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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2024-03-06T18:51:00
Ameriprise Financial disclosed it recorded a $50 million accrual related to the resolution of a Securities and Exchange Commission (SEC) probe into use of off-channel communications by its employees for conducting business.
The firm said in its latest annual report published Feb. 22 it reached an agreement in principle with SEC staff regarding the matter. With the penalty, Ameriprise would join the growing list of banks, broker-dealers, and investment advisers caught in an enforcement sweep that has already resulted in nearly $3 billion in fines against other financial services firms.
Ameriprise said it recorded the accrual in 2023, after it “responded to SEC document and information requests regarding the preservation of certain business-related communications sent on electronic messaging platforms that have not been approved by the company.”
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2024-04-08T17:35:00Z By Aaron Nicodemus
Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.
2024-04-04T02:48:00Z By Kyle Brasseur
Registered investment adviser Senvest Management agreed to pay $6.5 million as part of a settlement with the Securities and Exchange Commission addressing admitted off-channel communications violations and separate code of ethics failures.
2024-03-19T16:19:00Z By Kyle Brasseur
The Commodity Futures Trading Commission announced settlements with U.S. Bank and Oppenheimer & Co. for admitted recordkeeping and supervision failures regarding employee use of off-channel communications for conducting business.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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