The Financial Industry Regulatory Authority issued an alert to investors on Thursday urging them to carefully look into the potential risks of non-recourse stock-based loan programs before participating in them.

The warning came after recent enforcement actions by FINRA involving stock-based loan programs. Investors should watch for risks tied to stock-based loans, particularly as some of them involve unregistered and unregulated third-party lenders, FINRA said, and can have tax consequences for investors.

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