BD Insurance Received $ 550,400 Loan Last Year

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Leaders Group Inc., a major broker-dealer with 1,000 registered representatives and a leading seller of variable life insurance, received a $ 550,400 payroll protection loan in April 2020, according to recent filings with the Securities and Exchange Commission.

This appears to be in the middle range of PPP loans taken by private broker-dealers who have received assistance in the Covid-19 business. Last summer, InvestmentsNews reported that at least seven broker-dealers received from $ 150,000 to $ 2 million from the program; the loans were to be used to protect employee wages during the pandemic and are excusable.

Leaders Group Inc., reported on the PPP loan in its annual audited financial statement filed with the Securities and Exchange Commission in March. The document did not appear on the SEC’s website until last month.

Other major broker-dealers who have received PPP loans include David Lerner Associates Inc., who received a PPP loan in the amount of $ 4 million in April 2020. Another large firm, National Securities Corp., with over 700 independent representatives, reported late last year obtaining a PPP loan in the amount of $ 5.5 million.

Sean Wickersham, president of the Leaders Group, did not return calls on Friday to comment.

The Financial Industry Regulatory Authority Inc. said at the beginning of the year that he screened individual registered representatives who took out PPP loans for possible irregularities related to work they do outside of their brokerage firms.

PPP provides funding for small businesses hit hard by the Covid-19 pandemic.

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