Regulators slap Ameriprise, clearing firm with $750K fine

Author:
Updated:
Original:

The Financial Industry Regulatory Authority has fined Minneapolis-based Ameriprise Financial Inc. and its affiliated clearing firm $750,000 for failing to have adequate systems in place to monitor wire transfer requests and transmission of customer funds to third-party accounts, the Associated Press reports.

Regulators say Jennifer Guelinas, a former broker based in Indiana, illegally transferred roughly $790,000 from two customers between 2006 and 2010 into outside accounts she controlled, according to Thomson Reuters. She pleaded guilty to a federal wire fraud charge last May and is awaiting sentencing.

"Ameriprise and its affiliated clearing firm missed numerous supervisory red flags, including the fact that two of the wire transfers went to accounts in Guelinas' name," said FINRA Chief of Enforcement Brad Bennett in a news release. "Firms must have robust supervisory systems to monitor and protect the movement of customer funds."

The Business Journal says Ameriprise released the following statement: “We are pleased to have resolved this matter from several years ago and have enhanced our related policies, procedures and technology.”

Next Up

DirecTV

DirecTV subscribers could lose KARE 11 on Tuesday

A new contract needs to be agreed upon by 6 p.m. Tuesday.

prison, Rush City cell block

Inmate from Rush City prison dies after COVID-19 diagnosis

The man is the fifth incarcerated person in Minnesota to die from COVID-19.

ambulance

Belle Plaine man dies after duck boat capsizes on lake

One man was found sitting on the overturned boat while another man was in the water.

Screen Shot 2020-11-29 at 4.59.51 PM

Watch: Adam Thielen watches end of Vikings/Panthers just like all of us

The Vikings receiver looked like a true fan on Sunday afternoon.

Chad Beebe

Chad Beebe's roller-coaster fourth-quarter keeps Vikings playoff hopes alive

A muffed punt and a game-winning touchdown helped defeat the Panthers on Sunday afternoon.

127266986_2766399800267634_3587849554502438415_n

West-central MN cops warn kids to stay off ice, or 'Santa won't come'

This comes amid repeated ice warnings across the state.

covid-19, coronavirus, PPE

Nov. 29 COVID-19 update: 57 deaths, nearly 9,000 more cases

Nearly 100,000 tests were included in Sunday's report.

jim ramstad

Watch former Rep. Jim Ramstad's memorial service online

The ceremony will be live-streamed for the public on Sunday.

EDL1LeKXsAEeH32

How high can Rashod Bateman go in the 2021 NFL Draft?

The Gophers star receiver has plenty of praise heading into next April.

TCF Bank Stadium

15 more from Gopher football team test positive for COVID-19

That brings the total number of cases from this outbreak to 40.

Teddy Bridgewater

5 questions for Vikings-Panthers Week 12 NFC battle

The Vikings welcome Teddy Bridgewater back to U.S. Bank Stadium on Sunday.

police lights

Man, 21, in custody after Albert Lea police officer shot in the chest

The officer was able to drive to an emergency room.

Related

Regulators fine Minnesota GOP, former chairman over 2010 recount

The Minnesota Campaign Finance Board Friday imposed fines on the Minnesota Republican Party, former chairman Tony Sutton and a separate corporation over the financing of the recount in the 2010 governor's race between Republican Tom Emmer and Democrat Mark Dayton. The state GOP was fined $26,900, while Sutton and Count Them All Properly Inc. were fined $3,000 each.

Minneapolis law firm Dorsey & Whitney hires new CFO

Richard Holdrup is joining international law firm Dorsey & Whitney as its new chief financial officer, according to a company news release. Holdrup was most recently the CFO at a law firm based in San Francisco.