Over the past 30 years variable annuity firms, such as ING and Nationwide, have paid millions in fees and commissions to non-profit organizations, such as the National Association of Counties, the New York State United Teachers and the Alabama State Employees Association, that are neither licensed as investment advisers nor brokers in exchange for endorsements and other marketing assistance.
FORBES: SEC Snoozed As "Shadow Marketers" Skimmed Billions From Retirement Plans