FINRA Bars Ameriprise Stockbroker In Investigation

Bryant Edwin Caveness of Kingsport Tennessee a stockbroker formerly employed by Ameriprise Financial Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that Caveness failed to comply with a FINRA investigation in regard to money that the stockbroker received from elderly customers. Letter of Acceptance Waiver and Consent No. 2020066315201 (July 22, 2020).

According to the AWC, Caveness became the subject of an investigation pertaining to his possession of checks from elderly customers. The regulator received cooperation from Caveness initially, but this all came to a halt on June 25, 2020 when FINRA called for Caveness to provide documentation and information pertaining to his involvement with the customers.

FINRA personnel received correspondence from Caveness’ lawyer on July 9, 2020 which reflected that Caveness had received the request to turn over documentation and information to the regulator but would at no point hand anything over. Caveness refused to satisfy FINRA’s requests which precluded it from determining whether he misused customer funds. His obstruction of the FINRA investigation constituted the violation of FINRA Rules 2010 and 8210.

Caveness has been identified in two customer initiated investment related disputes containing allegations of his misconduct. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Caveness’ conduct was settled for $37,500.00 in damages based upon allegations of poor advice from Caveness regarding stocks traded in the customer’s account during the time that Caveness was associated with Morgan Stanley.

Another customer initiated investment related complaint concerning Caveness’ activities was resolved for $85,000.00 in damages founded on accusations that inappropriate leveraged exchange traded funds and variable annuity transactions were effected by Caveness and that trades were executed in the customer’s account by the stockbroker on a discretionary basis at Ameriprise Financial Services.

Caveness was discharged by Ameriprise Financial Services on June 26, 2020 founded on accusations of him soliciting exchange traded products and engaging in other activities in violation of its policies.