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Forgery Violations

Concord, NH: (Apr-09-08) State federal regulators brought charges against financial planner Ameriprise, alleging that the company violated New Hampshire's securities laws. The suit, filed by the New Hampshire's Bureau of Securities Regulation, claimed that the company had failed to report significant information about securities violations, including forgeries, as required by a $7 million settlement three years ago. State officials said that the settlement in 2005 was the largest securities enforcement action in state history.

The suit said that investigations revealed that Ameriprise did not report its investigation of at least 96 instances of forgery by six financial advisers in its Portsmouth office. The company fired two of the advisers and disciplined three others. The sixth adviser quit while being investigated.

The federal regulator reported that it had accepted a settlement from the company, in which Ameriprise agreed to pay nearly $4 million to resolve the allegations. Officials claim that the payout includes fines, investigative costs and more than $300,000 in refunds to investors. It was said that the exact scope of the Portsmouth forgeries and misconduct cannot be fully comprehended as the bureau's investigation revealed that in many instances, as some client documents were missing. Mark Connolly, director of New Hampshire's Bureau of Securities Regulation said in a prepared statement that the company seems to be taking steps to correct its problems and is making management changes. [CNN MONEY: AMERIPRISE PAYS ALMOST $4M IN SETTLEMENT]


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Published on Apr-10-08


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