A group of hotels that took, and later returned, tens of millions of dollars in federal virus-bailout money are under investigation by securities regulators for related-party transactions going back to 2018. The Ashford companies which own several hotel brands, including some upscale hotels under the Marriott and Ritz Carlton brands were among the biggest recipients of federal money that was intended to help small businesses survive the coronavirus pandemic.

The companies disclosed in a regulatory filing this week that they received subpoenas from the Securities and Exchange Commission for transactions that go back long before the pandemic hit. The subpoenas went to Ashford Inc., Ashford Hospitality Trust, and Braemar Hotels & Resorts.

Here are the portfolios of hotels for Ashford Hospitality Trust and Braemar Hotels & Resorts.

All three companies were founded and are run by Dallas hotelier Monty J. Bennett, a huge Trump donor. He’s given over US $200,000 to the Trump campaign, the Republican National Committee, and a joint fundraising committee supporting both of those since last year, according to Federal Election Commission records.

Ashford said the companies are responding to the SEC’s request for documents and other information and can’t predict the outcome. However, it said the investigation could harm its business, and if the SEC determines violations occurred, it could mean “significant” civil penalties, criminal penalties, or both.

The Ashford companies came under public scrutiny after applying for up to US $126 million in forgivable low-interest loans from a federal fund designed to help small businesses survive this year.

The three companies received at least US $74 million, according to an Associated Press analysis. Bennett’s companies said they would return all of the money.

The hospitality industry has been under severe strain as the pandemic chokes off both personal and business travel.

Bennett, his companies and other large corporations who claimed the bailout money intended for small business, have come under heavy criticism since the news became public. Bennett and dozens of other companies have blamed confusing federal guidance about the relief program.

News of the SEC subpoenas was reported earlier by The Wall Street Journal.