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August 3, 2010 Tuesday
MetLife Securities settling dispute with Illinois regulators
MetLife Securities tentatively resolved two regulatory matters with the Illinois Department of Securities in July.
MetLife Securities Inc. tentatively resolved two regulatory matters with the Illinois Department of Securities in July, according to MetLife Inc.’s Form 10-Q filed Aug. 2.
In 2005, the broker/dealer unit of MetLife received a notice from the department charging the firm with possible violations of the Illinois Securities Act in connection with sales of a former affiliate’s mutual funds. The company submitted a response but in January 2008 received notice from the Illinois regulator that an administrative action had been commenced against it.
In December 2008, MetLife Securities received a notice of hearing from the department also asserting possible violations of the Illinois Securities Act. That matter stemmed from a complaint alleging that the company failed to reasonably supervise one of its former registered representatives in connection with the sale of variable annuities to Illinois investors.
According to the most recent filing, the company and the department signed a stipulation as to the first matter and a settlement agreement as to the second matter.
August 9, 2010