Announcement: SOA releases Spring 2020 ERM, FSA, LTAM, and SRM Exams passing candidate numbers.

Notice of Disciplinary Determination

On June 26, 2017, the Society of Actuaries (“SOA”) convened a Discipline Committee to review a matter referred by the Actuarial Board for Counseling and Discipline ("ABCD"). The Discipline Committee determined that Stacey B. Levine, FSA, should be suspended for a period of five years from the Society of Actuaries for material violations of Precept 1 of the Code of Professional Conduct (“Code”), effective August 8, 2017.

Ms. Levine materially violated Precept 1i of the Code, specifically Annotation 1-4ii , when she intentionally or recklessly submitted or caused to be submitted false, inaccurate and/or deceptive invoices to a client for work which she knew or should have known was not agreed upon, not performed, or covered under the general terms of her agreement with the client. Ms. Levine’s company was hired as the actuary and third party plan administrator for the client’s single-employer defined benefit plans. Ms. Levine sent numerous invoices related to the termination of four retirement plans, and ultimately withdrew the majority of the invoices submitted, before aggressively pursuing collection on the remaining invoices. The submission of fraudulent and/or unsupported invoices and the subsequent collection efforts reflected adversely on the actuarial profession.

All members of the SOA are reminded of their responsibility to follow the Code of Professional Conduct.

Precept 1: An Actuary shall act honestly, with integrity and competence, and in a manner to fulfill the profession’s responsibility to the public and to uphold the reputation of the actuarial profession.

iiPrecept 1, Annotation 1-4: An Actuary shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adversely on the actuarial profession.