Ameriprise Settles With SEC for $17M

     WASHINGTON (CN) – Ameriprise Financial Services will pay $17.3 million to settle charges that it took millions of dollars in undisclosed payments to sell real estate investment trusts to its brokerage customers, the SEC said today (Friday).




     The SEC enforcement order says that neither Ameriprise nor the REITs disclosed to investors that additional payments were being made in connection with the sale of REIT shares, or the conflicts of interest these additional payments created.
     The SEC also found that Ameriprise issued mislabeled invoices to the REITs as a way to collect the undisclosed revenue sharing payments that appeared to be legitimate reimbursements for services.

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