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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.
Ohio-based Wealthquest said it hoped to use the loan to retain its staff and fund payroll costs and health and insurance benefits for employees, according to an updated Form ADV submitted to the SEC.