Defendant Name: Ameriprise Financial Services, LLC

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, LLC
First Document Date 14-Aug-2024
Initial Filing Format Administrative Action
File Number 3-22004
Allegation Type Broker Dealer

Violations Alleged

Other
• Failure to supervise under Section 203(e)(6) Advisers Act

Resolutions

First Resolution Date 14-Aug-2024
Headline Total Penalty and Disgorgement $50,000,000

Related Documents:

34-100707 14-Aug-2024 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C 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
On August 14, 2024, the SEC instituted administrative and cease-and-desist proceedings against Ameriprise Financial Services, LLC, stating: "These proceedings arise out of the widespread and longstanding failure of Ameriprise Financial Services personnel throughout the firm, including at senior levels, to adhere to certain of these essential requirements and the firm’s own policies. Using their personal devices, these personnel communicated both internally and externally by text messages and/or other unapproved written communications platforms (“off-channel communications”)."
2024-98_3-22004 14-Aug-2024 Press Release--Administrative Proceeding
Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC's Charges for Widespread Recordkeeping Failures
On August 14, 2024, the SEC "announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications."