Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Ameriprise Financial Services, Inc.
Current Parent Company: Ameriprise Financial
Penalty: $1,250,000
Year: 2005
Date: October 26, 2005
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: NASD ordered Ameriprise Financial Services, Inc. to pay a fine of $500,000 for failing to adequately supervise the firm's sales of 529 plans. NASD also ordered the firm to pay approximately $750,000 to compensate more than 500 customer accounts disadvantaged by those supervisory failures.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Minnesota
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: NASD Fines Ameriprise Financial Services, Inc. $500,000 for Supervisory Violations in 529 College Savings Plan Sales, PR Newswire, October 26, 2005 (via Nexis).
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.