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Business ProfileforEquitable
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The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On July 18, 2022, the Securities and Exchange Commission (SEC) announced fraud charges against Equitable Financial Life Insurance Company for providing account statements to about 1.4 million variable annuity investors that included materially misleading statements and omissions concerning investor fees. Equitable agreed to pay $50 million to harmed investors, most of whom are public school teachers and staff members, to settle the charges.
As described in the SEC’s order, since at least 2016, Equitable gave investors the false impression that their quarterly account statements listed all fees paid during the period. The SEC’s investigation found that, in reality, the statements listed only certain types of fees that investors infrequently incurred and that more often than not the statements had $0.00 listed for fees.
The SEC’s order finds that Equitable violated the antifraud provisions of the Securities Act of 1933. Without admitting or denying the SEC’s findings, Equitable agreed to cease and desist from committing or causing any future violations of these provisions and to pay a $50 million civil penalty that it will distribute to affected investors. Equitable also agreed to revise how it presents fee information in its variable annuity account statements.
At-a-glance
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Overview
Business Details
This is a multi-location business.
- Headquarters
- 1290 Avenue of the Americas, 12th Floor, New York, NY 10104-1300
- BBB File Opened:
- 11/5/1992
- Years in Business:
- 165
- Business Started:
- 1/1/1859
- Type of Entity:
- Corporation
- Alternate Business Name
- Equitable Holdings, Inc.
- Equitable Financial Life
- AXA Financial, Inc.
- Business Management
- Mr. Mark Pearson, CEO, Equitable Holdings
- Contact Information
Principal
- Mr. Mark Pearson, CEO, Equitable Holdings
- Additional Contact Information
Fax Numbers
- (212) 314-4480Primary Fax
Phone Numbers
- (888) 292-4636Other Phone
- (212) 314-2566Other Phone
- (212) 314-4480
Customer Complaints
124 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
05/23/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Customer Reviews
84 Customer Reviews
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Most Recent Customer Review
aaron k
07/11/2024
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