Arkansas Business

Keenan said that each sale was made to make a profit for the state and not to generate any sales or fees for his firm.

Summers said that is one of the areas he hopes authorities can investigate.

"It has the appearance that transactions were made to benefit the broker-dealer on it, but there's no way of knowing that without a lot more investigation," Summers said.

Shoffner said she planned on conducting an analysis of her office's investment portfolio to ensure one firm is not given a disproportionate amount of the state's business.

"It will help us level out and it won't be one broker over another," she said.

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