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.
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.
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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.