CFP Board issues interim suspension of Texas planner accused of diverting nearly $2M of client money

Action could lead to permanent suspension and revocation of his CFP certification.
AUG 25, 2017

The Certified Financial Planner Board of Standards has imposed an automatic interim suspension of Lawrence A. DeShetler's CFP certification after the Houston, Tex., planner and registered investment adviser failed to respond to a show-cause order. The board filed the order in June, after learning that Mr. DeShetler had pleaded guilty to federal mail fraud violations for fraudulently obtaining $1.9 million from five clients and diverting the money to his own accounts. Under federal statutes, he faces up to 20 years in federal prison at sentencing. The State of Texas also had been investigating Mr. DeShetler and in June alleged that he had deposited client money from an individual retirement account into an account over which he had sole authority, and used a portion of the money for his personal expenses. The CFP Board said that it follows a number of procedural steps following an interim suspension that may lead to a permanent suspension and revocation of the CFP certification.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.