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Voya advisers settle SEC charges they failed to disclose securities lending conflict

Joe Mont | March 12, 2018

The Securities and Exchange Commission has charged two investment adviser subsidiaries of Voya Holdings Inc. with failing to disclose conflicts of interest and making misleading disclosures in connection with their practice of recalling securities on loan so their affiliates could receive tax benefits.

The advisers, according to a March 8 announcement, agreed to pay approximately $3.6 million to settle the charges, including more than $2 million directly to the affected mutual funds for the benefit of their investors.

According to the SEC’s order instituting a settled administrative proceeding, Voya Investments and Directed Services served as investment advisers to certain insurance-dedicated mutual funds offered to annuity and life insurance customers through insurance companies affiliated with the advisers. 

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