Ameriprise Financial Services Inc. has agreed to pay the state $200,000 to resolve allegations that its financial advisors ripped off clients.
According to Attorney General Martha Coakley‘s office, Ameriprise has also agreed to adhere to a variety of conduct rules regarding sales practices and to make restitution payments to wronged Massachusetts clients Coakley’s office may identify in the future.
Wisconsin-based Ameriprise failed to supervise financial advisors, and certain advisors treated clients unfairly and deceived them, according to the AG. In some cases, customers were charged for financial plans that went undelivered. In others, planners failed to disclosed fees for financial plans, forged client signatures on transactions and sold unsuitable mutual fund and insurance products to customers.
As part of the agreement, Coakley’s office will monitor Ameriprise’s sales practices.
