Defendant Name:
Equitable Financial Life Insurance Company
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Equitable Holdings, Inc.
SIC Code:
6311
CUSIP:
29452E10
Document Reference:
33-11083
Document Details
Legal Case Name
In the Matter of Equitable Financial Life Insurance Company
Document Name
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
18-Jul-2022
Document Format
Administrative Proceeding
Allegation Type
Securities Offering
Document Summary
On July 18, 2022, the Commission issued an order instituting settled cease-and-desist proceedings against Equitable Financial Life Insurance Company, stating: "Since at least 2016, Equitable provided quarterly account statements to
approximately 1.4 million investors that included materially misleading statements and
omissions concerning significant fees paid in connection with variable annuity investments.
Most of the investors who received the account statements are teachers or other employees of kindergarten-through-twelfth-grade (“K-12”) public school districts, who invest in Equitable’s
proprietary “EQUI-VEST” variable annuities within a 403(b) or 457(b) defined contribution
retirement plan."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Various Undertakings: notice to affected customers; modifications to account statements.
Fair Funds
Monetary Penalties:
Civil Penalty
Individual:
$50,000,000.00
Shared:
