Violation Tracker Individual Record

Company: 
American-Amicable Life Insurance Company of Texas, Pioneer American Insurance Company, and Pioneer Security Life Insurance Company
Penalty: 
$10,000,000
Year: 
2006
Date: 
August 3, 2006
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

A Waco, Texas, insurance company and its affiliates agreed to pay $10 million to settle allegations that they targeted American military personnel with a deceptive sales program that misleadingly suggested that investing in the company?s product would make one a millionaire.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.