Violation Tracker Individual Record

Company: 
VALIC Financial Advisors Inc.
Current Parent Company: 
American International Group
Penalty: 
$39,900,000
Year: 
2020
Date: 
July 28, 2020
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

VALIC Financial Advisors Inc. agreed to pay a total of $39.9 million to resolve a pair of actions in which it was accused of failing to disclose to teachers and other investors practices that generated millions of dollars in fees and other financial benefits for VFA.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
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.