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Merchant provided capital to become a minority investor in Southwestern Investment Group, as well as the debt facility for the principals and their advisors to buy their shares from the hybrid RIA's parent company.
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.
Commonwealth is now structuring its forgivable notes for new advisors as basis points on the advisors' assets, rather than their production—another sign it continues to see itself as a national RIA.