Last edited 2:09 p.m., April 26, 2013Two weeks after Nadia Cavner pleaded guilty to a felony charge, BancorpSouth has severed ties with the financial adviser who managed some $490 million for roughly 1,100 household clients.
Cavner was not in the office when Springfield Business Journal called yesterday afternoon and this morning, but her belongings remain, according to the BancorpSouth employee who answered the phone.
Randy Burchfield, BancorpSouth senior vice president of corporate communications, released a statement this morning.
"Mrs. Cavner is no longer associated with BancorpSouth. Our Sunshine Street office remains open to assist our clients with their financial and investment needs," he said.
Burchfield declined to answer further questions, leaving it unclear whether management of the client accounts belongs to BancorpSouth, Cavner or Cavner's brokerage group, Cambridge Investment Research. Cambridge spokeswoman Cindy Schaus said the organization doesn't comment on pending matters.
"Mrs. Cavner is an independent contractor. BancorpSouth is not affiliated with Cambridge Investment Research Inc.," Schaus said via email.
Outside BancorpSouth's 2620 E. Sunshine St. branch, where Cavner had practiced, the space that featured the Nadia Cavner Group name was replaced with "BancorpSouth.com."
The BancorpSouth employee - who wished to remain anonymous - said the Cavner Group's four staff members remained in place and business was running as usual. The employee declined to provide contact information for Cavner. Cavner's husband, Howard Cavner, the advocate for Missouri State University students at United Ministries in Higher Education, could not be reached this morning.
Cavner has led the Nadia Cavner Group since 2005. Cavner’s firm – formerly known as The Nadia Cavner Group at The Signature Bank Investment Services – was included in a 2007 merger with BancorpSouth. Her Tennessee attorney, Steven Farese Sr., has said he is working with regulators on Cavner's behalf to determine whether she can continue to sell securities under her Series 7 license.
According to U.S. securities regulations, a felony would statutorily disqualify Cavner from selling securities in the U.S. for 10 years. Financial Industry Regulatory Authority spokeswoman Michelle Ong has said financial advisers are obligated to report criminal actions involving felonies to securities regulators, but licenses are not pulled until full review by the independent board. According to Ong, Cavner is obligated to disclose to FINRA both the felony charge and the plea agreement within 30 days of charges being filed or the agreement being signed, according to
SBJ archives.
Cavner pleaded guilty April 12 to a felony interstate stalking charge, acknowledging intentions to injure, harass or intimidate her college-age daughter’s ex-boyfriend.
Reporter Brian Brown contributed to this story.[[In-content Ad]]
