Defendant Name:
VALIC Financial Advisors, Inc.
Defendant Type:
Subsidiary of Public Company
Document Reference:
2020-164_3-19895
Document Details
Legal Case Name
In the Matter of VALIC Financial Advisors, Inc.
Document Name
SEC Charges VALIC Financial Advisors with Failing to Disclose Payments to Promote Services to Florida Educators
Document Date
28-Jul-2020
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
The SEC found that: "VFA failed to disclose conflicts of interest regarding its receipt of millions of
dollars of financial benefits that directly resulted from advisory client mutual fund investments that were generally more
expensive for clients than other mutual fund investment options available to clients."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Fair Funds
Monetary Penalties:
Disgorgement
(Penalty was noted in document, but no amount was listed)
Civil Penalty
Individual:
$4,500,000.00
Shared:
Pre-Judgment Interest
(Penalty was noted in document, but no amount was listed)
Total Penalty
Individual:
$19,900,000.00
Shared:
