CFP Board Suspends N.J. Advisor For Alleged Real Estate Fraud after Criminal Charges
The Certified Financial Planner Board of Standards (CFP Board) has reportedly suspended former UBS advisor Joseph M. Whitney who was reportedly one of five people charged with conspiring to defraud investors and mortgage lenders of more than $500,000 through fraudulent real estate investments, according to Financial Advisor Mag on March 24.
Whitney, 42, of Mahwah, N.J., and three others were charged with conspiring with his wife, in the fraudulent schemes and money laundering, according to the article, citing a news release dated Feb. 5 by Gurbir S. Grewal of the New Jersey Attorney General’s Office.
According to the complaint, filed on Jan. 29, Whitney’s wife allegedly overstated her professional real estate experience and convinced two men to enter into business partnerships with her, deceiving each into investing more than $75,000 in fraudulent real estate deals. She allegedly stole the funds and directed them into bank accounts controlled by her father, her brother, and two others. They purportedly used the funds for personal expenses, the complaint said.
Joseph Whitney was reportedly charged with first-degree conspiracy.
New Jersey Bureau of Securities, in a parallel complaint, has reportedly revoked Whitney’s registration as of January 20, 2020 for engaging in dishonest and unethical practices in the securities business.
The CFP Board Disciplinary and Ethics Commission (DEC) issued an interim suspension order against Whitney on March 2, which became effective March 23.
According to his FINRA BrokerCheck profile, Whitney was affiliated with UBS from January 2009 until May 2020. He worked for Wedbush Securities for less than a year before the above allegations.
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