Ameriprise To Pay $17.3M To Settle REITs Dispute

Law360, New York (July 10, 2009, 12:00 AM EDT) -- Ameriprise Financial Services Inc. on Friday agreed to pay more than $17 million to settle with the U.S. Securities and Exchange Commission over alleged broker-dealer payments it received from its real estate investment trust business.

The SEC said the broker-dealer had received millions of dollars in undisclosed compensation as a condition for offering and selling certain of the trusts to its customers.

The Minneapolis-based company agreed to pay $17.3 million to settle the SEC's charges, the agency said, noting the investigation is ongoing.

An Ameriprise spokesman...
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