Holding Firm to Professional Integrity
Trust is the foundation of financial planning—especially under the CFP® credential. On May 16, 2025, the Certified Financial Planner Board of Standards (CFP Board) announced sanctions against seven professionals—sending a message that ethical violations will not go unaddressed (Morningstar, CFP Board).
As a business ethics keynote speaker and AI and ethics author, I view these actions as critical guardrails for both the profession and the public interest. Here’s a breakdown of what happened, why it matters, and how leaders can draw the right lessons.
Seven Actions, Seven Accountability Cases
1. Derrick P. Myers – Public Censure (Glen Burnie, MD)
Violation: Underpaid payroll taxes from 2018–2020, triggering a $147,901 federal tax lien—raising concerns around integrity and compliance with tax laws and CFP Board standards. Action: Required to complete tax-planning education and report progress over three years.
2. Robert Sevcik – Public Censure (Medford, OR)
Violation: Misleading trade submissions that inflated commissions over 218 trades—violating legal and firm policies. Action: Public censure, reinforcing that compliance with trading rules and internal procedures is non-negotiable.
3. Bobby Koba – Suspension (San Diego, CA)
Violation: Unresponsive to CFP Board investigation notices regarding a client complaint on unsuitable investments. Action: Suspension of CFP designation due to default under procedural rules.
4. Carl L. Campbell – Temporary Bar (Columbus, IN)
Violation: Bankruptcy filing in February 2023; CFP Board deemed his petition for fitness inappropriate. Action: Temporarily barred from certification for three years (December 2024–2027).
5. Dan E. Droeg – Permanent Bar (Chandler, AZ)
Violation: Misappropriated over $800,000 from clients’ trust accounts; failed to cooperate with CFP Board investigation. Action: Permanent bar from holding CFP certification.
6. Vincent J. Camarda – Permanent Bar (Amityville, NY)
Violation details: Not publicly detailed in summary, but warranting permanent bar—indicating a serious ethical breach.
7. David B. Test – Permanent Bar (Frisco, TX)
Violation: Non-compliance with CFP Board investigation; specific violations involved failure to uphold professional conduct standards. Action: Permanently barred from CFP certification.
What Was Violated—and Why It Matters
Examining the violations reveals underlying ethical standards that were breached:
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Integrity and Compliance (Rule 6.5 & Standard E.8): Tax obligations ignored, and conduct reflecting poorly on the CFP marks.
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Legal and Regulatory Adherence (Standard A.8.a): Misleading trade reporting, ignoring FINRA requirements.
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Transparency and Responsiveness: Ignoring investigation notices (Koba, Droeg, Test) violated the duty to cooperate with CFP Board oversight.
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Client Fiduciary Violations: Misappropriation of client funds, unsuitable investments—core breaches of trust and professionalism.
Together, these actions reflect the CFP Board’s commitment to upholding its Code of Ethics and Standards of Conduct. It’s not just about compliance—it’s about preserving public trust.
Why These Actions Strengthen Professionalism
1. Accountability Speaks Louder Than Promises
Public censure, suspension, temporary, and permanent bars show that CFP certification is a responsibility, not a guarantee. Trust is maintained through corrective action.
2. Enforcement Is Multi‑Tiered and Scaled
CFP Board responds proportionally—from supplemental education to permanent revocation—based on the nature and severity of ethical violations.
3. Transparency Bolsters Confidence
By publishing sanctions and providing context, the Board reinforces that consumers can verify a planner’s standing and disciplinary history publicly.
4. Proactive Procedural Reform
Just weeks earlier, on May 15, 2025, CFP Board updated its procedural rules to streamline fitness evaluations—balancing fairness with rigor while preserving integrity.
Lessons for Organizations, Leaders, and Ethics Professionals
This episode offers essential takeaways for all ethical leaders:
A. Embed Ethics into Onboarding and Oversight
Like the CFP Board’s Code, organizational culture must integrate integrity testing—whether in taxation, compliance, or client service.
B. Create a Graduated Response Framework
Sanctions shouldn’t be all-or-nothing. Consider tiers: remedial training, censure, suspension, and revocation—aligned with the severity of misconduct.
C. Make Transparency Non-Negotiable
Publish outcomes of investigations where feasible. Transparency not only protects consumers but holds professionals accountable and educates peers.
D. Continually Evolve Your Decision-Making Processes
CFP Board’s recent procedural update reflects organizational agility—addressing past criminal record nuances while maintaining high ethical standards. Adaptivity strengthens credibility.
Call to Action
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CFP professionals: Review these cases—how might your own practices withstand similar scrutiny?
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Organizational leaders: Do your ethical frameworks include proactive monitoring and scale for accountability?
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Compliance teams: Are your sanctioning processes transparent, fair, and public-facing where appropriate?
Share your experience. Let’s ensure that what we build—financial trust, client relationships, professional integrity—is anchored in consistent ethical action.
Five Follow-Up Questions
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How does your compliance framework respond when a team member violates core rules—especially if they ignore inquiries or duties?
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Are you able to publish outcomes of internal investigations without compromising privacy or fair process?
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Does your organization support rehabilitation—like continuing education and progress monitoring—when someone violates but shows willingness to improve?
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Who on your board or leadership team ensures that ethics and fitness are evaluated as rigorously as technical competency?
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How will your organization adapt its procedural governance as CFP Board did—balancing flexibility with accountability?
The CFP Board demonstrates that professional trust requires active guardianship—not passive hope. Ethical credentials mean holding people to account. Let’s work to ensure that promise remains unbroken, everywhere.
Your thoughts and comments are welcome!
