Defendant Name: Ameriprise Financial Services, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2009-155

Document Details

Legal Case Name In the Matter of Ameriprise Financial Services, Inc.
Document Name SEC Charges Ameriprise in Fraudulent Scheme to Obtain Undisclosed Compensation
Document Date 10-Jul-2009
Document Format Administrative Proceeding
File Number 3-13544
Allegation Type Broker Dealer
Document Summary The Commission stated: "The Securities and Exchange Commission today announced an enforcement action against Minneapolis-based brokerdealer Ameriprise Financial Services, Inc., for receiving millions of dollars in undisclosed compensation as a condition for offering and selling certain real estate investment trusts (REITs) to its brokerage customers. Ameriprise agreed to pay $17.3 million to settle the SEC's charges."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Monetary Penalties:

Disgorgement

(Penalty was noted in document, but no amount was listed)

Total Penalty

Individual:     $17,300,000.00 Shared:    

Related Documents:

33-9051 10-Jul-2009 Administrative Proceeding
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
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."

Related Actions:

SEC v. W.P. Carey & Co. LLC, Carey Financial LLC, John J. Park, and Claude Fernandez
W.P. Carey & Co. LLC
John J. Park
Claude Fernandez
Carey Financial LLC
In the Matter of Claude Fernandez (CPA)
Claude Fernandez