Defendant Name: Columbia Management Investment Services Corp. 

Defendant Type: Subsidiary of Public Company
Public Company Parent: Ameriprise Financial, Inc
SIC Code: 6282
CUSIP: 03076C10

Initial Case Details

Legal Case Name In the Matter of Columbia Management Investment Services Corp.
First Document Date 10-Feb-2017
Initial Filing Format Administrative Action
File Number 3-17840
Allegation Type Transfer Agent

Violations Alleged

Other
• Section 17A(d)(1) Exchange Act; Rule 17Ad-12 Exchange Act

Resolutions

First Resolution Date 10-Feb-2017
Headline Total Penalty and Disgorgement $250,000

Related Documents:

34-80016 10-Feb-2017 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 17A and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On February 10, 2017 the SEC issued a settled proceeding against Columbia Management Investment Services Corp. According to the SEC: "Ronald S. Hunt, a former Records Management Manager at Columbia, misappropriated approximately $1.2 million in shareholder funds serviced by Columbia through a fraudulent scheme conducted between February 13, 2013 and October 8, 2013. [...] Columbia had supervisory policies and procedures as well as certain safeguards and procedures to protect customer funds and securities and shareholder information against misuse. Those procedures, however, were insufficient, and did not protect shareholder information, funds, and securities from misuse, in light of all facts and circumstances, including the fraudulent actions of Hunt."
34-80016-s 10-Feb-2017 Administrative Proceeding
Transfer Agent Settles Charges Alleging Inadequate Safeguards and Procedures that Failed to Prevent Theft of More Than $1 Million in Investor Funds
On February 10, 2017 the SEC announced in a press release "that Boston-based transfer agent Columbia Investment Management Services Corp. has agreed to settle charges that it failed to implement adequate safeguards and procedures to protect customer funds and securities and failed to supervise an employee who stole approximately $1.2 million worth of mutual funds from investors. [...] According to the SEC's order, Columbia made both shareholder accounts whole, referred Hunt to federal law enforcement, and subsequently recovered all of the misappropriated funds from Hunt."