Voya Returns$2 million to Investors

Voya Investments Sanctioned for improper stock-loan revenue actions According to the Securities and Exchange Commission, the regulator has terminated a disgorgement fund set up by Voya Investments to reimburse investors in certain Voya Investments mutual funds. Voya reportedly distributed the entire $2,024,355.48 it had agreed to pay to 36 of its mutual funds to compensate them for not passing along income from stock-lending transactions that should have gone to the funds’ investors. The SEC said in an administrative proceeding,  that during the period of August 20, 2003, until March 6, 2017, “Voya failed to disclose in the 36 funds’ prospectuses a practice of recalling securities that were out on loan in advance of dividend record dates, enabling the firm’s insurance affiliates to take a tax deduction and depriving the funds and holders of the annuity contracts and life insurance policies of securities-lending income.” In a March 8, 2018…

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