Bryant Edwin Caveness of Kingsport Tennessee a stockbroker formerly registered with Ameriprise Financial Services LLC has been referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $230,000.00 in damages supported by accusations of unsuitable trades and breach of fiduciary duty by Caveness when he was associated with Ameriprise Financial Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03825 (Nov. 17, 2020). According to the claim, Ameriprise failed to supervise Caveness’ recommendations of inverse and leveraged exchange traded funds as well as precious metals and mining stocks.
Caveness has been identified in two more customer initiated investment related disputes concerning allegations of his misconduct while he was employed by Morgan Stanley and Ameriprise Financial Services. FINRA Public Disclosure shows that a customer initiated investment related complaint regarding Caveness’ conduct was resolved for $37,500.00 in damages founded on accusations of poor investment advice by Caveness at Morgan Stanley.
Another customer initiated investment related complaint concerning Caveness’ activities was settled for $85,000.00 in damages based upon allegations that the customer was placed into unsuitable securities including leveraged exchange traded funds and variable annuity products at Ameriprise Financial Services because of Caveness.
Caveness has been barred from associating with any FINRA member in any capacity based on findings that he failed to comply with FINRA’s investigation into accusations of his receipt of money from elderly customers. Letter of Acceptance Waiver and Consent No. 2020066315201 (July 22, 2020). Caveness refused to cooperate with FINRA’s request of documents and information.
According to the AWC, the regulator’s investigation into Caveness came about in 2020. He was asked on June 25, 2020 to hand over documents and information regarding his potential receipt of checks from senior customers. Caveness’ legal counsel made FINRA aware that Caveness would not be cooperating at any time. Caveness violated FINRA Rules 2010 and 8210 for refusing to comply.
Caveness was discharged by Ameriprise Financial on June 26, 2020 founded on accusations of him soliciting ETF transactions and engaging in other actions against the securities broker dealer’s policies.
