- Indiana AG Todd Rokita reached a settlement with Nevada-based PERA, LLC to resolve allegations that PERA violated Indiana’s Deceptive Consumer Sales Act (DCSA) by sending approximately 70,000 deceptive email solicitations to Indiana public employees.
- According to the Consent Judgment, PERA allegedly sent solicitations offering to provide consultations with financial representatives, and creating the false impression that the emails were from the Indiana Public Retirement System (INPRS) or a prover approved of by INPRS, which they were not. If an employee agreed to the consultation, PERA allegedly sold the appointment to a company marketing financial products.
- Under the terms of the Consent Judgment, PERA must pay a $100,000 penalty, $92,500 of which is suspended conditioned on compliance with the Consent Judgment. PERA must also comply with the DCSA in the future, and if it intends to resume solicitation of public employees on behalf of third-party financial representatives, will first submit a Notice of Intent to the AG’s Consumer Protection Division providing detailed information about the PERA’s businesses and their activities.