Violation Tracker Individual Record

Company: 
Voya Financial Advisors, Inc.
Current Parent Company: 
Voya Financial
Penalty: 
$22,919,155
Year: 
2020
Date: 
December 21, 2020
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

These proceedings arise from Voya's alleged breach of its fiduciary duties to its advisory clients in connection with: (a) Voya's mutual fund share class selection practices and the financial benefits it received for advising clients to purchase and hold mutual fund share classes that paid fees pursuant to Rule 12b-1 under the Investment Company Act of 1940; (b) Voya's receipt of compensation in connection with certain client cash sweep accounts; and (c) Voya's policy of requiring advisory clients to pay an upfront brokerage commission when purchasing illiquid alternative investment products when the same investment was available to advisory clients with the brokerage commissions waived.

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: 
financial services
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.