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Finra Bans Ex-Broker Over Improper COVID-19 Loan

FINRA has banned Scott Madison, an ex-Merrill Lynch broker, after he refused to cooperate with investigations into whether he improperly requested and was given a COVID-19 Economic Injury Disaster Loan. So reports Think Advisor.

merrillThe investigations in question were an internal probe by Merrill Lynch as well as a FINRA investigation. Madison did not admit or deny the allegations but signed a Finra letter of acceptance, waiver and consent..

Madison has been a broker since 2001 and joined Merrill in late 2017.

Finra has brought a number of cases against brokers related to COVID-19 emergency loans.

Read the full article from Think Advisor.

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