SEC Penalizes Firm Over Deceptive Investments
From Times Wire Reports
The Securities and Exchange Commission said that American Amicable Life Insurance Co. of Texas will pay about $70 million in cash and noncash benefits to thousands of military personnel whose investments with the company earned most of them little or no money.
The SEC said the firm targeted service personnel with a product, Horizon Life, and a “deceptive sales program that falsely suggested that investing in the company’s product would make one a millionaire.”
