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

Fed's Bowman pushes for lighter-touch AI oversight at smaller firms
Fed's Bowman pushes for lighter-touch AI oversight at smaller firms

Supervision vice chair speaks following recent launch of AI adoption practices by regulators.

Why fixed income still belongs in your clients' portfolios
Why fixed income still belongs in your clients' portfolios

In an era of AI euphoria and market FOMO, getting back to basics with fixed income may be the most contrarian and most important move advisors can make.

Voya expands advisor managed accounts to add private market assets
Voya expands advisor managed accounts to add private market assets

Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.

With executives leaving, Osaic’s Reid now in the spotlight
With executives leaving, Osaic’s Reid now in the spotlight

Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.

Investors sue crypto fund and platform, alleging $1.5 million never returned
Investors sue crypto fund and platform, alleging $1.5 million never returned

Auditors flagged the commingling. The COO allegedly knew. Investors kept getting the pitch

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.