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SEC Settles Charges of Cybersecurity Failure Against GWFS Equities
The broker/dealer has agreed to a $1.5 million fine, a censure and an order to cease and desist from future violations.
Reported by
The Securities and Exchange Commission (SEC) announced it has settled charges against GWFS Equities, a Colorado-based registered broker/dealer (B/D) and affiliate of Great-West Life & Annuity Insurance Co., for allegedly violating the federal securities laws governing the filing of Suspicious Activity Reports (SARs). GWFS provides services to employer-sponsored retirement plans.
The SEC says that between September 2015 and October 2018, GWFS was aware of increasing attempts by external bad actors to gain access to the retirement accounts of individual plan participants. The agency further says GWFS was aware that the bad actors attempted or gained access by, among other things, using improperly obtained personal identifying information of the plan participants, and that the bad actors
Great-West B-D to pay $1.5 million over retirement account failures
The Securities and Exchange Commission says the firm knew that hackers were trying to access participant accounts but didn’t report them.
May 12, 2021
The Securities and Exchange Commission has censured and imposed a $1.5 million penalty on Colorado-based GWFS Equities, a broker-dealer affiliate of Great-West Life & Annuity Insurance Co. that specializes in managing retirement accounts, for failing to file approximately 130 suspicious activity reports.
GWFS is record keeper for retirement plans with approximately 9.4 million participant accounts and more than $700 billion in assets, according to the SEC.
The SEC charged that from September 2015 through October 2018, GWFS was aware that hackers were making increasing attempts to gain access to the retirement accounts of individual plan participants.
CalSTRS CEO looks back on 20 years of triumphs and challenges
CalSTRS CEO looks back on 20 years of triumphs and challenges
Retiring CalSTRS CEO Jack Ehnes
Jack Ehnes said he thrives on challenges, and during his close to 20 years at the helm of the nation s second-largest public pension plan, there have been some doozies.
During Mr. Ehnes tenure as CEO, officials at the California State Teachers Retirement System, West Sacramento, have been tested by a funding crisis, efforts to replace public employee defined benefit plans with defined contribution plans, legislation to cut pension benefits and a worldwide pandemic.
This is Mr. Ehnes second attempt at retiring from his post at CalSTRS. He originally announced on March 5, 2020, he would be retiring in September but, at the behest of the board, Mr. Ehnes delayed his retirement to continue leading the plan through the COVID-19 pandemic. He is now slated to retire from the $291.7 billion pension fund on June 30.