An AIG investment subsidiary promoted by an arm of Florida teachers’ unions agreed to pay $40 million in federal penalties for failing to disclose practices that generated millions of dollars in fees and other financial benefits for the company.

In one of two Securities and Exchange Commission actions, Houston-based Valic Financial Advisors was accused of fudging details about its relationship and fees while its parent company paid a for-profit unit owned by Florida K-12 teachers’ unions to promote VFA and its parent’s services to teachers.

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