Insurer That Scammed Military To Pay $70M: SEC

Law360, New York (August 3, 2006, 12:00 AM EDT) -- A Texas insurance company agreed Wednesday to pay $10 million to settle federal regulatory charges that it misled thousands of U.S. military personnel through deceptive life insurance practices, according to the U.S. Securities and Exchange Commission.

The company, Waco-based American-Amicable Life Insurance Co., was accused of misrepresenting its life insurance products as “wealth-creating” investments to about 57,000 members of the military since 2000.

The SEC settlement is just the tip of the iceberg, according to the agency. American-Amicable—along with several of its affiliates—will likely have to...
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