State Says Telemarketing Settlements Show 'Widespread' Issues

Jan 7, 2015

The state has made another settlement over alleged violations of the state’s telemarketing laws.

The $90,000 agreement announced with Minnesota-based Ameriprise Financial Services is smaller than that of several other recent settlements, but it’s the seventh such deal in recent months, and state officials say that suggests these problems are widespread in the financial services industry.

The state says Ameriprise, like other companies, had not appropriately monitored its agents, who called people on the do not call list.

The settlement calls for the company to enhance its policies and training around telemarketing, in addition to the $90,000 payment.

Jeffrey Spill, deputy director of the Bureau of Securities Regulation, said in a statement that this settlement is "not likely to be our last. The Bureau continues to investigate other broker-dealers for similar conduct."