Insurance Service Center Inc. ("ISC")
|Underlying Misconduct:||Securities Fraud|
|Matter Type:||SEC Civil|
|Relevant Jurisdiction(s):||United States District Court Western District of Wisconsin|
|Penalties:||Civil Penalties, Disgorgement|
|Fine Amount:||around $9 million (proceeds from Defendant's Life Insurance Policy, pay to the victims)|
|Reporting Agencies:||Securities and Exchange Commission|
|Resolution Form:||Court Order|
|Agreement Date:||February 12, 2015|
|Monitor Reference Term:||Independent Monitor|
|Monitor Selection Process:||
Within five (5) days of entry of this Order, Defendant lSC shall identify to the SEC a candidate for appointment as Independent Monitor. SEC can decide if they would like to accept the candidate or appoint a Monitor of SEC's choosing.
|Time to Propose Monitors:||5 days|
|Time to Engage Monitor:||N/A|
|Time to First Report:||1 month|
|Monitor Required Qualifications:||
ISC's candidate shall have no existing business relationship with ISC and no role in ISC's governance during the past ten years.
|Summary of Monitor's Scope:||
Oversee financial transactions of ISC, report to the Court regularly concerning the status of ISC's compliance with the TRO (Temporary Restraining Order)
|Summary of Monitor's Activities:||
1) To monitor the bank accounts of ISC in order to ensure compliance with the TRO
For the period of engagement and for a period of two years from completion of the engagement, without the consent of the Court the Independent Monitor shall not enter into any employment, consultant, attorney-client, auditing or other professional relationship with Defendants, or any of its present or former affiliates, directors, officers, employees, or agents acting in their capacity as such.
|Other Relevant Information:||ISC-SEC-Compliant.pdf|