Defendant Name:
Ameriprise Financial Services, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Ameriprise Financial, Inc
SIC Code:
6282
CUSIP:
03076C10
Document Reference:
33-10462
Document Details
Legal Case Name
In the Matter of Ameriprise Financial Services, Inc.
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, and Section 15(b) of the Securities Exchange Act of 1934, and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
28-Feb-2018
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
According to the SEC: "From at least January 2010 through June 2015 (the "Relevant Period"), Ameriprise disadvantaged certain retirement plan customers ("Eligible Customers")1 by failing to ascertain that they were eligible for a less expensive share class, and recommending and selling them more expensive share classes in certain open-end registered investment companies ("mutual funds") when less expensive share classes were offered to these Eligible Customers by Ameriprise on its platform. Ameriprise did so without disclosing that it would receive greater compensation from the Eligible Customers' purchases of the more expensive share classes. "
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$230,000.00
Shared:
