Equitable told teachers their variable annuity fees were $0.00, SEC says
July 26, 2022 by Tobias Salinger
Equitable Financial Life Insurance agreed on July 18 to pay $50 million to settle SEC fraud charges alleging that it sent “materially misleading” account statements to 1.4 million annuity holders over the past six years. Equitable, a target of critics who assert the company is predatory toward teachers, a core market for the annuities industry, left out the products’ two main fees and 97% of the revenue from the contracts, the SEC said.
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Originally Posted at Financial Planning on July 20, 2022 by Tobias Salinger.
Categories: Industry Articles