Ifp Advisors, Llc

Allegations: INDEPENDENT FINANCIAL PARTNERS, AN INVESTMENT ADVISER FIRM REGISTERED WITH THE SEC, FAILED TO REGISTER INVESTMENT ADVISOR REPRESENTATIVE IN THE STATE OF CALIFORNIA FROM NOVEMBER 30, 2010 UNTIL ON OR ABOUT OCTOBER 7, 2013. Status: Final Sanction Detail: INDEPENDENT FINANCIAL PARTNERS MADE PAYMENT IN FULL OF THE ADMINISTRATIVE PENALTY ON 10/09/2013. Summary: IFP VOLUNTARILY CAME FORWARD ON 5/6/2013 AND DISCLSOSED TO THE OFFICE OF THE COMMISSIONER OF THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT THAT IT HAD FAILED TO REGISTER AN IAR WITH THE DEPARTMENT. IFP RESPONDED FULLY TO ALL OF THE COMMISSIONER'S REQUESTS FOR INFORMATION REGARDING THIS ISSUE. THE COMMISSIONER DETERMINED THAT THE DELAY IN THE IAR'S REGISTRATION WAS NEITHER WILLFUL NOR INTENTIONAL.

Allegations: IN AUGUST 2011, INDEPENDENT FINANCIAL PARTNERS, AN INVESTMENT ADVISER FIRM REGISTERED WITH THE SEC, AFFILIATED WITH AN INVESTMENT ADVISER REPRESENTATIVE WHO HAD A PLACE OF BUSINESS IN OREGON, YET WAS NOT LICENSED BY THE DIRECTOR OF THE DEPARTMENT OF CONSUMER AND BUSINESS SERVICES FOR THE STATE OF OREGON, IN VIOLATION OF ORS 59.165 (4)(B). Status: Final Sanction Detail: PAYMENT IN FULL OF $3,600.00 CIVIL PENALTY WAS MADE ON 11/22/2013. Summary: AS NOTED IN THE CONSENT ORDER, IN APRIL 2013 INDEPENDENT FINANCIAL PARTNERS SELF-REPORTED INFORMATION REGARDING THE UNLICENSED INVESTMENT ADVISER REPRESENTATIVE TO THE THE DIRECTOR OF THE DEPARTMENT OF CONSUMER AND BUSINESS SERVICES FOR THE STATE OF OREGON.

Allegations: JASON AND BARNETT CHEPENIK, ACTING THROUGH INDEPENDENT FINANCIAL PARTNERS, ENGAGED IN INVESTMENT ADVISORY BUSINESS FROM OFFICES IN FLORIDA WITHOUT BENEFIT OF LAWFUL REGISTRATION IN VIOLATION OF FLORIDA STATUTES. Status: Final Sanction Detail: INDEPENDENT FINANCIAL PARTNERS PAID AN ADMINISTRATIVE FINE OF $20,000 AS A FIRM AND PAID ADMINISTRATIVE FINES ON BEHALF OF BARNETT AND JASON CHEPENIK IN THE AMOUNT OF $10,000 EACH ($40,000 IN TOTAL). THE FINES WERE PAID IN FULL ON JANUARY 10, 2012. Summary: THE STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION ENTERED A FINAL ORDER PURSUANT TO A STIPULATION AND CONSENT AGREEMENT WHEREBY INDEPENDENT FINANCIAL PARTNERS AND BARNETT AND JASON CHEPENIK ACKNOWLEDGED THAT THEY HAD ENGAGED IN INVESTMENT ADVISORY BUSINESS WITHOUT BEING PROPERLY REGISTERED IN THE STATE OF FLORIDA. THIS FINAL ORDER WAS EXECUTED JANUARY 13, 2012 AND THE FLORIDA OFFICE OF FINANCIAL REGULATION APPROVED THE PENDING REGISTRATIONS OF BARNETT AND JASON CHEPENIK. JASON AND BARNETT CHEPENIK BOTH LEFT THE FIRM IN JULY OF 2015.

Allegations: THE SECURITIES AND EXCHANGE COMMISSION ALLEGED A CHERRY-PICKING SCHEME FROM AN FORMERLY EMPLOYED ADVISER IN CALIFORNIA. Status: Final Sanction Detail: RESPONDENT IFP SHALL PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $400,000 TO THE SECURITIES AND EXCHANGE COMMISSION. PAYMENT SHALL BE MADE IN THE FOLLOWING INSTALLMENTS: $100,000 WITHIN TEN (10) DAYS OF THE ENTRY OF THE ORDER, $100,000 WITHIN ONE HUNDRED TWENTY (120) DAYS OF THE ENTRY OF THE ORDER, $100,000 WITHIN TWO HUNDRED FORTY (240) DAYS OF THE ENTRY OF THE ORDER, AND THE REMAINING AMOUNT WITHIN THREE HUNDRED SIXTY (360) DAYS OF THE ENTRY OF THE ORDER. Summary: ON AUGUST 10, 2022 IFP AGREED TO AND SIGNED A CEASE AND DESIST ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION IN RELATION TO A CHERRY-PICKING SCHEME FROM AN FORMERLY EMPLOYED ADVISER IN CALIFORNIA. THE ORDER PREVENTS IFP FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF ADVISERS ACT SECTIONS 206(2) AND 206(4) AND RULE 206(4)-7 PROMULGATED THEREUNDER. IFP PAID A CIVIL MONEY PENALTY IN THE AMOUNT OF $400,000 TO THE SECURITIES AND EXCHANGE COMMISSION.