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October 5, 2018

Posted  October 5, 2018

Ameriprise Financial Services agreed to pay $375,000 to New Jersey to resolve an investigation that Ameriprise sold unsuitable non-traded real estate investment trusts (REITs) and non-traded business development companies (BDCs) to customers, did not reasonably supervise the sale of these alternative investments, and did not keep required books and records.  Most of the alternative investment offerings sold by Ameriprise during the relevant time period were registered with the New Jersey Bureau of Securities as conditioned upon heightened suitability standards for sales to New Jersey residents, but Ameriprise had failed to meet the New Jersey Prospectus Suitability Standards.  NJ

Tagged in: Regulatory Violations, Securities Fraud,