SEC Fines Ameriprise Affiliate $5 Million in Variable Annuity Case
By Katryna Perera (May 25, 2022, 5:58 p.m. EDT) — The United States Securities and Exchange Commission announced Wednesday that it has fined broker-dealer RiverSource Distributors Inc. $5 million for allegedly changing or improperly replaced variable annuities, in the first enforcement proceeding relating to a section of the Investment Company Act of 1940.
Without admitting or denying the allegations, RiverSource consented to the SEC’s cease and desist order that it violated Section 11 of the Investment Company Act. The company will be censured and has agreed to pay a civil fine of $5 million.
According to the order issued by the SEC on Wednesday, Section 11 of the Investment Company Act…
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