Ameriprise Braces for $50M SEC Fine Over Electronic Messages

Ameriprise Financial has booked a charge for a $50 million penalty from the Securities and Exchange Commission over the use of electronic messaging platforms.

In Ameriprise’s annual report, released Feb. 24, the firm states that it has 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 firm.

During 2023, Ameriprise states, it recorded a $50 million accrual for this matter within its introducing broker-dealer subsidiary.

Ameriprise states that it has reached an agreement in principle with the SEC staff, “subject to Commission approval, that it believes resolves this matter.”