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.
