U.S. Securities and Exchange Commission (SEC)
Official Release: https://www.sec.gov/files/litigation/admin/2026/34-106350.pdf
NEWS: The SEC's September 14, 2026 order appoints Heffler, Radetich & Saitta, LLP as tax administrator for the qualified settlement fund in Administrative Proceeding File No. 3-21943. The order explains that tax administration is required where a distribution fund may have obligations as a Qualified Settlement Fund under Treasury Regulation Section 1.468B-1(c).
The underlying case concerned Putney's recommendations of variable annuities that paid upfront sales commissions to an affiliated broker and to Lent as a registered representative. The SEC's 2024 order said that, in most cases, the same insurers also offered annuities with similar features that paid no sales commission and carried lower ongoing fees. Lent agreed to pay disgorgement, interest, and penalties, which the SEC says were paid in full. The Fair Fund process is now handling distribution and related administration.
KEY POINTS:
- The SEC appointed Heffler, Radetich & Saitta, LLP as tax administrator on September 14, 2026.
- The order concerns the Fair Fund in File No. 3-21943, arising from the SEC's 2024 Putney matter.
- The underlying case involved undisclosed conflicts tied to revenue sharing and variable-annuity sales commissions.
- The SEC says Lent paid the ordered amounts in full and a Fair Fund was established.
- The latest order is fund administration, not a new enforcement charge.