Defendant Name:
Voya Financial Advisors, Inc.
Defendant Type:
Subsidiary of Public Company
Document Reference:
34-90745-s
Document Details
Legal Case Name
In the Matter of Voya Financial Advisors, Inc.
Document Name
Advisory Firm Settles Fraud Charges, Agrees to Repay Harmed Clients
Document Date
21-Dec-2020
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
The SEC " announced that Voya Financial Advisors,
Inc. (Voya) has agreed to settle charges for its disclosure failures and misleading statements to clients regarding
investment advice it gave about mutual funds, illiquid alternative investments and cash sweep vehicles. The
settlement includes a distribution of money to harmed clients of the retail advisory firm and Voya's retention of an
independent compliance consultant.
"
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Undertakings: return funds to affected investors.
Monetary Penalties:
Disgorgement
Individual:
$11,547,820.00
Shared:
Civil Penalty
Individual:
$9,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$2,371,335.00
Shared: