Ameriprise to pay $17.3M for undisclosed compensation for REIT sales – Investment News
Jul 10th, 2009 | By Charles L. Stanley CFP® ChFC® AIF® | Category: NewsAmeriprise Financial Services Inc. of Minneapolis has agreed to pay $17.3 million to settle charges that it received nearly $31 million in undisclosed compensation for selling its brokerage customers real estate investment trusts between 2000 and 2004, the Securities and Exchange Commission announced today…
“Few things are more important to investors than getting unbiased advice from their financial advisers,” Robert Khuzami, the SEC’s director of enforcement, said in the release.
“Ameriprise customers were not informed about the incentives its brokers had to sell these investments.”
The SEC censured Ameriprise and ordered it to cease and desist from violating securities laws, and it ordered the company to pay $17.3 million in disgorgement and financial penalties.
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Ameriprise to pay $17.3M for undisclosed compensation for REIT sales – Investment News
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