Loans To Registered Representatives

3 Months Ended

Jun. 30, 2012

Loans To Registered Representatives [Abstract]

Note 2 - Loans to Registered Representatives

ICC has granted loans to certain registered representatives with the stipulation that the loans will be forgiven if the representatives remain licensed with the Company for an agreed upon period of time, generally one to five years, and/or meet specified performance and/or revenue targets. Upon forgiveness, the loans are charged to commission expense for financial reporting purposes. Loans charged to commission expense totaled $87,980 and $9,167 for the quarters ended June 30, 2012 and 2011, respectively.

Some loans to registered representatives are not subject to a forgiveness contingency. These loans, as well as loans that have failed the forgiveness contingency, are repaid to the Company by deducting a portion of the representatives’ commission payouts throughout the commission cycle until the loans are repaid.

Interest charged on these loans to representatives range from 3% to 9.00% annually. Loans to registered representatives included in receivables from employees and registered representatives are as follows:



	June 30, 2012		March 31, 2012

Forgivable loans	$	1,027,572	$	1,057,497
Other loans		698,632		757,018
Less: allowance		(157,334)		(157,334)
Total loans	$	1,568,870	$	1,657,181

Included in other loans is a loan receivable from a registered representative in connection with a regulatory matter settled with the Massachusetts Securities Division on October 27, 2010. This representative has agreed to reimburse the Company for certain amounts paid by the Company with respect to this regulatory matter. The amount due on this receivable at June 30, 2012 and March 31, 2012 was $373,053 and $391,560, respectively.