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.

Perry Santillo and co-conspirators defrauded approximately 1,000 investors out of more than $100 million, according to the Justice Department.

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.

Despite a possible delay, plans need to work with the existing timing guidelines.

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.

Tara M. Brunst pleaded guilty to conspiracy to commit mail and wire fraud, mail fraud and three counts of wire fraud. She was originally charged in September 2020 with co-defendants Raymond A. Erker and Kevin Krantz.

Academics at the University of Oregon found that private equity–backed RIAs had a 147% increase in the percentage of their advisors committing misconduct after the takeover.

The new deadline for a decision by the SEC is March 16.