Jefferson National Life Insurance Co., a former unit of Conseco, may soon be charged by state and federal regulators for improper trades within annuity funds, The Wall Street Journal reports.

Jefferson National anticipates New York Attorney General Eliot Spitzer and the Securities and Exchange Commission could bring charges, the firm indicated in a regulatory filing, as it received a Wells notice from the SEC on March 12 and has also been contacted by Spitzer’s office.

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