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July 23, 2020 at 04:02 PM
The Financial Industry Regulatory Authority barred an ex-Ameriprise rep from associating with any FINRA member in any capacity after he stopped cooperating with the regulator’s investigation into his termination from the firm over alleged ethics and other violations, according to FINRA.
Without admitting or denying the findings, Bryant Edwin Caveness signed a letter of acceptance, waiver and consent July 15 in which he agreed to FINRA’s sanction. FINRA accepted the letter Wednesday.
After three years at Morgan Stanley, Caveness joined Ameriprise Advisor Services in 2003 and then became registered with Ameriprise Financial Services in 2009, where he remained until he was terminated by the firm June 26, 2020, according to FINRA’s BrokerCheck website.
Asked for comment Thursday on the claims made against its former rep, Ameriprise just referred ThinkAdvisor to the language in his Form U5 termination letter that said: “The registered representative was terminated for company policy violations related to personal trade, ethics, and solicitation of exchange traded products.” He is no longer registered as a broker or RIA, according to BrokerCheck.
FINRA initiated an investigation into Caveness’ “potential receipt of checks from senior customers,” according to the FINRA AWC letter. FINRA did not elaborate. However, it is likely that the checks in question were from certain older clients of his with Ameriprise that raised red flags, possibly because they were not related to normal payments he would have received from those customers through his relationship with the firm.
