The New Hampshire Bureau of Securities Regulation has charged two U.S. units of ING Groep N.V. with disclosing too little information about the company’s mutual fund sales practices.
The bureau has filed a cease-and-desist order against ING Life Insurance and Annuity Company, Des Moines, Iowa, and ING Financial Advisers L.L.C., Hartford, the companies that run the New Hampshire employee deferred compensation plan.
The New Hampshire securities bureau says the ING units failed to give adequate information to bureau investigators who were looking into charges that the units had allowed market timers to violate their mutual fund trading rules.
The securities bureau also was investigating allegations that the ING units had hidden financial relationships with mutual fund brokers.
ING put out a statement denying the charges.
“ING disputes the allegations made by New Hampshire bureau, and we intend to defend ourselves fully,” says Dana Ripley, an ING USA spokesman.