Defendant Name: RiverSource Distributors, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2022-89

Document Details

Legal Case Name In the Matter of RiverSource Distributors, Inc.
Document Name SEC Charges RiverSource Distributors with Improper Switching of Variable Annuities
Document Date 25-May-2022
Document Format Administrative Proceeding
File Number 3-20871
Allegation Type Investment Advisers/Investment Companies
Document Summary The SEC "announced settled charges against RiverSource Distributors Inc. for improper switching or replacing of variable annuities. This is the SEC’s first-ever enforcement proceeding under Section 11 of the Investment Company Act of 1940."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Monetary Penalties:

Civil Penalty

Individual:     $5,000,000.00 Shared:    

Related Documents:

34-94978 25-May-2022 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 15(b)(4) of the Securities Exchange Act of 1934 and Section 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On May 25, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against RiverSource Distributors, Inc. stating: "These proceedings involve violations of Section 11 of the Investment Company Act (“Section 11”) by RDI, a principal underwriter of variable annuities."