The CFP Board, the largest credentialing organization for financial advisors, has suspended the CFP certification of a financial advisor in Colorado after state regulators found he invested client money into a blockchain fund without their consent.
The advisor, Neil Maxwell of Maxwell Wealth Management, agreed to be barred from the securities industry in Colorado, forfeit his investment advisor license and repay the clients $170,000.
The Colorado securities regulator said Maxwell invested two senior clients’ money in a blockchain investment fund run by an unlicensed investment advisor without the clients’ consent.
He also requested a loan from another client after that client declined to invest in the blockchain fund, according to his consent order with Colorado regulators.
Under the CFP Board’s rules, any advisor whose license is revoked is immediately issued an interim suspension from the CFP until the CFP Board can complete an investigation. Under the order, Maxwell cannot use his CFP certification.
Maxwell’s most recent Form ADV shows some $14 million in assets under management from 61 clients. Maxwell Wealth Planning’s website is down and Maxwell could not be reached for comment.