Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Regulation and Compliance > Federal Regulation > SEC

SEC Acts Against B-D

Your article was successfully shared with the contacts you provided.

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.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.