Notice of Disciplinary Determination
On December 13, 2011, the Society of Actuaries convened a Discipline Committee to review a matter referred by the Actuarial Board for Counseling and Discipline ("ABCD"). The Discipline Committee determined that Robert D.J. Scheiring, FSA, should be expelled from the Society of Actuaries for a material violation of Precept 1 of the Code of Professional Conduct .
The disciplinary matter related to conduct by Mr. Scheiring that reflected adversely on the actuarial profession. Mr. Scheiring was arrested in 2009 on charges involving the possession and distribution of certain materials in violation of federal law. In June 2010, Mr. Scheiring pled guilty to two counts of an indictment, and he is now serving a sentence for those crimes.
Precept 1 states, "An Actuary shall act honestly, with integrity and competence, and in a manner to fulfill the profession's responsibility to the public and to uphold the reputation of the actuarial profession." This Precept is further elaborated in Annotation 1-4, which states:
- An Actuary shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adversely on the actuarial profession. (Emphasis added.)
Mr. Scheiring violated Precept 1 by engaging in conduct that violated the law, and the nature of which conduct reflects adversely on and damages the reputation of the actuarial profession.
All members of the SOA are reminded of their responsibility to follow the Code of Professional Conduct. Members are encouraged to maintain familiarity with the Code and its precepts by regular review and/or participation in webcasts or professionalism sessions offered at various SOA and other actuarial conferences.