Defendant Name:
Ameriprise Financial Services, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Ameriprise Financial, Inc
SIC Code:
6141
CUSIP:
03076C10
Document Reference:
33-9051
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 Sections 15(b) and 21C of the Securities Exchange Act of 1934, Makings Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
10-Jul-2009
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
The Commission stated: "These proceedings arise out of Ameriprise's receipt of approximately $30.8 million in undisclosed compensation in connection with Ameriprise's offer and sale to its brokerage customers of certain real estate investment trusts ("REITs") between 2000 and May 2004 (the "Relevant Period"). Ameriprise demanded this undisclosed compensation, which it referred to as "revenue sharing," in exchange for including the REITs on Ameriprise's brokerage platform. This matter also involves Ameriprise's unlawful offer and sale of at least $100 million worth of shares of one such REIT to its brokerage customers in the absence of an effective registration statement."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
Individual:
$8,650,000.00
Shared:
Civil Penalty
Individual:
$8,650,000.00
Shared:
