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Ameriprise was Charged by The SEC for Failing To Protect Client Funds

July 10, 2023 Broker Complaints

The US Securities and Exchange Commission said on Wednesday that Ameriprise Financial Services Inc would pay $4.5 million to resolve claims that it failed to protect customer money after five of its agents purportedly took more than $1 million.

In reaching the settlement, the business did not accept or refute investigators’ conclusions, the SEC said in a statement.

Separately, the business stated that it was delighted to have handled the situation and that it has since improved measures to detect this sort of banned behavior.

“These five people were clearly in violation of our policies which resulted in their immediate dismissal from the firm.” “We fully compensated clients who suffered harm after the incident was discovered,” the press release stated.

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