Brian Shevland: FINRA Suspends Bluestone Capital Advisor

Wayne, Pennsylvania financial advisor Brian Shevland (CRD# 4570496) was recently sanctioned and suspended in connection with alleged misrepresentations. Financial Industry Regulatory Authority records show that he is registered as a broker with MCG Securities and an investment advisor with Bluestone Capital Management.

Mr. Shevland’s BrokerCheck report discloses the FINRA sanction against him. Filed in February 2024, it states that FINRA found he “made negligent misrepresentations about the performance of two private equity funds” to his customers. He allegedly “caused the funds to invest more than $20 million” in another private equity fund, “The Master Fund,” managed by one of his former employees. “The Funds created documents that contained materially inaccurate performance results, which Shevland distributed and directed others at the Funds to distribute to investors on a regular basis,” FINRA found, alleging that further that the funds “relied on information” provided to Mr. Shevland by the Master Fund. Included in this information was “unaudited financials” that represented the fund as earning “consistent positive monthly returns.” When he became aware of “material discrepancies” in the Master Fund’s financials, he allegedly failed to ask anyone at the fund about them. Instead, FINRA found, he “negligently continued to direct others at the Funds to use the Master Fund’s claimed financial results to create documents that he and others distributed to Fund investors.”

As FINRA’s findings state, the documents in question “materially overstated” the Funds’ performance. The Master Fund’s manager was later “arrested and charged with securities fraud,” and the fund was placed into a receivership. In connection with these findings, FINRA fined Mr. Shevland $10,000 and suspended him for one year.

According to the Financial Industry Regulatory Authority, Brian Shevland holds 21 years of securities industry experience. Based in Wayne, Pennsylvania, he has been registered as a broker with MCG Securities since 2014 and an advisor with Bluestone Capital Management since 2013. His past registrations include CV Brokerage (Williamstown, New Jersey; 2012-2014), Royal Alliance Associates (Malvern, Pennsylvania; 2003-2012), CPC Financial Planning (King of Prussia, Pennsylvania; 2011-2012), Capital Investment Services (Chadds Ford, Pennsylvania; 2003-2004), and New England Securities (New York, New York; 2002-2003). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Alabama, Massachusetts, New York, and Pennsylvania. (Information current as of February 10, 2024.)

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