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MassMutual

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2021

    MassMutual Fined Over Employee Trading Oversight

    Fine or penalty

    MassMutual was fined $4 million under a consent order with state regulators. The penalty concerned the company's failure to sufficiently supervise employee Keith Gill's activities connected to GameStop stock trading. Under the consent order, the company neither admitted nor denied the findings.

    Source excerpt

    • The company neither admitted to nor denied the findings, but it agreed to the fine and to various compliance measures.
    • MassMutual has been fined $4 million dollars as part of a consent order with state regulators in connection with Wilmington trader Keith Gill's Gamestop stock trading and advocacy.
    • According to the settlement, MassMutual failed to sufficiently supervise Gill's activities around the Gamestop stock.
    Source

  2. 2021

    MassMutual regulatory settlement

    Settlement

    Massachusetts regulators announced a settlement with MassMutual, fining the company $4 million and ordering it to overhaul its social-media policies. The regulators alleged failures to supervise an employee and to monitor employees' social-media activity and personal trading. MassMutual neither admitted nor denied the regulators' findings.

    Source excerpt

    • In the settlement, MassMutual neither admitted nor denied state regulators' findings.
    • NEW YORK – Massachusetts regulators are fining MassMutual $4 million and ordering it to overhaul its social-media policies after accusing the company of failing to supervise an employee whose online cheerleading of GameStop's stock helped launch the frenzy that shook Wall Street earlier this year.
    • The settlement announced Thursday by Secretary of the Commonwealth William Galvin centers on the actions of Keith Gill, who was an employee at a MassMutual subsidiary from April 2019 until January 2021.
    Source

  3. 2021

    MassMutual agrees to $4.75 million in fines

    Fine or penalty

    Massachusetts securities regulators fined MassMutual $4 million over alleged failures to supervise agent Keith Gill and imposed an additional $750,000 fine for failing to register 478 broker-dealer agents. MassMutual agreed to the fines without admitting or denying the findings.

    Company response

    • Investigation — MassMutual

      Without admitting or denying the findings, MassMutual has agreed to the fine and to undergo an independent compliance review of its social media and personal trading policies for broker-dealer representatives.

    • Ongoing disclosure — MassMutual

      The firm will also be subject to a three-year compliance audit.

    Source excerpt

    • Without admitting or denying the findings, MassMutual has agreed to the fine and to undergo an independent compliance review of its social media and personal trading policies for broker-dealer representatives.
    • The firm will also be subject to a three-year compliance audit.
    • In a separate consent order, Galvin has also demanded MassMutual seek registration of 478 brokers and pay a $750,000 administrative fine.
    Source