WASHINGTON -- The Securities and Ex...

WASHINGTON -- The Securities and Exchange Commission and a clump of state insurance regulators forward Thursday announced $70 million in adjustments with a Texas insurance company for allegedly targeting American military personnel with a deceptive sales program.

Since 2000 about 57000 U military service members purchased the Horizon Life produce from American-Amicable Life Insurance Company and its affiliates, and most numerous earned little or nothing forward their investment.

The SEC complaint, filed in the United States District Court for the Southern District of California, said the company's sales agents claimed the investment would make the service men and women millionaires.

SEC Chairman Christopher Cox said the military personnel who already were provided access to low-cost insurance sponsored according to the government, were "scammed intentionally in consequence of a deceptive marketing pitch tailored exclusively to pillage upon the armed services."

AWARD FOR 9200 FROM ILLINOIS

The company neither acknowledged nor denied the SEC allegations, on the other hand will discontinue sales of Horizon Life and will terminate the "Building Success" sales program.

About 9200 Illinois-based members of the military will split more than $1 million in subordination to the settlement, Gov. Rod Blagojevich's office said.

Copyright CHICAGO SUN-TIMES 2006

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