Defendant Name:
The Phoenix Companies Inc.
Defendant Type:
Public Company
SIC Code:
6311
CUSIP:
71902E60
Document Reference:
34-71768
Document Details
Legal Case Name
In the Matter of The Phoenix Companies, Inc. and PHL Variable Insurance Company
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
21-Mar-2014
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On March 21, 2014, the SEC instituted a settled cease-and-desist proceeding against The Phoenix Companies, Inc. According to the SEC: "[O]n November 8, 2012, Phoenix announced that its previously issued audited financial statements for the years ended December 31, 2011, 2010, and 2009 could no longer be relied upon and should be restated, along with the unaudited financial statements for quarterly periods dating back to March 31, 2011. Phoenix listed two principal error categories, including the incorrect classification of deposits and withdrawals of universal life and variable universal life products and the incorrect reporting of certain fees and interest charges as cash flows provided by financing activities."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Various undertakings
Monetary Penalties:
Civil Penalty
Individual:
$475,000.00
Shared:
Other Defendants in Action:
