Defendant Name: Ameriprise Financial Services, Inc.

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 Ameriprise Financial Services, Inc.
First Document Date 15-Aug-2018
Initial Filing Format Administrative Action
File Number 3-18642
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Section 206(4) Investment Advisers Act; Rule 206(4)-7 Investment Advisers Act


First Resolution Date 15-Aug-2018
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

2018-154 15-Aug-2018 Press Release--Administrative Proceeding
SEC Charges Ameriprise Financial Services for Failing to Safeguard Client Assets
"According to the SEC's order, five Ameriprise representatives committed numerous fraudulent acts, including forging client documents, and stole more than $1 million in retail client funds over a four-year period. The SEC found that Ameriprise, a registered investment adviser and broker-dealer, failed to adopt and implement policies and procedures reasonably designed to safeguard investor assets against misappropriation by its representatives."
34-83848 15-Aug-2018 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
According to the SEC, "This matter concerns the failure of Ameriprise, a dually-registered investment adviser and broker-dealer, to adopt and implement policies and procedures reasonably designed to safeguard retail investor assets against misappropriation by the firm's representatives ... From 2011 through 2014 (the "relevant period"), as part of its compliance and supervisory systems, Ameriprise employed certain automated surveillance tools to prevent and detect whether a representative may have engaged in fraud by misappropriating funds from a client account. One system did not function properly and a second faced limitations, thereby preventing Ameriprise from detecting the misappropriation of over $1 million in client funds by five representatives."

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