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Ameriprise Financial broker-dealer unit to pay $5 million to settle charges in first US SEC case of variable-annuity switching

( May 25, 2022, 14:16 GMT | Official Statement) -- MLex summary: Minneapolis-based RiverSource Distributors, a broker-dealer unit of publicly traded Ameriprise Financial, agreed to pay $5 million to settle US Securities and Exchange Commission charges of improper variable-annuities switching in the sale of these securities to ordinary investors. It was the first case ever brought by the SEC against a principal underwriter for offering to exchange variable annuities or other unit investment trust securities without obtaining the agency’s approval.See statement and document below....

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