Defendant Name: Health Insurance Innovations, Inc., Now Named Benefytt Technologies, Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 08182C10

Document Reference: 33-11084

Document Details

Legal Case Name In the Matter of Health Insurance Innovations, Inc., now named Benefytt Technologies, Inc., and Gavin D. Southwell
Document Name Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date 20-Jul-2022
Document Format Administrative Proceeding
File Number 3-20932
Allegation Type Issuer Reporting and Disclosure
Document Summary On July 20, 2022, the SEC instituted settled cease-and-desist proceedings against Health Insurance Innovations, Inc., now named Benefytt Technologies, Inc., and Gavin D. Southwell, stating: "From March 2017 through March 2020, HII, a technology platform, billing administrator and distributor of short-term and limited health insurance products, and its CEO Southwell made a series of false and misleading statements to investors, which concealed extensive consumer complaints about products being sold through misrepresentations."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Fair Funds
Monetary Penalties:

Civil Penalty

Individual:     $11,000,000.00 Shared:    

Related Documents:

2022-126 20-Jul-2022 Press Release--Administrative Proceeding
SEC Charges Tampa-Based Health Insurance Distributor and its Former CEO with Making False Statements to Investors
The SEC "today announced charges against Health Insurance Innovations (HII) and its former CEO Gavin Southwell for concealing extensive consumer complaints about short-term and limited health insurance products HII offered. HII has since changed its name to Benefytt Technologies and become a private company."
34-95805 16-Sep-2022 Administrative Proceeding
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34-97811 27-Jun-2023 Administrative Proceeding
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The Commission ordered that: "the Division's request for an extension of time until September 25, 2023 to submit a Proposed Plan of Distribution is granted."
34-98416 18-Sep-2023 Administrative Proceeding
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The Commission ordered that: "A. Epiq is appointed as the Fund Administrator . . .; B. Epiq shall obtain a bond . . . in the amount of $12,111,511.00."
34-98493 25-Sep-2023 Administrative Proceeding
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The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the "Proposed Plan") for the distribution of monies paid in the above-captioned matter."
34-98493-pdp 25-Sep-2023 Administrative Proceeding
Proposed Plan of Distribution
The SEC stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the "Plan") to the United States Securities and Exchange Commission (the "Commission") . . . . This Plan provides for the distribution of a Fair Fund (the "Fair Fund"), comprised of disgorgement, prejudgment interest, and civil money penalties paid by Health Insurance Innovations, Inc., now named Benefytt Technologies, Inc. ("HII") and Gavin D. Southwell (collectively, the "Respondents") in the above-captioned matter."
34-98936 14-Nov-2023 Administrative Proceeding
Order Approving Plan of Distribution
The Commission ordered that: "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission's website at www.sec.gov."
34-98936-dp 14-Nov-2023 Administrative Proceeding
Plan of Distribution
The Commission stated: "The Division of Enforcement has prepared this Plan of Distribution (the "Plan") . . . . This Plan provides for the distribution of a Fair Fund (the "Fair Fund"), comprised of disgorgement, prejudgment interest, and civil money penalties paid by Health Insurance Innovations, Inc., now named Benefytt Technologies, Inc. ("HII") and Gavin D. Southwell (collectively, the "Respondents") in the above-captioned matter."
34-101609 13-Nov-2024 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission ordered that: "Commission staff shall transfer $12,633,904.93 from the Fair Fund to the Fair Fund's escrow account at the Huntington National Bank, N.A. for distribution by the Fund Administrator in accordance with the Plan."

Other Defendants in Action:

Gavin D. Southwell