NASD fines Ameriprise for 529 sales violations
NASD has imposed a $500,000 fine on Ameriprise Financial Services for inadequate supervision of 529 plan sales by its brokers, and has ordered that approximately $750,000 be paid to more than 500 customer accounts.The enforcement action is the first to result from NASD's fact-finding sweep examining 529 sales practices.Based on NASD's investigation, Ameriprise did not have adequate procedures in place to take state income tax benefits into account when determining the suitability of 529 plans.
For more information, click hereReturn to 529 News center