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.
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