Four months after the last wave of CFP Board disciplinary actions, another 26 planners are getting stern letters or losing their right -- temporary or permanent -- to use the CFP mark.
As then, the worst infractions are pretty bad: fraud, embezzling.
But eight of those being disciplined simply filed for bankruptcy. This is in line with the CFP Board's "those who can't do, shouldn't teach" code of money management, but there's a curious moral equivalence here.
Is the punishment for going broke in the planning world really the same as the punishment for "24 felony counts of securing execution of a document by deception, 23 felony counts of misapplication of fiduciary property, and 12 felony counts of forgery?"
It is. The CFP Board is slapping as hard as it can here, but the really bad cases are just so rare that the crime goes off the scale of applicable punishment.
Meanwhile, if you commit that much securities fraud, you probably lose your career and your freedom as well as your CFP mark. Being stripped of your mark is literally adding insult to injury at that point.