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Violation Tracker Individual Record

Company: Minnesota Mutual Life Insurance Co. and Ascend Financial Services
Penalty: $550,000
Year: 2001
Date: May 8, 2001
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: Minnesota Life and Ascend agreed to jointly pay a $50,000 penalty, and Minnesota Life agreed to pay $350,000 to an enforcement fund plus $150,000 in costs, in settlement of allegations the company failed to reasonably supervise its agent allowing multiple securities violations.
Level of Government: state
Action Type: agency action
Agency: Mississippi Secretary of State-Securities
Civil or Criminal Case: civil
Facility State: Mississippi
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.