Supply Chain Council of European Union | Scceu.org
Distribution

SEC Fines Ameriprise Affiliate $5M In Variable Annuities Case

by scceu0292

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…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related posts

EU Pledges to Assess Network Competition Amid Telecom Italia Row

scceu

“We have 24 million kg of Brussels sprouts, more than 30 varieties, in 16 sizes”

scceu

President Trump to visit Pa. distribution center that’s distributed millions of masks

scceu