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Insurance Service Center Inc. ("ISC")

Details

Industry:	Insurance
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 Identity:
Monitorship Term:
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
Reporting Frequency:	Monthly
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 2) To analyze the propriety of any transactions, outside of ISC's ordinary and legitimate course of business, and either grant or withhold approval for those proposed transactions 3) To make reports to the Commission and/or the Court as necessary and appropriate for the preservation o f investor funds and/or to prevent the dissipation or concealment of investor funds 4) To take such other reasonable actions consistent with this order, or as may be approved by this Court.
Monitor's Restrictions:	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.

Documents Uploaded:	ISC-Inc-Crt-Ordr-SEC-12Feb2015.pdf
Other Relevant Information:	ISC-SEC-Compliant.pdf

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