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General Annutiies Fraud News

The Hartford Settles, Acknowledging Fraud

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At a glance:

The Hartford Financial Services Group has settled with the Attornies General of New York and Connecticut over charges of fraud. It has issued an apology and will pay $20 million in fines and restitution. 
 
The Hartford acknowledges that it paid brokers for recommending their products, which were not competitively priced, and that these payments were not disclosed, as they should have been, to pension fund managers. 
 
The scheme resulted in increased sales for the Hartford, but increased costs for clients such as Montgomery Ward and the Mt. Sinai Medical Center of Florida. 
 
The Hartford must also support remedial legislation that is upcoming on the issue.

The Hartford Apologizes, Pays $20 Million for Fraud in Annuity ...

Consumer Affairs - 5/10/2006 3:44 PM

New York Attorney General Eliot Spitzer and The Hartford Financial Services Group have reached an agreement resolving Spitzer's investigation of fraud in the sale of group annuities.
 
Under the agreement, The Hartford will pay $20 million in restitution and fines, and implement reforms designed to bring fair play and transparency to the marketing of retirement products. A similar agreement was announced today by Connecticut Attorney General Richard Blumenthal
 
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