Execs at annuity underwriter pay $1M to settle SEC probe
March 4, 2010 by N/A
| By Associated Press March 4, 2010, 8:54 AM EST |
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American Equity Investment Life Holding Co. on Wednesday said two top executives will pay more than $1 million in penalties as part of a settlement of a Securities and Exchange Commission inquiry into disclosures on a company proxy statement.
The annuity underwriter said Executive Chairman David J. Noble will pay $900,000 and Chief Executive Wendy Waugaman will pay $130,000 in civil penalties relating to the probe.
The deal closes the inquiry, which involved disclosures in the company’s 2006 proxy statement concerning the effects of transactions between the parent company and American Equity Investment Service Co.
The SEC complaint did not allege fraud or financial statement inaccuracies on the part of the company or the executives. Under the agreement, the company and its executives neither admitted nor denied SEC claims.
The settlement does not require American Equity to pay a monetary penalty, but the company agreed to remedial measures regarding its proxy statements, to establish a disclosure committee to work with senior officers and to the appointment of a lead independent director.
