The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Bryant Caveness. According to his publicly available FINRA BrokerCheck report, Bryant Caveness was the subject of multiple customer disputes over the course of his career.
Bryant Caveness was a Tennessee-based securities broker who worked in the securities industry for twenty years. During his career, he has been registered with three different firms.
His Registrations
- Morgan Stanley DW (1999-2003)
- Ameriprise Advisor Services (2003-2009)
- Ameriprise Financial Services (2009-2020)
The Allegations
- In April 2001, a customer alleged that Bryant Caveness had recommended unsuitable investments. This case was settled for $37,500 in damages.
- In July 2010, a customer alleged that Caveness that executed unsuitable discretionary trades in his portfolio. This case was settled for $85,000 in damages.
- In June 2020, Caveness was discharged from his position at Ameriprise Financial for company policy violations related to personal trade, ethics, and solicitation of exchange-traded products.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Bryant Caveness can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Bryant Caveness, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
