The Certified Financial Planner Board of Standard has imposed an interim suspension of the CFP certification against Filippo Mastrocola, a Massachusetts adviser who was permanently barred by his state’s securities regulator.
The CFP Board issued the interim suspension after receiving evidence of the Massachusetts action. According to a consent order in May, Mastrocola agreed to a permanent bar, $102,000 in restitution and a $175,000 administrative fine as a result of advising a client to liquidate an Individual Retirement Account holding $228,000. Instead of purchasing a Medicaid-compliant annuity with the funds as he said he would, Mastrocola used most of the proceeds himself.
Under the interim suspension order, Mastrocola’s cannot use the CFP certification marks pending CFP Board's completed investigation and possible further disciplinary proceedings.
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