CFP Board Imposes Interim Suspension on Gregory K. Womack of Edmond, Oklahoma – QNT Press Release


WASHINGTON, Nov. 4, 2022 /PRNewswire/ — Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP® certification against Gregory K. Womackwhich was effective as of October 25, 2022.

On August 25, 2022CFP Board filed a Motion for Interim Suspension Order (Motion) pursuant to Article 2.1.a.1. of CFP Board’s Procedural Rules requesting that the Disciplinary and Ethics Commission (DEC) issue an Interim Suspension Order against Mr. Womack. On August 8, 2022the US Securities and Exchange Commission (SEC) filed charges against and announced a settlement with Mr. Womack and other defendants, including Mr. Womack’s firm Womack Investment Advisers, Inc. (WIA), which he owns. In the settlement, without admitting or denying the allegations, Mr. Womack consented to the findings that, beginning in March 2018he and WIA engaged in transactions, practices, or courses of business that acted as a fraud or deceit upon over 250 investors by offering and selling $23.3 million in interests in four unregistered securities offerings that involved purported real estate investment opportunities (GreneCo Offerings). Mr. Womack also consented to findings that he and WIA failed to inform those investors that they would receive millions of dollars in management fees from investor funds and that they received at least $160,000 directly from GreneCo as a result of the GreneCo Offerings. Instead, WIA filed Part 2B of its annual Form ADV on March 9, 2018which misleadingly represented that the firm “receives no compensation from a client’s participation and does not charge the client a fee for this investment.” The settlement stated that, as fiduciaries of their clients, Mr. Womack and WIA were required to disclose these conflicts of interest, and their failure to do so operated as a fraud or deceit upon one or more …

Full story available on Benzinga.com



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