Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
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.
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.
The increased demands placed on chief compliance officers in a volatile market are creating regulatory risks that threaten to 'trickle up' to executives and boards.
Initially, most enforcement actions will pertain to infractions the agency would have pursued under the suitability standards regardless, according to FINRA's head of enforcement.
With some exceptions, Reg BI scrutiny will be included in broader firm examinations rather than a sole focus of inquiry, according to one FINRA representative.