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NASD Hits Ameriprise With $16M Fine

Law360 (September 15, 2006, 12:00 AM EDT) -- Just one day after a judge upheld a $22 million fine against a branch of Ameriprise Financial Inc., a National Association of Securities Dealers arbitration panel has slapped the broker with a $16.3 million penalty.

The NASD fined Ameriprise subsidiary Securities America Inc. $2.5 million and ordered the firm to pay an additional $13.8 million in restitution to 32 former Exxon employees, who claimed they incurred large losses after the firm nudged them into risky investments while failing to alert them to high fees associated with...
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