Ameriprise Financial Services, Inc. has been charged by The New Hampshire Bureau of Securities Regulation of forging and tampering with documents. The complaint also alleges that the firm failed to deliver nearly 500 financial plans, conducted unapproved sales contests and intentionally limited compliance oversight.
Furthermore, Minneapolis-based Ameriprise was accused of failing to adequately release fraudulent activities to the New Hampshire Bureau while it was under supervision of an independent consultant, which was mandated under an earlier action against the firm.
The New Hampshire securities regulator said that the latest action against the company, which maintains about 30 offices in the state, could result in penalties and client restitution of up to $10 million.
In 2005, Ameriprise, formerly known as American Express Financial Advisors, settled with the New Hampshire Bureau of Securities Regulation for $7.4 million on charges related to illegal incentives, conflicts of interest and lack of disclosure to clients, the largest in that state’s history. As a further sanction, the firm was required to hire an independent consultant to monitor its activities.
Shepherd Smith and Edwards represents institutional and individual investors nationwide in claims against securities firms. We have represented investors in more than 1,000 securities cases, including against Amerirpise Financial and its predecessors. To learn whether we may be able to assist you with a claim contact us to arrange a free consultation with one of our attorneys.