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 Spitzers office.
Conseco itself has already admitted that Jefferson National is being investigated, but a spokesman would not comment to The Journal about the scope of the investigation. Spitzer followed the Commissions lead in investigating Jefferson, which was sold to Inviva in 2002. The Journal said it is not known whether Conseco made Inviva aware of market timing by Jefferson at the time of the purchase.
A spokeswoman for Inviva said the company is continuing to cooperate with regulators with regards to Jefferson National.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.