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Articles Tagged with ameriprise financial

FINRA Bars Former Registered Representative Following Probe Into Accusations

Bryant Edwin Caveness, an ex-Ameriprise Financial Services stockbroker, has been barred by the Financial Industry Regulatory Authority (FINRA) after he stopped cooperating in the self-regulatory organization (SRO)’s probe into his firing by the firm. 

According to his Form U5 termination letter, the broker-dealer let him go last month because he violated company policies involving “personal trade, ethics, and solicitation of exchange-traded products” resulting in stockbroker fraud and misconduct. 

In a settlement reached with the US Securities and Exchange Commission, Ameriprise Financial Services (AMP) will pay $4.5M over allegations that it did not protect retail investors from five of their financial representatives, who stole over $1.5M. Three of these individuals had previously pleaded guilty to criminal charges involving investor fraud.

The Commission charged Ameriprise, a registered investment adviser and brokerage firm, with inadequate supervision of the representatives and for not having policies and procedures that were “reasonably designed” enough to stop them from misappropriating clients’ monies.

Ameriprise, despite setting, is not denying or admitting to the regulator’s findings. However, it consented to a censure.

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