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
Undertaking to Cooperate in Related Action; Distribution Plan Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$1.00
Shared:
Civil Penalty
Individual:
$3,300,000.00
Shared:
Related Documents:
34-56702
25-Oct-2007
Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Damasco . . . is appointed the Tax Administrator for the QSF in the above-referenced
proceeding."
34-57863
23-May-2008
Administrative Proceeding
General American Life Insurance Company and William C. Thater
On May 7, 2008, the Commission issued an order appointing Damasco and Associates as the Tax Administrator for the Qualified Settlement Fund in the administrative proceeding In the Matter of Gabelli Funds, LLC (the 'Order'). This Order amends the May 7, 2008 Order to provide that the appointment of Damasco and Associates shall be made nunc pro tunc to February 29, 2008.
34-57863-pdp
23-May-2008
Administrative Proceeding
Proposed Plan Of Distribution
On May 7, 2008, the Commission issued an order appointing Damasco and Associates as the Tax Administrator for the Qualified Settlement Fund in the administrative proceeding In the Matter of Gabelli Funds, LLC (the 'Order'). This Order amends the May 7, 2008 Order to provide that the appointment of Damasco and Associates shall be made nunc pro tunc to February 29, 2008.
34-60447
05-Aug-2009
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The SEC stated: "Accordingly, it is ORDERED that the Commission staff shall disburse the Fair Fund in the amount stated in the validated electronic payment file of $3,532,822.80, as provided for in the Distribution Plan."
34-63144
21-Oct-2010
Administrative Proceeding
Order Discharging Plan Administrator and Terminating Fair Fund
On October 21, 2010, the SEC ordered the termination of the Fair Fund and the discharge of the Plan Administrator. According to the SEC: "Pursuant to the Final Accounting, $4,435.67 in residual funds is to be transmitted to the U.S. Treasury."
Other Defendants in Action:
