The Securities and Exchange Commission has created a nearly $32 million fair fund distribution to help current and former customers of Ameriprise Financial Services who were harmed by the company’s failure to disclose revenue sharing payments.

"This case demonstrates that regardless of the manner in which investors were harmed, we will do everything possible to return funds to them from wrongdoers," said Dick D'Anna, director of the SEC's Office of Collections and Distributions.

The SEC found in 2005 Ameriprise did not adequately disclose the receipt of millions of dollars in revenue-sharing payments from mutual fund companies for inclusion on Ameriprise’s brokerage platform. Approximately 575,000 investors were affected.

The SEC ordered Ameriprise to pay $15 million in financial penalties and $15 million in disgorgement and prejudgment interest.

"This distribution marks another significant step in the commission's program to return money to investors injured by improper mutual fund practices," said Merri Jo Gillette, regional director of the SEC’s Chicago Regional Office.

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