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March 9, 2010 Tuesday
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American Equity Reaches Agreement with SEC
American Equity Investment Life Holding Company on March 3 said the Company, its Executive Chairman, and its Chief Executive Officer reached civil settlements with the Securities and Exchange Commission that end a previously disclosed inquiry into historical disclosures in a Company proxy statement. "This settlement concludes the SEC's review of this matter," said Robert Howe, American Equity's lead independent board member. "The inquiry concerned issues that occurred more than four years ago. We are pleased that this resolution puts this matter behind us. The Company is focused on its ongoing success and we look forward to continuing to serve our investors, independent agents, policy holders and employees."According to a release, the SEC complaint made no allegations of fraud or financial statement inaccuracies on the part of American Equity, its Executive Chairman or its Chief Executive Officer. The matter related solely to disclosures in the Company's 2006 proxy statement that concerned transactions involving American Equity Investment Service Company. Under the agreement, the settling parties neither admitted nor denied SEC claims. The parties include American Equity Investment Life Holding Company, Executive Chairman David Noble, and Chief Executive Officer Wendy Waugaman.In connection with the agreement, American Equity agreed to an order enjoining it from violating proxy statement provisions of federal securities laws, to maintain remedial measures initiated during the SEC inquiry, including the establishment of a Disclosure Committee to assist its senior officers in overseeing the accuracy and timeliness of disclosures, and the appointment of a lead independent director. The settlement does not require American Equity to pay a monetary penalty.Noble and Waugaman also consented to an order enjoining them from violating the proxy statement provisions of the federal securities laws. Noble and Waugaman agreed to pay civil monetary penalties of $900,000 and $130,000, respectively.American Equity Investment Life Holding Company is a provider of fixed annuity and life insurance products.((Comments on this story may be sent to newsdesk@closeupmedia.com))
March 9, 2010
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