American Equity Investment Life Holding Company, Des Moines, Iowa, and two of its officers have reached civil settlements with the Securities and Exchange Commission, Washington.
The settlements regard a previously disclosed inquiry into historical disclosures in a company proxy statement, the company says.
Executive Chairman David Noble and Chief Executive Officer Wendy Waugaman consented to an order enjoining them from violating the proxy statement provisions of the federal securities laws, according to both American Equity and the SEC.
In addition, Noble and Waugaman agreed to pay civil monetary penalties of $900,000 and $130,000, respectively, both parties say.
American Equity also agreed to “certain undertakings in connection with the settlement,” according to the SEC. American Equity noted these include an agreement to an order enjoining the company from violating proxy statement provisions of federal securities laws.
The company has also agreed to maintain remedial measures, such as establishing a disclosure committee to assist senior officers and appointing a lead independent director.