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During the relevant period, Ameriprise had an intricate compliance and supervisory system in place that included automated surveillance tools to detect fraud. But technical glitches allowed the criminals to avoid instant detection. All were immediately fired upon discovery of the crimes. (Photo: Shutterstock)

Ameriprise Financial Services Inc. has agreed to a $4.5 million settlement with the Securities and Exchange Commission for failing to catch five criminals among the firm’s ranks of roughly 9,700 registered advisors and brokers before those criminals could perpetrate crimes.

Nick Thornton

BenefitsPRO

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