Securities America is on the shopping block, according to an InvestmentNews article by Bruce Kelly entitled “Ameriprise shopping Securities America.” The firm was sued along with Ameriprise Financial by a class of people who purchased hundreds of millions of fraudulent securities issued by Medical Capital and Provident Royalties. Ameriprise Financial is the corporate parent of Securities America.
Ameriprise broke the news in its filing of first quarter financial results: “Management has decided to identify an appropriate buyer for (Securities America)’. A sale would allow (Securities America) to focus on growth opportunities in the independent channel and would allow Ameriprise to devote its resources to the Ameriprise branded-advisor business. The sale process will not affect management’s commitment to completion of the settlement on its current terms.”
Securities America remains in a strong financial position to continue operations with no disruptions as a result of financial backing by Ameriprise, according to the article, citing Securities America spokeswoman Janine Wertheim, who was quoted as saying: “We believe there are many options that will afford enhanced opportunities and benefits to our advisers and employees.”
Page Perry is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. While past results are not indicative of future success, Page Perry’s attorneys have recovered over $1,000,000 for clients on more than 45 occasions. Page Perry’s attorneys have extensive experience in representing investors in securities matters. For further information, please contact us.