In a recent Q&A with RIAIntel, detection, investigation, and prosecution were top-of-mind for Tom Sporkin, CFP® Board Managing Director of Enforcement. Sporkin says the Board has been “doing absolutely everything within reason” and devoting significant resources to encourage reporting and enhance its detection efforts, since he started in the role in January 2021.
Sporkin is no stranger to the enforcement industry. In the ‘70s and ‘80s, Sporkin’s father was a judge, as well as the Securities and Exchange Commission’s (SEC) director of enforcement. Later, he became a defense attorney. With such specific familial history in the industry, Sporkin can be said to have gone into the “family business.”
So far this year, more than one hundred Certified Financial Planners™ have been investigated and publicly prosecuted. Violations have ranged from failure to respond to an investigation to more serious accusations like fraud, as well as criminal charges.
- January 2022 — 19 CFPs sanctioned
- March 2022 — 12 CFPs sanctioned
- May 2022 — 25 CFPs sanctioned
- July 2022 — 17 CFPs sanctioned
- September 2022 — 33 CFPs sanctioned
- November 2022 — 13 CFPs sanctioned
If you weren’t already aware of Sporkin’s ferocious commitment to CFP® enforcement, you are now. According to Sporkin, the enforcement department staff has already exceeded his expectations. His newly-assembled team is ready and eager to lay down the law and prosecute where it sees fit.
If you find yourself under CFP® investigation due to a customer complaint, termination, tax lien, regulatory action, or another issue, your next move should be to hire effective and knowledgeable counsel. AdvisorLaw’s team can help you build your strongest defense.
Contact AdvisorLaw today for a complimentary consultation!
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