SEC charges Ameriprise

Ameriprise Financial Services, Inc. was charged by the Securities and Exchange Commission (“SEC”) with failing to safeguard retail investors from theft by its representatives, according to a press release from the SEC. Ameriprise has agreed to pay $4.5 million to settle the charges.

The SEC alleged that five Ameriprise representatives committed “numerous fraudulent acts” over a four-year period, including forging client documents and stealing more than $1 million in client funds. The SEC further alleged that Ameriprise failed to adopt and implement adequate policies and procedures to safeguard investor assets and failed to supervise its representatives’ conduct.

The five representatives were based in Minnesota, Ohio, and Virginia. Three of the representatives had already pled guilty to criminal charges and all five were fired by Ameriprise for misappropriation of client funds. The SEC’s order found that Ameriprise has since implemented a system to safeguard clients’ money had has reimbursed the affected clients for the losses they incurred as a result of the five representatives’ misconduct.

If you or someone you know lost money as the result of an Ameriprise representative’s misconduct, including an unsuitable investment recommendation, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.

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