Two Spokane Men Lose Right To Use Cfp Mark
The Certified Financial Planner Board of Standards has revoked the rights of two Spokane men to use its “Certified Financial Planner” and “CFP” marks.
The actions against Lloyd Pankey and Michael G. Sweeney are effective immediately.
Pankey, the board noted in a statement announcing revocations against 19 individuals nationally, has already been barred from association with any securities broker or dealer by the U.S. Securities and Exchange Commission.
The commission charged Pankey with fraud, making false statements, and failing to disclose that investor funds were being misappropriated.
The state of Washington also lifted his securities sales license for selling unregistered securities.
Sweeney was barred based on his censure by the National Association of Securities Dealers, which fined him a total $131,000 for two separate cases involving execution of unauthorized transactions and other violations of association rules.
Yields reported two ways
Bond funds are required to report yields under two perspectives. The “yield” represents the actual distributions per share that the fund makes periodically, divided by the net asset value of the fund’s shares. The “SEC yield” is a figure that the Securities and Exchange Commission requires funds to report. It is a snapshot of the yield to maturity of the fund’s investments at a given moment.
Generally, the SEC yield will be less that the distribution yield. But if it is a lot less - say a full percentage point or more - investors should be on guard. It may mean that the yield the fund is advertising cannot be sustained, because the yield to maturity of the portfolio won’t produce the advertised distribution yield as time goes on.
The fund may be engaging in potentially risky yield-enhancement strategies that could turn against you. If the yield you’re being quoted looks good, the SEC yield “is a way of telling if it is too good to be true,” said Robert Schumacher, fixed-income portfolio manager at Kemper Financial Services.
Consumer workshops scheduled
Consumer Credit Counseling of Spokane will hold a workshop entitled “A Penny Saved” Thursday in its offices at 1912 N. Division.
Thrift consultant Carnette Ball will suggest practical, easy-to-follow ways of saving money, as well as time. She explains how to cut back on everything from entertainment to grocery and clothing bills.
The workshop starts at 6 p.m. Cost is $7 for clients, $10 for non-clients, with spouses admitted for no additional fee.
Also, the service is changing its “Manage Your Money” workshops.
Renamed “Money Smarts!,” the classes will be held the second Tuesday of every other month, with the next one scheduled for March 12.
The two-hour workshops will start at 6 p.m. Costs is $20, with no extra charge for spouses.
, DataTimes