The Banksters

0x3…6f4

ERC721

The Securities and Exchange Commission today announced a settled enforcement action against General American Life Insurance Company and a former senior vice president, William C. Thater, for their roles in a late trading scheme. General American is a St. Louis-based insurance company and subsidiary of MetLife, Inc. General American will pay a civil penalty of $3.3 million and Thater will pay disgorgement, prejudgment interest and civil penalties totaling $163,137 to settle charges that Thater permitted and General American failed to prevent late trading of mutual funds underlying one of General American's variable insurance products. The payments will be distributed to the affected funds. The Commission's order finds that Thater, 52, of Danbury, Conn., entered into a written agreement that gave a New York family exclusive late trading privileges in mutual funds underlying the private placement life insurance policies the family purchased from General American for approximately $20 million. “By permitting a wealthy family to late trade, William Thater elevated the interests of a few select individuals over other investors,” said Linda Chatman Thomsen, Director of the Commission’s Division of Enforcement. “Whether it’s late trading of mutual funds directly or those that are part of variable insurance products, the Commission will continue to hold individuals and entities accountable for wrongful practices that unlawfully favor some investors over others.”

Name

1207

Owner

0x3D9e490b3d2EE45851B0086e1ec8eF3Fbe7e86a4

ID#1207

Rarity

MID:41%