American Academy of Actuaries Issues Discipline Notice

WASHINGTON—The American Academy of Actuaries announced that the following discipline action became effective on May 28, 2019.

Notice of Public Discipline
(Effective Date May 28, 2019)

The American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, and after consideration by a Disciplinary Committee and Appeal Panel, has reviewed the findings and recommendation of the Actuarial Board of Counseling and Discipline regarding John R. Gibney. Based on the decision of the Disciplinary Committee, which the Appeal Panel affirmed, the Academy publicly reprimands Mr. Gibney for materially violating Precept 1 of the Code of Professional Conduct.

Precept 1 requires that an actuary “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.” Annotation 1-4 amplifies that duty by prohibiting an actuary from engaging “in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit[ting] an act that reflects adversely on the actuarial profession.” The Disciplinary Committee and Appeal Panel concluded that Mr. Gibney materially violated Precept 1 based on the following facts:

• One of Mr. Gibney’s subordinate co-workers in the New York City Office of the Actuary filed a complaint against him alleging that he violated New York City’s Equal Employment Opportunity policy by making inappropriate comments of a sexual nature in the workplace;
• Both the New York City Office of the Actuary and the Department of Citywide Administrative Services investigated the complaint and concluded that the allegations were “substantiated;”
• The Chief Actuary of the City of New York accepted the conclusions of the investigations;
• The Chief Actuary of the City of New York imposed certain disciplinary actions against Mr. Gibney; and
• Those actions represented a final decision in the matter by Mr. Gibney’s employer from which Mr. Gibney sought no further review.

Based upon the foregoing, the Academy publicly reprimands Mr. Gibney.