- 2006
- $55 million
Respondents allegedly misrepresented and failed to disclose to fund shareholders and the funds’ Boards of Directors their use of fund assets to pay for the marketing and distribution of Hartford mutual funds and annuities. The improper expenditures stemmed from arrangements with 61 broker-dealers pursuant to which respondents agreed to pay for special marketing and distribution benefits, known as “shelf space.” The SEC found that respondents made $40 million in ill-gotten gains from the scheme.
