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: FinancialCounselAmeriprise Financial Nailed In Fraudulent Scheme To Obtain And To Conceal Undisclosed Compensation For Selling REITs To Customers
By James Eccleston
The SEC announced an enforcement action against Minneapolis-based broker-dealer Ameriprise Financial Services, for receiving millions of dollars in undisclosed compensation as a condition for offering and selling certain real estate investment trusts (REITs) to its brokerage customers. Ameriprise has agreed to pay $17.3 million to settle SEC's charges.
The SEC's order finds 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's order also finds that Ameriprise issued a variety of mislabeled invoices to the REITs as a means of collecting the undisclosed revenue sharing payments that appeared to be legitimate reimbursements for services provided by Ameriprise.
Source: SEC Press Release 2009-155
Full post as published by FinancialCounsel on July 13, 2009 (boomark / email).
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