Defendant Name: Inviva, Inc.

Defendant Type: Other

Document Reference: 33-8456

Document Details

Legal Case Name In the Matter of Inviva, Inc. and Jefferson National Life Insurance Company
Document Name Order Instituting Administrative and Cease-and-Desist Proceedings Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8A of the Securities At of 1933, Section 21C of the Securities Exchange Act of 1934, and Sections 9(b) and 9(f) of the Investment Company Act of 1940
Document Date 09-Aug-2004
Document Format Administrative Proceeding
File Number 3-11579
Allegation Type Investment Advisers/Investment Companies
Document Summary On August 9, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against Inviva, Inc. and Jefferson National Life Insurance Company. According to the SEC: "From in or about October 2002 through September 2003, Respondents Inviva, a private New York-based insurance holding company, and Jefferson National, an Inviva subsidiary that issued variable annuities, allowed a group of hedge funds and customers of registered representatives to engage in market timing trading on behalf of Jefferson National variable annuity contract owners."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Various undertakings
Fair Funds
Monetary Penalties:

Disgorgement

Individual:     Shared:     $3,500,000.00
Shared with: Jefferson National Life Insurance Company

Related Documents:

33-9021 01-Apr-2009 Administrative Proceeding
Order Amending Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-And-Desist Order Pursuant to Section 8A of the Securities Act of 1933, Section 21C of the Securities Exchange Act of 1934, and Sections 9(b) and 9(f) of the Investment Company Act of 1940
34-61210 18-Dec-2009 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
On December 18, 2009, the SEC issued a Notice of Proposed Plan of Distribution and Opportunity for Comment. Previously, on August 9, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against Inviva, Inc. and Jefferson National Life Insurance Company. The SEC stated that: "In the Order, the Commission authorized the establishment of a Fair Fund, comprised of $5,000,000 in disgorgement and penalties paid by Respondents, for distribution to investors affected by certain market timing trading through Jefferson National's variable annuity products. The Order provided that the Fair Fund was to be distributed pursuant to a distribution plan developed by an Independent Distribution Consultant."
34-61210-pdp 18-Dec-2009 Administrative Proceeding
Proposed Plan of Distribution
On December 18, 2009, a Proposed Plan of Distribution was published. Previously, on August 9, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against Inviva, Inc. and Jefferson National Life Insurance Company. The settled proceedings involved allegations of market timing.
34-61600 26-Feb-2010 Administrative Proceeding
Order Approving Plan, Appointing a Fund Administrator, and Waiving Bond
On February 26, 2010, the SEC issued an order appointing a fund administrator, waiving the usual bond requirement, and approving the parties' fair fund distribution plan. Previously, on August 9, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against Inviva, Inc. and Jefferson National Life Insurance Company. The August 9, 2004 order established a Fair Fund for the "distribution to investors affected by certain market timing trading through Jefferson National's variable annuity products."
34-62228 04-Jun-2010 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On June 4, 2010, the SEC issued an Order Directing Disbursement of Fair Fund. The Order provided that, "the Commission staff shall disburse the Fair Fund in the amount stated in the validated electronic payment file of $5,461,603.97 as provided for in the Distribution Plan."
34-71882 04-Apr-2014 Administrative Proceeding
Order Authorizing the Transfer of Remaining Funds and Any Future Funds Returned to the Fair Fund to the U.S. Treasury, Discharging the Fund Administrator and Terminating the Fair Fund
On April 4, 2014, the SEC issued an Order Authorizing the Transfer of Remaining Funds and Any Future Funds Returned to the Fair Fund to the U.S. Treasury, Discharging the Fund Administrator and Terminating the Fair Fund. The Order provided that the remaining Fair Fund balance of $157.92 shall be transferred to the U.S. Treasury and the Fund Administrator, William Randolph Thompson, is discharged.

Other Defendants in Action:

Jefferson National Life Insurance Company