RiverSource Distributors Accused of Targeting Retail Ameriprise Financial Customers With VA Sales The US Securities and Exchange Commission (SEC) is ordering Ameriprise’s subsidiary brokerage firm, RiverSource Distributors, to pay a $5M fine for alleged violations involving variable annuities (VAs). The regulator contends that several RiverSource employees came up with a…
FINRA Settlement Includes Restitution to More than 2,400 Customers In an agreement reached with the Financial Industry Regulatory Authority (FINRA), Transamerica Financial Advisors consented to pay $8.8M over the unsuitable sales of mutual funds, variable annuities (VAs) and 529 savings plans to customers. $4.4M of this is a fine and…
Texas-Based Brokerage Firm Accused of Inadequate Supervision Involving VA Exchanges The Financial Industry Regulatory Authority is ordering IMS Securities Inc. to pay a $100K fine. The Texas-based brokerage firm is accused of failures related to its monitoring of variable annuity exchanges. By settling, however, it is not denying or…
A Financial Industry Regulatory Authority Inc. panel says that AIG Advisor Group (AIG) subsidiary Royal Alliance Associates Inc. must pay $1.4 million to three retirees who claim that the brokerage firm was negligent when supervising the sales of variable annuities and nontraded real estate investment trusts. The investors, who were…