prudent professional judgment in violation of Rule 4.4 by implementing an unauthorized covered call options strategy for his clients, and by overconcentrating their portfolio in nontraded real estate investment trusts (REITs). The Commission found that because neither investment strategy was suitable for the clients, a married couple with a moderate risk profile who had told Mr. Nicholson that they did not want to sell the shares underlying the call options, Mr. Nicholson also violated Rule 4.5. The options were ultimately exercised, and all of the underlying shares were sold. The order states that Mr. Nicholson failed to provide the clients with written materials explaining the options strategy, and that he violated Rule 6.5 when he directed his staff to use the clients’ photocopied signatures on their options account paperwork. Rule 6.5 prohibits a CFP^® professional from engaging in conduct that reflects adversely on their integrity or fitness as a certificant, on the CFP^® marks or on the profession. Mr. Nicholson was also found to have violated Standard E.5 by falsely representing to CFP Board that he had never been a defendant in a civil action when, at the time, he was a defendant in a lawsuit filed by the clients. Mr. Nicholson’s suspension is effective from September 22, 2025, to September 23, 2026. Read the order: Case History 44119.

ILLINOIS

Luke Richard Mroz (Elk Grove Village, Illinois): In September 2025, counsel to the Disciplinary and Ethics Commission issued an order immediately suspending Mr. Mroz’s CFP^® certification and right to use the CFP Board certification marks based on a consent order in which he voluntarily terminated his registration with the State of Maryland Division of Securities. The consent order, effective October 28, 2024, cites a letter of Acceptance, Waiver and Consent (AWC) Mr. Mroz entered on February 27, 2024, with the Financial Industry Regulatory Authority, Inc. (FINRA). The AWC states that in May and June of 2020, while associated with a FINRA member firm, Mr. Mroz processed three money transfers without proper authorization in violation of his firm’s policies and FINRA Rule 2010. The transfers were reversed after the customer questioned them. Without admitting or denying the findings in the AWC, Mr. Mroz agreed to a 45-day suspension from associating with any FINRA member and a $7,500 fine. The interim suspension order, effective September 18, 2025, will remain in place during the pendency of CFP Board’s enforcement proceedings. Read the order: Case History 46846.

OKLAHOMA

Gregory K. Womack (Edmond, Oklahoma): In September 2025, the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Womack’s certification and right to use the CFP Board certification marks for violating CFP Board’s Rules of Conduct in connection with “conservation easement” investments purchased by eight of his advisory clients. The offerings allowed investors to take charitable tax deductions if real estate acquired with their investment funds was donated to a qualified organization. In October 2022, CFP Board imposed an interim suspension on Mr. Womack after learning that the U.S. Securities and Exchange Commission (SEC) had filed and settled charges against him and others related to the investments. On August 15, 2022, the Oklahoma federal judge presiding over the SEC’s lawsuit issued a final judgment enjoining Mr. Womack from violating the federal securities laws and ordering him to pay hundreds of thousands of dollars in disgorgement, interest and penalties. In its complaint, the SEC alleged that Mr. Womack failed to disclose to clients he solicited for the investment that he would receive management fees tied to the amount of the investments sold, and that his advisory firm received payments for operational expenses from the company that managed the offerings. The SEC also alleged that the conservation easement offerings should have been registered as securities. In March 2023, Oklahoma state securities regulators imposed a $200,000 civil penalty on Mr. Womack and his firm and placed them in a two-year probationary status for violations of state securities laws relating to the offerings. The Oklahoma order, entered with Mr. Womack’s consent, states that Mr. Womack failed to act in his client’s best interests by not fully and fairly disclosing his conflicts of interest.

Based on these federal and state regulatory actions, the Commission found that Mr. Womack violated several CFP Board ethical provisions, including Rule 4.3, which requires a CFP^® professional to comply with applicable regulatory requirements, and Rules 2.2A and 2.2B, governing the accurate disclosure of compensation arrangements and conflicts of interest with clients. The Commission also found violations of Rule 4.1, which requires a CFP^® professional to treat clients fairly and to provide professional services with integrity and objectivity, and Rule 6.5, which requires a CFP^® professional to refrain from conduct that reflects adversely on their integrity or fitness as a certificant, on the CFP^® marks or on the profession. The Commission’s order suspends Mr. Womack’s CFP^® certification for the three years that have elapsed since CFP Board imposed an interim suspension on him in October 2022. Read the Order: Case History 45874.

REVOCATION

MINNESOTA

Jeffrey S. Polinchock (Golden Valley, Minnesota): In October 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order revoking Mr. Polinchock’s CFP^® certification after Mr. Polinchock stated that he would no longer participate in a CFP Board investigation into his multiple DUI convictions, the most recent in May 2022. Based on its determination of the seriousness, scope and harmfulness of Mr. Polinchock’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 October 1, 2025. The order was effective on October 31, 2025. Read the order: Case History 45395.

PERMANENT BAR

ARIZONA

Christopher W. Dunlevy (Flagstaff, Arizona): In August 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Dunlevy from obtaining CFP^® certification after Mr. Dunlevy indicated that he would no longer participate in CFP Board’s investigation into two customer complaints against him. The first complaint, settled in October 2022 for $100,000, alleged that Mr. Dunlevy recommended an unsuitable investment. The second complaint, settled in March 2024 for $185,000, alleged that Mr. Dunlevy mismanaged his clients’ fixed annuities. Based on its determination of the seriousness, scope and harmfulness of Mr. Dunlevy’s conduct, enforcement staff investigating the conduct filed a motion seeking an administrative order permanently barring Mr. Dunlevy, which counsel to the Commission granted on August 26, 2025. The order was effective on September 25, 2025. Read the order: Case History 44085.

CALIFORNIA

Haiguang Yin (Ontario, California): In October 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Yin from obtaining CFP^® certification after Mr. Yin indicated that he would no longer participate in CFP Board’s investigation into two customer complaints against him and his termination for unauthorized use of signature software. Based on its determination of the seriousness, scope and harmfulness of Mr. Yin’s conduct, enforcement staff investigating the conduct filed a motion seeking an administrative order permanently barring Mr. Yin, which counsel to the Commission granted on October 6, 2025. The order was effective on November 6, 2025. Read the order: Case History 46267.

FLORIDA

James D. Warring (Clearwater Beach, Florida): In September 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order revoking Mr. Warring’s CFP^® certification after Mr. Warring stated that he would no longer participate in CFP Board’s investigation into a multimillion-dollar lawsuit filed against him in Maryland state court by a former client. The lawsuit, settled in August 2023 for an undisclosed sum, asserted fraud, breach of fiduciary duty and other claims based on allegations that, over a 12-year period, Mr. Warring took over $6.8 million in fees from the client’s account and orchestrated $1.5 million in gifts from the account to Mr. Warring’s family members. In April 2023, Mr. Warring was terminated by his employer for failing to report customer complaints. Based on its determination of the seriousness, scope and harmfulness of Mr. Warring’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 September 12, 2025. The order was effective on October 13, 2025. Read the order: Case History 45521.

GEORGIA

David Dodson (Brookhaven, Georgia): In October 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Dodson from obtaining CFP^® certification. In March 2024, Mr. Dodson entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority, Inc. (FINRA) in which he consented to a $10,000 fine and a 20-month suspension for intentionally structuring 31 cash deposits totaling $248,460 to evade federal reporting requirements. Mr. Dodson’s firm terminated his employment in June 2022 for violating firm policies. On May 2, 2024, CFP Board’s enforcement counsel filed a complaint against Mr. Dodson alleging that his conduct violated CFP Board’s Code of Ethics and Standards of Conduct. Mr. Dodson failed to file an answer to the complaint and was therefore in default under Article 4 of CFP Board’s Procedural Rules. Based on its determination of the seriousness, scope and harmfulness of Mr. Dodson’s conduct, enforcement counsel filed a motion seeking an administrative order permanently barring Mr. Dodson, which counsel to the Commission granted on October 2, 2025. The order was effective on November 17, 2025. Read the order: Case History 44633.

OHIO

Jason R. Moore (Waterville, Ohio): In October 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Moore from obtaining CFP^® certification after Mr. Moore failed to provide CFP Board with information about the disposition of a criminal assault charge filed against him in 2023. Based on its determination of the seriousness, scope and harmfulness of Mr. Moore’s conduct, enforcement counsel investigating the conduct filed a motion seeking an administrative order permanently barring Mr. Moore from obtaining CFP^® certification, which counsel to the Commission granted on October 3, 2025. The order was effective on November 3, 2025. Read the order: Case History 46314.

PUBLIC NOTICE

CFP Board found the following individual to be currently fit for CFP^® certification and issues this notice to inform the public of prior misconduct that did not bar their certification.

TEXAS

Stacey Kirkpatrick (Southlake, Texas): In November 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order granting Ms. Kirkpatrick’s petition for a determination that she is fit for CFP^® certification with a public notice after she disclosed in her application that an entity for which she was a “control person” filed for bankruptcy in July 2020. Ms. Kirkpatrick and CFP Board enforcement counsel filed her petition as a joint motion stating that Ms. Kirkpatrick had provided information sufficient for enforcement counsel to find no probable cause to believe Ms. Kirkpatrick’s current financial circumstances demonstrate an inability to manage her financial affairs responsibly. Read the order: Case History 48542.

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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