On August 9, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against CIHC, Inc. ('CIHC'), Conseco Services, LLC ('Conseco Services'), and Conseco Equity Sales, Inc ('CES'). According to the SEC: "From late 1999 through at least September 2002, Conseco Variable Insurance Company ('CVIC'), CES, and Conseco Services issued, underwrote, marketed and sold variable annuity products to hedge funds and other individuals and entities that wanted to market time the mutual funds offered through these variable annuity products." The SEC stated that: "CVIC's immediate parent was Conseco Life Insurance Company of Texas ('Conseco Life'), which in turn was a wholly owned subsidiary of CIHC, the general holding company for the insurance business of Conseco, Inc."

On January 19, 2010, the SEC issued an Amended Notice of Proposed Plan of Distribution and Opportunity for Comment. Previously, on August 9, 2004, the SEC entered an order instituting settled administrative and cease-and-desist proceedings against subsidiaries of public insurance company Conseco, Inc. In the order, "the Commission authorized the establishment of a Fair Fund, comprised of $15,000,000 in disgorgement and penalties paid by Respondents, for distribution to investors affected by certain market timing trading through Conseco variable annuity products."

On January 19, 2010, a Proposed Plan of Distribution was published. Previously, on August 9, 2004, the SEC entered an order instituting settled administrative and cease-and-desist proceedings against CIHC, Inc., Conseco Services, LLC and Conseco Equity Sales, Inc. The order established a Fair Fund to provide restitution for losses caused by market timing.

On February 26, 2010, the SEC issued an Order Approving Plan, Appointing a Fund Administrator, and Waiving Bond. The SEC appointed Rust Consulting, Inc. as the Fund Administrator. Previously, on August 9, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against subsidiaries of Conseco, Inc. In the August 9, 2004 Order, the SEC established a Fair Fund "for distribution to investors affected by certain market timing trading through Conseco variable annuity products."

On September 4, 2014, the SEC published an order directing the disbursement of a fair fund distributing the disgorgement, prejudgment interest, and civil penalties paid by CIHC, Inc., Conseco Services, LLC, and Conseco Equity Sales, Inc. The Commission ordered that $4,263,506.27 be transferred from the Fair Fund to be distributed by U.S. Bank, NA, the Fund Administrator.

On March 17, 2015, the SEC ordered that "the Commission staff shall transfer $2,064,027.70 from the Fair Fund to U.S. Bank, NA, and that the Fund Administrator shall distribute such monies to investors, along with $800,000 in funds held at U.S. Bank, NA, as provided for in the Distribution Plan."

On January 19, 2010, an order directing the 3rd round of Distribution was published.

On April 13, 2017 the SEC issued an Order directing disbursement of fair fund created in relation to an Amended Notice of Proposed Plan of Distribution and Opportunity for Comment (“Notice”) pursuant to Rule 1103 of the Commission’s Rules of Fair Fund and Disgorgement Plan published on January 19, 2010 which was approved on February 26, 2010.

On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.

According to the SEC: "It is ORDERED that the Commission shall transfer $4,640,771.95 from the Fair Fund to U.S. Bank, N.A., and the Fund Administrator shall distribute such monies to investors, along with $500,000 in funds held at U.S. Bank, N.A., as provided for in the Distribution Plan."

The Commission ordered that: "Commission staff shall transfer $302,500.00 from the Fair Fund to the Fair Fund’s escrow account at U.S. Bank, N.A. for distribution in accordance with the Plan."