In some cases, applicants claimed they’d gained years of experience in just a few days, or that their annual incomes increased less than one day after a prior application had been denied.
The Massachusetts secretary of the commonwealth said the alleged actions by Vanguard and others left smaller investors vulnerable to increased risk and larger tax liabilities.
According to the commission’s complaint, Florida-based former advisor and broker German Nino made numerous unauthorized transfers, allegedly using the money to purchase gifts and to pay back a prior victim’s misappropriated funds.
The commission will include five members who do not currently sit on the CFP Board’s Board of Directors, and its chair previously headed a task force that scrutinized the Board’s enforcement program.
RIA Lawyers, founded by Max Schatzow, Cary Kvitka and Ryan Walter, will work with advisory firms with assets under management between $100 million and $10 billion.
A survey from the North American Securities Administrators Association also found that fraudulent schemes using promissory notes, social media and self-directed IRAs worried state securities regulators the most for 2022.