Advisers reportedly gouged PPP loans by $36 million
Nearly a quarter of RIAs eligible for assistance received loans in the first round of the program last year, according to a recent study. Firms that abused the program were much more likely to disclose a history of past fraud and other legal or regulatory misconduct.
Financial regulators have made no secret that they have been making inquiries into brokers and financial advisers who incorrectly or inappropriately applied to federal loan programs for small businesses feeling economic pressure due to the Covid-19 pandemic.
And a recent study paints another laye
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