$36 million in PPP loans received by RIAs violated loan limits: Study

In another study on PPP loan fraud, 45% of loans by fintech lenders were deemed questionable.

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New reports show Paycheck Protection Program loans secured by advisors and facilitated by fintech firms involved misconduct.

More than 6% — or $36 million — of the $590 million in PPP funds received by those in the investment management industry violated loan limits as set out in the CARES Act, according to new research.

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Melanie Waddell

Melanie is Washington Bureau Chief, Investment Advisory Group. She also covers regulatory and compliance issues. Her column, The Playing Field, appears in Investment Advisor and on ThinkAdvisor.com, and she also writes the briefing and produces the podcast, Human Capital. Earlier in her career, Melanie covered financial issues at American Banker/Thomson Media publications in Washington and New York. She also wrote freelance articles for Institutional Investor in New York. You can reach her at [email protected] On twitter: @Think_MelanieW

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