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
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: