Thomas A. Sporkin, who spent 20 years with the enforcement division of the Securities and Exchange Commission, will become the CFP Board's first managing director of enforcement.
Sporkin, who is currently in private practice at the law firm Buckley, will lead a team of attorneys and legal staff to “modernize the detection, investigation and prosecution activities at the CFP Board,” the group said in a release. He will join the organization in January.
While at the SEC, Sporkin designed, built and managed its Office of Market Intelligence, including the Office of Market Surveillance and the SEC’s whistleblower program.
In December 2019, a Certified Financial Planners Board of Standards task force concluded that the organization's enforcement program had “systemic, longstanding, governance-level weaknesses” — failures that need to be addressed by internal reforms, according to the task force's report.
In May, the CFP Board came out with revised procedural rules for enforcing higher ethical standards associated with the credential.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
