Notice of Disciplinary Determination
On September 26, 2022, the Society of Actuaries (“SOA”) convened a Discipline Committee to review a matter referred by the Actuarial Board for Counseling and Discipline ("ABCD"). Following deliberations, the Discipline Committee expelled Eric M. Hill from the SOA for material violations of the Code of Professional Conduct (“Code”), specifically Precept 11, effective September 26, 2022.
This matter originated from a complaint initiated by the ABCD in October 2020 based on a U.S. Department of Justice (“DOJ”) press release detailing a criminal indictment filed against Mr. Hill for insider trading. The ABCD matter was suspended pending resolution of the criminal proceedings. Mr. Hill pled guilty to “Fraud in Connection with the Purchase and Sale of Securities” and was sentenced in July 2021. The ABCD reopened its review in December 2021 and, in July 2022, issued its Findings and Recommendations and referred the matter to the SOA.
The Discipline Committee reviewed and discussed the materials and exhibits relating to Mr. Hill’s conduct. The SOA Discipline Committee determined that Mr. Hill violated
1 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.
Annotation 1-1. An Actuary Shall perform Actuarial Services with skill and care.
Annotation 1-2. An Actuary shall not provide Actuarial Services for any Principal if the Actuary has reason to believe that such services may be used to violate or evade the Law or in a manner that would be detrimental to the reputation of the actuarial profession.
Annotation 1-3. An Actuary shall not use a relationship with a third party or with a present or prospective Principal to attempt to obtain illegal or materially improper treatment from one such party on behalf of the other party.
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 and Mr. Hill’s fitness to serve as an actuary.
Precept 1, particularly Annotation 1-4 when he used confidential actuarial information for his own personal financial benefit. Mr. Hill’s conduct resulted in public harm and reflects adversely on the actuarial profession and Mr. Hill’s fitness to serve as an actuary.
Given the SOA’s role within a self-regulating profession, the Discipline Committee believes that the personal and professional integrity of actuaries is vital. As such, the Discipline Committee expelled Mr. Hill from the SOA for his material violations of the Code’s professional and ethical standards.
All members of the SOA are reminded of their responsibility to follow the Code of Professional Conduct.