Former Ameriprise Financial Services Broker, Bryant Caveness, Barred By FINRA
Bryant Caveness (CRD # 4033740) was a Financial Advisor at Ameriprise Financial Services in Kingsport, TN. Bryant Caveness has been in the securities industry since 1999 and previously worked at Ameriprise Advisor Services and Morgan Stanley.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 22, 2020, FINRA sanctioned Bryant Caveness, barring him from acting as a broker or associating with a broker-dealer. According to the FINRA Letter of Acceptance, Waiver and Consent, “Without admitting or denying the findings, Caveness consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA in connection with its investigation into his potential receipt of checks from senior customers. The findings stated that although Caveness initially cooperated with FINRA’s investigation, he ceased doing so.”
Elder financial abuse is a growing trend in the financial serviced industry due to the aging baby boomer population. It is estimated that by 2030, baby boomers will control nearly $26 trillion in assets, which inherently creates opportunity for misconduct. The federal government and states have enacted enhanced legislation to address this issue but there is still a lot of work to be done.
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2020066315201%20Bryant%20Edwin%20Caveness%20CRD%204033740%20AWC%20va.pdf
In June 2020 Bryant Caveness was discharged from Ameriprise Financial “for company policy violations related to personal trade, ethics, and solicitation of exchange traded products.”
In addition, Bryant Caveness was the subject of two customer complaint during his career, which were settled for a total of $122,500.00.
For a copy of Bryant Caveness’s CRD, click https://brokercheck.finra.org/individual/summary/4033740#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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