The Securities and Exchange Commission announced Thursday that it had settled enforcement proceedings against American Express Financial Advisors Inc., now known as Ameriprise Financial Services Inc., for $30 million.
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The Ameriprise predecessor was accused of failing to adequately disclose the tens of millions of dollars of cash and noncash revenue sharing payments it received since 2001 from mutual fund companies. Disgorgement and civil penalties are to total $30 million, all of which will go into a fund for distribution to certain customers.
The Minneapolis broker-dealer also agreed to make certain disclosures to its customers about its revenue sharing program.
