Court date set in attempt by Camardas for a trial in case against CFP Board

Florida financial advisers are appealing a lower court decision in ongoing legal battle over how they can describe their compensation.
MAR 24, 2016
A court in Washington, D.C., will hear oral arguments on Sept. 7 to decide if a Florida couple will be granted an appeal in their case against the Certified Financial Planner Board of Standards Inc. over how they describe their compensation. Financial advisers Jeffrey and Kimberly Camarda filed an appeal for a public trial in their case after U.S. District Judge Richard Leon dismissed it in July 2015. The judge ruled that a court cannot "second guess" the CFP Board about the way it enforces rules related to the investment advice credential it grants. The Camardas have said a trial would demonstrate the “substantial legal merit” of their case, first filed in 2013. They were not immediately available for further comment. The CFP Board's CEO Kevin Keller said in an interview Tuesday that the board was pleased the district court had "affirmed the integrity of the process by which we enforce our standards.” He declined further comment. The CFP Board brought a disciplinary case against the Camardas in December 2011, holding that they represented themselves as fee-only advisers despite the fact that an arm of their firm, Camarda Consultants, sells insurance for commissions. The D.C. Circuit Court of Appeals announced the oral argument date last Friday. Mark Schoeff Jr. contributed reporting to this story.

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.