General American Life Insurance Co & former senior VP must pay $3.4M settlement

A total of $3.4M between General American Life Insurance Co and William Thater who is a former senior vice president was what they were ordered to pay in a settlement. They were ordered to pay civil penalties which combined totalled to a staggering $3.4 million for their roles in a late trading scheme.

William Thater of Danbury will pay civil penalties, prejudgment interest and disgorgement totalling $163,137 which will settle charges that he permitted and General American Life Insurance Co will have to pay a civil penalty of $3.3 million. This settlement was ordered due to the fact that Thater permitted and General American failed to prevent the late trading of mutual funds underlying one of General American’s variable insurance products.

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