Defendant Name:
Transamerica Financial Advisors, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Aegon N.V.
SIC Code:
6311
CUSIP:
00792410
Initial Case Details
Legal Case Name
In the Matter of AEGON USA Investment Management, LLC, et al.
First Document Date
27-Aug-2018
Initial Filing Format
Administrative Action
File Number
3-18681
Allegation Type
Investment Advisers/Investment Companies
Violations Alleged
•
Sections 204, 206(2), 206(4) Investment Advisers Act; Rules 204-2(a)(16), 206(4)-1(a)(5), 206(4)-7 Investment Advisers Act
Resolutions
First Resolution Date
27-Aug-2018
Headline Total Penalty and Disgorgement
$2,758,162
Related Documents:
33-10539
27-Aug-2018
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Section 15(b) of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, and Section 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
According to the Commission: "Respondents violated the federal securities laws and rules thereunder while offering, selling, and managing 15 quantitative-model-based mutual funds, variable life insurance investment portfolios, and variable annuity investment portfolios (each of which was a registered investment company and collectively are the "Products") and separately managed account ("SMA") strategies (the "Strategies") (collectively, the "Products and Strategies")."
2018-167
27-Aug-2018
Press Release--Administrative Proceeding
Transamerica Entities to Pay $97 Million to Investors Relating to Errors in Quantitative Investment Models
The Commission stated that: "According to the SEC's order, investors put billions of dollars into mutual funds and strategies using the faulty models developed by investment adviser AEGON USA Investment Management LLC (AUIM). AUIM, its affiliated investment advisers Transamerica Asset Management Inc. (TAM) and Transamerica Financial Advisors Inc., and its affiliated broker-dealer Transamerica Capital Inc., claimed that investment decisions would be based on AUIM's quantitative models. The SEC's order finds that the models, which were developed solely by an inexperienced, junior AUIM analyst, contained numerous errors, and did not work as promised. The SEC found that when AUIM and TAM learned about the errors, they stopped using the models without telling investors or disclosing the errors."
34-100270
04-Jun-2024
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the Fair Fund in the Future and Terminating the Fair Fund
The Commission ordered that: "A. the remaining funds that are infeasible to return to investors, in the amount of $4,619,370.26, and any funds returned to the Fair Fund in the future that are infeasible to return to investors, shall be transferred to the U.S. Treasury . . . ; B. the Fair Fund is terminated."
Other Defendants in Action:
