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Bryant Caveness, Former Ameriprise Broker, Terminated For Violations

Bryant Caveness (Bryant Edwin Caveness CRD: #4033740) is a former registered broker and investment advisor whose last employer was Ameriprise Financial Services, LLC (CRD#:6363) of Kingsport, TN. His previous employers include Ameriprise Advisor Services, Inc. (CRD#:5979), also of Kingsport, and Morgan Stanley DW Inc. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999. Ameriprise Financial discharged Caveness on 6/26/2020, indicating that, “the registered representative was terminated for company policy violations related to personal trade, ethics, and solicitation of exchange traded products.” FINRA began its investigation that included allegations of “potential receipt of checks from senior customers.” Bryant Caveness initially cooperated with the investigation, but changed his mind in July of 2020. In an email from his legal counsel on July 9, 2020, to FINRA staff, Caveness indicated that he had received FINRA’s request for documentation, but would not be supplying the requested information or documentation at any time.Bryant Caveness (Bryant Edwin Caveness CRD: #4033740) is a former registered broker and investment advisor whose last employer was Ameriprise Financial Services, LLC (CRD#:6363) of Kingsport, TN. His previous employers include Ameriprise Advisor Services, Inc. (CRD#:5979), also of Kingsport, and Morgan Stanley DW Inc. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999.

Ameriprise Financial discharged Caveness on 6/26/2020, indicating that, “the registered representative was terminated for company policy violations related to personal trade, ethics, and solicitation of exchange traded products.” 

FINRA began its investigation that included allegations of “potential receipt of checks from senior customers.” Bryant Caveness initially cooperated with the investigation, but changed his mind in July of 2020. In an email from his legal counsel on July 9, 2020, to FINRA staff, Caveness indicated that he had received FINRA’s request for documentation, but would not be supplying the requested information or documentation at any time.

As a result, FINRA issued a letter of Acceptance, Waiver & Consent, which Caveness signed on 7/15/2020 and accepted by FINRA on 7/22/2020. In it, Caveness is barred indefinitely in all capacities from association with any FINRA broker-dealer.

Two previous client disputes from 2010 and 2001 both involved “unsuitable recommendations,” and were settled with the client by the individual firms.

Did Your Financial Advisor Ask you To Borrow Money?

A stockbroker or financial advisor should never ask a client to borrow money, invest in his personal investment projects or sell you a product not approve by his brokerage firm. Financial advisors have easy access to a clients financial information and frequently has earned the clients trust especially for financial matters. The SEC and FINRA have reported a rise in elder financial fraud cases including many cases involving financial advisors borrowing money or stealing from an investor.

This issue is governed by FINRA Rule 3240:  Borrowing From or Lending to Customers

(a) Permissible Lending Arrangements; Conditions

No person associated with a member in any registered capacity may borrow money from or lend money to any customer of such person unless:

(1) the member has written procedures allowing the borrowing and lending of money between such registered persons and customers of the member;

(2) the borrowing or lending arrangement meets one of the following conditions:

(A) the customer is a member of such person’s immediate family;

(B) the customer (i) is a financial institution regularly engaged in the business of providing credit, financing, or loans, or other entity or person that regularly arranges or extends credit in the ordinary course of business and (ii) is acting in the course of such business;

(C) the customer and the registered person are both registered persons of the same member;

(D) the lending arrangement is based on a personal relationship with the customer, such that the loan would not have been solicited, offered, or given had the customer and the registered person not maintained a relationship outside of the broker-customer relationship; or

(E) the lending arrangement is based on a business relationship outside of the broker-customer relationship; and

(3) the requirements of paragraph (b) of this Rule are satisfied.

Did your Financial Advisor Violate FINRA Rule 3240?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.

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