What are Promissory Notes and Why Should Investors Steer Clear from Investing in Them?

Promissory notes are basically contracts for money; they're loans. And so, all investors should steer clear of promissory notes, because generally, in my experience, I've seen brokers use promissory notes to steal money from clients. They agree to pay them back for whatever loans they - they - they get from their clients, and then ultimately don't. And we've seen a number of cases like this. So I think that the broker-dealer needs to be very careful in how they monitor and regulate that type of conduct with their brokers, and I think that investors need to be very, very careful in investing in - in promissory notes, when asked by their brokers.