SEC Hits Ameriprise Unit for Improper Variable Annuity Switching

May 30, 2022 by Melanie Waddell

The Securities and Exchange Commission on Wednesday announced settled charges against RiverSource Distributors Inc., a wholly owned subsidiary of Ameriprise Financial, for improper switching or replacing of variable annuities — which resulted in higher commissions for RiverSource employees.

The action, which involved a censure and a $5 million civil penalty, is the SEC’s first-ever enforcement proceeding under Section 11 of the Investment Company Act of 1940, the agency said.

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Originally Posted at ThinkAdvisor on May 25, 2022 by Melanie Waddell.