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NASD's enforcement action against Ameriprise Financial Inc. will cost the company $1.25 million -$500,000 in fines and $750,000 to compensate customers.

This is the result of an NASD investigation that revealed that between May 2001 through December 2004, Ameriprise sold approximately $1.1 billion worth of 529 college funds without adequately informing the 138,000 clients who purchased the funds that they could have received tax advantages if they had bought 529 plans in their home state. Ameriprise neither admitted nor denied wrongdoing.

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