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Brokerage Forgery

Atlanta, GA: (Oct-08-07) The state of Georgia brought charges against Ameriprise Financial Services Inc., alleging that the Minneapolis based brokerage firm failed to properly supervise two salespeople who forged customers' signatures. The suit was filed after an investigation revealed the discrepancies. As part of a settlement reached, Ameriprise Financial Services agreed to pay the state $225,000 in penalties and investigation costs. Further, the company agreed to make a number of changes to the way it supervises salespeople and handles customer complaints.

The settlement was reached with the Georgia Secretary Of State's Office. Ameriprise also agreed to reimburse fees for clients of the two agents accused of forging customers' signatures to make unauthorized transactions between 1998 and 2006. As part of the settlement, the company will pay a civil penalty of $40,000 and will make a $10,000 voluntary contribution to the state's investor education program. [SAVANNA MORNING NEWS: FORGERY]

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Published on Oct-9-07


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