{"id":28288,"date":"2022-06-08T08:07:08","date_gmt":"2022-06-08T13:07:08","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=28288"},"modified":"2022-06-08T08:07:08","modified_gmt":"2022-06-08T13:07:08","slug":"riversource-variable-annuities-switching","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/","title":{"rendered":"Ameriprise Subsidiary RiverSource Fined $5M For Allegedly Improperly Switching Customers\u2019 Variable Exchanges To Earn Commissions"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">RiverSource Distributors Accused of Targeting Retail Ameriprise Financial Customers With VA Sales<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The US Securities and Exchange Commission (SEC) is ordering Ameriprise\u2019s subsidiary brokerage firm, RiverSource Distributors, to pay a $5M fine for alleged violations involving <\/span><a href=\"https:\/\/www.investorlawyers.com\/variable-annuities.html\"><span style=\"font-weight: 400;\">variable annuities (VAs)<\/span><\/a><span style=\"font-weight: 400;\">. The regulator contends that several RiverSource employees came up with a sales strategy that caused holders of these products to switch annuities. This purportedly resulted in enhanced sales commissions and boosted VA sales revenues for the firm.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The SEC said that RiverSource Distributors sold the VA exchanges to retail customers through Ameriprise Financial Services. It charged RiverSource with \u201cimproper switching or replacing variable annuities.\u201d The case is the SEC\u2019s first-ever enforcement proceeding under the Investment Company Act of 1940\u2019s <\/span><a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/15\/80a-11\"><span style=\"font-weight: 400;\">Section 11<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/\"  title=\"Continue Reading Ameriprise Subsidiary RiverSource Fined $5M For Allegedly Improperly Switching Customers\u2019 Variable Exchanges To Earn Commissions\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>RiverSource Distributors Accused of Targeting Retail Ameriprise Financial Customers With VA Sales The US Securities and Exchange Commission (SEC) is ordering Ameriprise\u2019s 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 sales strategy that caused holders [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":28289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[4694,3884],"tags":[3095,4748,3531],"class_list":["post-28288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ameriprise-financial","category-variable-annuities","tag-ameriprise-financial","tag-riversource-distributors","tag-variable-annuities"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RiverSource Distributors Fined $5M For Switching Variable Annuities<\/title>\n<meta name=\"description\" content=\"RiverSource Distributors, a subsidiary of Ameriprise Financial, allegedly switched customers\u2019 variable annuities to gain high commissions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"RiverSource Distributors Fined $5M For Switching Variable Annuities\" \/>\n<meta name=\"twitter:description\" content=\"RiverSource Distributors, a subsidiary of Ameriprise Financial, allegedly switched customers\u2019 variable annuities to gain high commissions.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/06\/pexels-christina-morillo-1181555-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"RiverSource Distributors Fined $5M For Switching Variable Annuities","description":"RiverSource Distributors, a subsidiary of Ameriprise Financial, allegedly switched customers\u2019 variable annuities to gain high commissions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/","twitter_card":"summary_large_image","twitter_title":"RiverSource Distributors Fined $5M For Switching Variable Annuities","twitter_description":"RiverSource Distributors, a subsidiary of Ameriprise Financial, allegedly switched customers\u2019 variable annuities to gain high commissions.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/06\/pexels-christina-morillo-1181555-1.jpg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Ameriprise Subsidiary RiverSource Fined $5M For Allegedly Improperly Switching Customers\u2019 Variable Exchanges To Earn Commissions","datePublished":"2022-06-08T13:07:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/"},"wordCount":413,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/06\/pexels-christina-morillo-1181555-1.jpg","keywords":["ameriprise financial","RiverSource Distributors","Variable Annuities"],"articleSection":["Ameriprise Financial","Variable Annuities"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/","url":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/","name":"RiverSource Distributors Fined $5M For Switching Variable Annuities","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/#primaryimage"},"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/06\/pexels-christina-morillo-1181555-1.jpg","datePublished":"2022-06-08T13:07:08+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"RiverSource Distributors, a subsidiary of Ameriprise Financial, allegedly switched customers\u2019 variable annuities to gain high commissions.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/#primaryimage","url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/06\/pexels-christina-morillo-1181555-1.jpg","contentUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/06\/pexels-christina-morillo-1181555-1.jpg","width":640,"height":427,"caption":"A woman sits typing on her laptop"},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/riversource-variable-annuities-switching\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Ameriprise Subsidiary RiverSource Fined $5M For Allegedly Improperly Switching Customers\u2019 Variable Exchanges To Earn Commissions"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/06\/pexels-christina-morillo-1181555-1.jpg","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-7mg","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/28288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=28288"}],"version-history":[{"count":1,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/28288\/revisions"}],"predecessor-version":[{"id":28290,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/28288\/revisions\/28290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media\/28289"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=28288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=28288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=28288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}