Between January 2015 and December 2018, Ameriprise failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to supervise recommendations of certain variable annuity exchanges involving contracts with guaranteed lifetime withdrawal benefit (GLWB) riders.

From December 2023 to January 2024, while associated with Merrill Lynch and without the firm’s knowledge or approval, Sorrell prepared, signed, and disseminated three proof of funds letters that contained materially misleading or false statements. Therefore, Sorrell violated FINRA Rule 2010. Sorrell is suspended for nine months and fined $5,000.