New York Life has been hit with a scandal which is making headlines in the financial world. Bloomberg reported on Sept. 20, 2013, "New York Life Said to Suspend Lending Unit Chief Trevor Clark." New York Life Insurance Co., which is the largest U.S. life insurer owned by policyholders, has suspended the chief executive officer at a lending unit due to violations of company policy.
Trevor Clark, CEO of Madison Capital Funding LLC and Christopher Williams, who is a senior managing director, were each suspended with pay, according to an anonymous source. They have each violated policies which are related to personal investments and business activities. William Werfelman, a spokesman for New York Life, has said the firm "is not in a position to comment at this time.”
The New York Times Dealbook has reported, "New York Life Suspends Chief Executive of Its Lending Unit." This week, New York Life suspended Trevor J. Clark, and another one of its senior executives, Christopher G. Williams, due to violations in company policies. They were both suspended for failing to disclose to New York Life certain personal investments and business interests which they were pursuing outside the company.