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The Certified Financial Planner Standards Council says it has suspended a veteran financial adviser accused earlier this month of breaches of the Security and Exchange Commission‘s Best Interest Rules.

Patrick Egan was one of five brokers in Pasadena, Calif. Western International Titlesas well as the company itself, which the SEC earlier this month accused of violating Reg BI by recommending and selling $13.3 million of a high-risk security known as L bonds to retail investors including retirees.

The charges, which accuse the defendants of failing to comply with Reg BI’s duty of care clause, were the first major action related to Reg BI brought by the regulator. The SEC is seeking permanent injunctions, restitution and prejudgment interest, and civil penalties against the company and the brokers.

The CFP board said it issued a provisional suspension against Egan effective June 21. During the interim suspension, Egan is prohibited from using his CFP certification or suggesting that he is a CFP professional, according to the board.

The interim suspension remains in effect until the Board’s Disciplinary and Ethics Committee issues a final order or, if appealed, a final order of the CFP Board Appeals Committee, the CFP Board said. .

Egan entered the financial services industry in 1998, registering with Western International as a broker, according to BrokerCheck. He registered as an investment adviser with the company in 2007, according to his filing.

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