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The Indianapolis-based firm with about $9 billion in assets under advisement intends to use the loan primarily to 'maintain headcount and compensation,' according to a new Form ADV.
Thoroughbred Financial Services said the loan would be used to support payroll and other expenses allowed under the program's guidelines, according to the firm's updated Form ADV.
Paul Horton Smith Sr. faces criminal charges for allegedly using new investor funds to pay interest and the return of principal to those same investors.
Both Crestone Asset Management and IPG Investment Advisors cited the economic impact of COVID-19's spread, and disclosed the loans in newly updated Forms ADV submitted to the SEC.