Carson certified public accountant is disciplined
November 7, 2013
Carson City certified public accountant Michael D. Bayliss has been disciplined by the Certified Financial Planner Board of Standards Inc., a Washington, D.C.-based industry group that certifies financial planners.
The CFP Board suspended Bayliss' right to use its CFP certification for 18 months after finding that Bayliss had violated several of the group's rules, including recommending that a client's trust invest in funds managed by Bayliss without disclosing the conflict of interest and the fact "the funds were having liquidity and financial problems at a time when the trustee was trying to liquidate the trust," according to the CFP Board.
The board's disciplinary and ethics commission also found Bayliss filed a 2008 income tax return for the trust that did not meet accounting standards, but an appeals committee declined to discipline Bayliss for that, saying there was insufficient evidence.
According to CFP, Bayliss "stipulated to identical findings with the State of Nevada, which ordered Mr. Bayliss to serve five years of probation, to repay the trust, to complete additional hours of continuing education, to send conflict of interest letters to clients, to pay fees, costs and fines in excess of $35,000 and issue Mr. Bayliss a letter of reprimand."
A spokeswoman at Bayliss & Associates LLC, Bayliss' accounting firm, said Bayliss had no comment.
The CFP Board said its oversight provides consumer protection against unethical behavior by financial planners.