AMERIPRISE FINANCIAL INC

Ameriprise Financial has two distinct SEC enforcement actions reflecting a pattern of placing firm interests above client interests. In February 2018, the SEC charged Ameriprise with overcharging retirement account customers by recommending higher-fee mutual fund share classes when less expensive options were available, affecting 1,791 accounts from January 2010 through June 2015 and extracting more than $1.78 million in unnecessary fees (SEC Press Release 2018-26). Ameriprise failed to disclose that it received greater compensation from these purchases.

In August 2024, Ameriprise agreed to pay a $50 million penalty as part of a major SEC enforcement sweep against 26 firms for widespread recordkeeping failures (SEC Press Release 2024-98). The SEC found that from at least June 2019, Ameriprise personnel conducted business through personal devices, private email accounts, and unapproved messaging apps in violation of federal securities recordkeeping laws. The firm admitted the facts and acknowledged its conduct violated the law. The combined pattern — overcharging retirement savers while evading regulatory oversight through off-channel communications — reflects systemic compliance failures rather than isolated incidents.