Nationwide Insurance Fined for Misrepresenting Separate Account Trusts Under Investment Company Act of 1940

Summary

Nationwide Insurance has agreed to pay a $1.5 million fine for allegedly misrepresenting separate account trusts to investors, according to a settlement with the Securities and Exchange Commission (SEC). The company, which operates Nationwide Insurance at One Nationwide Plaza in Columbus, Ohio, has agreed to implement new compliance measures to prevent similar violations in the future.