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:
34-83848
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 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
Document Date
15-Aug-2018
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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."
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:
$4,500,000.00
Shared:
