Firms with numerous violations took PPP loans (FundFire)

Despite lengthy lists of SEC and FINRA violations, investment firms with disciplinary histories successfully applied for and received PPP loans. Amy Lynch, FrontLine’s Founder and President, questions why there was not greater scrutiny of loan applications when certain firms were clearly ineligible based on Treasury Department guidelines. Loans received by these firms were as large as $7 million, and Ms. Lynch adds that any loans received by industry firms should have set off alarm bells. See FundFire (subscription required), “Industry Firms with Disciplinary Records Dipped into PPP Funds”