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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.
Two of the criminals—a mother-daughter team operating out of a Minnesota franchise—stole $1 million from retail clients through 600 fraudulent transactions between 2008 and 2013.
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Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
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