FINRA Examines Brokers Who Took PPP or EIDL Loans

FINRA is conducting inquiries into brokers’ business activity outside the scope of their employment, especially if they took PPP and EIDL loans. FINRA rules require financial services professionals to disclosure outside business activities to his or her employer. FINRA investigations can lead to termination of employment, sanctions, suspensions, and worst case, a bar from the securities industry.

“Finra’s National Cause and Financial Crimes Detection Program is conducting an examination with respect to your receipt of a PPP Loan,” according to a FINRA 8210 letter received by the Warren Law Group. “The purpose of this examination is to determine whether violations of federal securities laws or Finra rules have occurred.”

Not responding to a FINRA letter will result in a bar from the securities industry. If you have received an investigation letter from FINRA, the SEC, or State regulators, call (866) 954-7687 or email for a free consultation with the securities attorneys at Warren Law Group.



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