Details are scarce about what exactly went wrong when MetLife’s securities arm, New England Securities Corp., failed to rebalance asset allocations for 6,000 mutual fund accounts according to their risk profiles. The company estimates that some $3 million to $11 million evaporated from those accounts as a result – losses it plans to repay.

The SEC, which was informed of the errors back in March by MetLife, recently launched a formal investigation into the matter, according to a report last Wednesday by MetLife. The SEC did not confirm or deny whether it is pursuing this particular investigation and declined to comment.

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