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SEC Fines Ameriprise Affiliate $5M In Variable Annuities Case

by scceu0273

By Katryna Perera (May 25, 2022, 5:58 PM EDT) — The U.S. Securities and Exchange Commission announced Wednesday that it has fined broker-dealer RiverSource Distributors Inc. $5 million for alleged improper switching or replacing of variable annuities, in the first-ever enforcement proceeding concerning a section of the Investment Company Act of 1940.

Without admitting to or denying the allegations, RiverSource has consented to the SEC’s cease-and-desist order that it violated Section 11 of the Investment Company Act. The company will be subjected to censure and has agreed to pay a $5 million civil penalty.

According to the order issued by the SEC on Wednesday, Section 11 of the Investment Company Act…

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