SEC calls out Advisor Resource Council compliance structure in lawsuit
By 
Kyle Brasseur2023-10-04T13:57:00
The Securities and Exchange Commission (SEC) criticized the structure of the compliance program in place at a Texas-based investment adviser as part of a lawsuit against the firm and one of its former representatives.
The Advisor Resource Council (ARC) was charged in a complaint filed by the SEC on Friday. The firm was accused of making false and misleading statements in its Form ADV brochures and failing to adopt policies and procedures to ensure fair and equitable trade allocations among its advisory clients.
The SEC also charged Steven Jacobson regarding his alleged role in a cherry-picking scheme. Jacobson was a representative associated with ARC from October 2019 until he was terminated in January 2021.
Related articles
-
News Brief
Advisor Resource Council to pay $300K over compliance lapses
Advisor Resource Council agreed to pay a $300,000 penalty to resolve charges levied by the Securities and Exchange Commission of compliance failures exacerbated by staffing woes.
-
News BriefMaxim Group fined $800K by SEC over SARs filing lapses
New York-based broker-dealer Maxim Group agreed to pay an $800,000 fine in settling with the Securities and Exchange Commission regarding the firm’s alleged failures to file required suspicious activity reports and properly execute certain short sales.
-
News BriefD. E. Shaw fined $10M for impeding potential whistleblowers
New York-based investment adviser D. E. Shaw & Co. will pay a $10 million penalty to settle charges brought by the Securities and Exchange Commission that the company raised impediments to whistleblowing by employees.
More from Regulatory Enforcement
-
PremiumDiscover, in allowing misclassification problem to fester, pushed compliance aside
Federal banking regulators have laid the blame for Discover Financial Services charging merchants $1 billion in excessive credit card fees over 17 years squarely at the feet of company executives.
-
News BriefCFPB drops $95M enforcement action against Navy Federal, without explanation
The Consumer Financial Protection Bureau has dropped a $95 million enforcement action against Navy Federal Credit Union, the latest regulatory pullback by the agency under President Donald Trump.
-
ArticleFCA drops ‘naming and shaming’ approach – except in ‘exceptional circumstances’
The UK’s financial regulator has had a rough ride over the past couple of years as its strategy to “name and shame” firms it opened investigations into was widely slammed by the industry and lawmakers over concerns that companies could be unfairly maligned.