The board regulating Certified Financial Planners issued an interim suspension to a Texas man who allegedly collected more than $250,000 in commissions by illegally transferring money between retirement plans.

Brian P. Troy of Keller, Texas, had his right to use the CFP certification marks suspended, effective Oct. 27, 2009, according to a recent report from the organization.

Troy was indicted on 22 felony counts of securing execution of a document by deception and 21 felony counts of misapplication of fiduciary property, the CFP Board said in a statement.

From 2006 through 2008, Troy is alleged to have collected commissions totaling more than $250,000 by illegally transferring about $9 million from college employees’ state retirement plans to private plans with American International Group, the board said.

Troy failed to respond to CFP Board’s Order to Show Cause within 20 calendar days, as required by CFP Board’s Disciplinary Rules and Procedures. As a result, the board deemed him to have admitted to the allegations and issued an interim suspension.

The suspension continues, pending the CFP Board’s completed investigation.

(IFAwebnews.com: by Bob Graham)