Defendant Name: Voya Financial Advisors, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Voya Financial, Inc.
SIC Code: 6311
CUSIP: 92908910

Initial Case Details

Legal Case Name In the Matter of Voya Financial Advisors, Inc.
First Document Date 08-Mar-2017
Initial Filing Format Administrative Action
File Number 3-17870
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Sections 206(2), 206(4), 207 Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 08-Mar-2017
Headline Total Penalty and Disgorgement $3,095,954

Related Documents:

34-80177-s 08-Mar-2017 Administrative Summary
SEC Charges Investment Adviser for Failing to Disclose Conflicts of Interest Arising from Revenue Sharing Arrangements
On March 8, 2017 the SEC announced in an administrative proceeding that Voya Financial Advisors, Inc. agreed to settle charges. According to the SEC: "since at least 2006, Voya participated in a no-transaction-fee mutual fund program offered by its clearing broker whereby the clearing broker agreed to share with Voya a certain percentage of revenues the clearing broker received from mutual funds in the program."
34-80177 08-Mar-2017 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On March 8, 2017 the SEC instituted a settled proceeding against Voya Financial Advisors, Inc. According to the SEC: "This matter involves a registered investment adviser’s [Voya] failure to disclose to its clients compensation it received through an arrangement with a third party broker-dealer (“Clearing Broker”) and conflicts arising from that compensation."