The U.S. Securities and Exchange Commission has announced an enforcement action against a broker-dealer subsidiary of a company that is active in the insurance industry.

The SEC says the company, Ameriprise Financial Services Inc., a unit of Ameriprise Financial Inc., Minneapolis, has agreed to pay $17.3 million to settle charges that it received undisclosed compensation while selling real estate investment trusts to brokerage customers.

The SEC finds in an order that the Ameriprise broker-dealer unit demanded and received the payments in connection with REIT sales made between 2000 and May 2004.

“Ameriprise has consented to the issuance of the SEC’s order without admitting or denying the findings,” the SEC says.

Ameriprise representatives were not immediately available to comment on the SEC order.