The SEC has censured Ameriprise Financial Services for failing to protect clients from broker misconduct, including theft of investor assets by several brokers. Ameriprise has agreed to the censure and will pay a penalty of $4.5 million to settle the charges.
Five Ameriprise Brokers Commit Fraudulent Acts
According to the SEC order, five Ameriprise brokers committed fraudulent acts including document forgery and stealing more than $1 million in client funds over a four-year period. The five brokers were based in Minnesota, Ohio, and Virginia and previously pled guilty to criminal charges. Ameriprise filed the five brokers for stealing client money.
The SEC found that Ameriprise failed to implement policies and procedures designed to protect investor assets and as a result was unable to prevent the theft. Since the incident, Ameriprise has implemented a new system to safeguard clients’ money, and has reimbursed all clients for the losses they incurred due to its brokers’ misconduct.
Have You Lost Money as a Result of Ameriprise Brokers?
If you lost money investing with Ameriprise or think you may be the victim of stockbroker misconduct, contact an experienced investment fraud attorney today.
Speak with an Investment Fraud Attorney Today
Our AV-rated* lawyers have extensive experience litigating a broad range of investment disputes and we will aggressively pursue claims to recover your investment losses. We’ve recovered more than $100 million in assets lost to investment fraud and stockbroker misconduct.
If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of investment fraud or stockbroker misconduct.
Contact Dimond Kaplan & Rothstein
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