CEO DATELINE - Financial Planning Association cuts ties with New York chapter
CEO DATELINE - Financial Planning Association cuts ties with New York chapter
- April 16, 2018 |
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Walt Williams
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The Financial Planning Association has ended its relationship with the group's New York chapter amid allegations of unethical behavior by some of the chapter's members.
FPA's executive committee notified the New York City-based chapter in March that it was dissolving the group and transferring the chapter's funds, InvestmentNews reported. The chapter can continue to exist, but it can no longer be affiliated with the national association.
The dissolution was detailed in a March 27 complaint to the New York attorney general's office by Devika Kamboh, board president of FPA of New York. In it, she alleged "multiple incidences" in which some current and past board members and officers "conducted prohibited solicitations of clients" at public-awareness events hosted by the chapter, according to the news site.
Kamboh is seeking whistleblower protections for coming forward with her allegations. In a separate filing with New York State Department of Law Charities Bureau, Kamboh said she was a victim of discrimination and gender bias.
The national FPA intervened in March by proposing intervention to resolve the issues. The intervention failed, so the association's executive committee decided to instead vote to dissolve the chapter.
The New York chapter had roughly 600 members, making among the largest of FPA's affiliates. FPA COO David Brand said the chapter could "reconstitute" the relationship following a leadership change. http://bit.ly/2vf9XSY
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