Regulators Readying Conseco VA Action
Word of possible enforcement action comes from Consecospokesman Jim Rosensteele. If Conseco were charged with any wrongdoing, it would be the first insurance company caught up in the expanding mutual fund trading investigation, according to a Hartford Courant report.
The regulators, extending their probe of short-term trading to funds included in annuities, also are examining insurers such as Prudential Financial Inc. and Lincoln National Corp. The probe would add to a National Association of Securities Dealers crackdown of sales abuses in the $1 trillion variable annuities industry (See NASD Eyes Northwestern Mutual Variable Life Policies ).
Rosensteele denies Conseco violated any laws .