Violation Tracker Individual Record

Company: 
AXA Rosenberg
Current Parent Company: 
AXA
Penalty: 
$242,000,000
Year: 
2011
Date: 
February 3, 2011
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

The SEC accused three AXA Rosenberg entities with securities fraud for concealing a significant error in the computer code of the quantitative investment model that they use to manage client assets. The error caused $217 million in investor losses. AXA Rosenberg Group LLC, AXA Rosenberg Investment Management LLC, and Barr Rosenberg Research Center LLC agreed to settle the case by paying $217 million to harmed clients plus a $25 million penalty.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
France
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
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.