The Hartford will pay $55 million in penalties to settlesecurities violations with the Securities and ExchangeCommission.
The SEC has negotiated the settlement to resolve allegationsthat three units of Hartford Financial Services Group Inc., basedin Hartford, Conn., used fund and variable annuity assets to pay 61broker-dealers for “shelf space” from 2000 to 2003 without tellingthe funds' shareholders or the funds' boards that fund assets wouldbe used to pay marketing and distribution costs.
Shelf space gives preferred treatment to the holders of thefunds.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
