Defendant Name:
General American Life Insurance Company, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
MetLife, Inc
SIC Code:
6411
CUSIP:
59156R10
Document Reference:
33-8832
Document Details
Legal Case Name
In the Matter of General American Life Insurance Company and William C. Thater
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 Act of 1933, Sections 15(b) and 21C of the Securities and Exchange Act of 1934, and Sections 9(b) and 9(f) of the Investment Company Act of 1940
Document Date
09-Aug-2007
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On August 9, 2007, the SEC instituted settled administrative and cease-and-desist proceedings against General American Life Insurance Company and William C. Thater. According to the SEC: "From January 2002 through November 2002 ('the relevant period'), Thater permitted and General American failed to prevent late trading of underlying mutual funds that were offered through General American's private placement variable universal life insurance ('PPVUL') policies."
Disgorgement & Penalty Information
Resolutions
Compliance Related Independent Consultant
Various undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Plan of Distribution
Monetary Penalties:
Disgorgement
Individual:
$1.00
Shared:
Civil Penalty
Individual:
$3,300,000.00
Shared:
Other Defendants in Action:
