Securities America is denying charges in a complaint filed this week by the Massachusetts Securities Division that says it misled investors when it sold millions in private placement securities for a company that purchased medical receivables.

"There are numerous inaccuracies in the Massachusetts press release and complaint," the broker-dealer said in a statement. "We take the safety and security of our clients very seriously and make risk management a cornerstone of our business."

Securities America, based in Omaha, Neb., and a subsidiary of Ameriprise Financial, said it conducted considerable due diligence and met all industry standards for such due diligence regarding the sale of promissory notes for Medical Capital Holdings Inc.

"Fifty or more other broker-dealers independently conducted due diligence, did not detect the alleged fraud committed by Medical Capital, and approved and sold the Medical Capital notes," the firm said. "Each private placement transaction of this type is reviewed on an individual basis to determine accredited investor status and requires evidence of eligibility to purchase the product."

Medical Capital issued more than $1.7 billion in notes from 2003 to 2009, and Securities America sold 37% of the total, the Massachusetts administrative complaint says. Securities America sold the notes to more than 60 Massachusetts investors, who purchased approximately $7.2 million of them, it adds.