- Equitable Holdings ( NYSE: EQH ) unit Equitable Financial Life Insurance Company has been charged with fraud by the U.S. Securities and Exchange Commission.
- The company provided account statements, which included materially misleading statements and omissions concerning investor fees, to about 1.4M variable annuity investors.
- EQH has agreed to pay $50M to harmed investors, largely public school teachers and staff members, to settle the charges.
- The company is also set to revise how it presents fee information in its variable annuity account statements.
- "When considering how to invest their hard-earned money and save for retirement, it is essential that investors not be misled about the fees they are paying," Gurbir Grewal, director of the SEC's division of enforcement, said.
- Source: Press Release
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Equitable Holdings unit charged with fraud by US SEC