(Adds Ameriprise comment)
WASHINGTON, Aug 15 (Reuters) - Ameriprise Financial Services Inc will pay $4.5 million to settle charges that it failed to safeguard client assets after five of its representatives allegedly stole more than $1 million, the U.S. Securities and Exchange Commission said on Wednesday.
The company did not admit or deny regulators' findings in reaching the settlement, the SEC said in a statement.
In a separate statement, the company said it was pleased to have resolved the matter and has since enhanced controls to detect this type of prohibited activity.
The actions of these five individuals were in clear violation of our policies and resulted in their immediate separation from the firm. We fully reimbursed clients who were impacted after the activity was discovered," the statement said. (Reporting by Susan Heavey and Rishika Dugyala; Editing by Dan Grebler)