Defendant Name: Equitable Financial Life Insurance Company

Defendant Type: Subsidiary of Public Company

Document Reference: 2022-124

Document Details

Legal Case Name In the Matter of Equitable Financial Life Insurance Company
Document Name Equitable Financial To Pay $50 Million Penalty To Settle SEC Charges That It Provided Misleading Account Statements to Investors
Document Date 18-Jul-2022
Document Format Administrative Proceeding
File Number 3-20931
Allegation Type Securities Offering
Document Summary The SEC "announced fraud charges against Equitable Financial Life Insurance Company for providing account statements to about 1.4 million variable annuity investors that included materially misleading statements and omissions concerning investor fees. Equitable agreed to pay $50 million to harmed investors, most of whom are public school teachers and staff members, to settle the charges."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Various Undertakings: "Equitable also agreed to revise how it presents fee information in its variable annuity account statements."
Monetary Penalties:

Civil Penalty

Individual:     $50,000,000.00 Shared:    

Related Documents:

33-11083 18-Jul-2022 Administrative Proceeding
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
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."