Did you lose money investing with Kimberly Springsteen-Abbott (CRD# 1367633)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Kimberly Springsteen-Abbott. If you suffered losses investing with Kimberly Springsteen-Abbott, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of June 19, 2020, Kimberly Springsteen-Abbott’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
3 Regulatory Event(s)
UPDATE 6/19/2020: According to FINRA’s May 2020 Disciplinary Actions: Kimberly Ann Springsteen-Abbott (CRD #1367633, Holiday, Florida) March 27, 2020 – Springsteen-Abbott appealed an SEC decision to the U.S. Court of Appeals for the District of Columbia Circuit. The SEC decision affirmed the NAC’s findings and modified the sanctions imposed. The sanctions were based on the findings that, Springsteen-Abbott, a general partner of investment funds sold by her member firm and sponsored by its parent company, improperly allocated personal expenses, control person expenses and expenses for the broker-dealer to the investment funds. The findings stated that Springsteen-Abbott had sole responsibility for determining whether charges were business expenses allocable to the funds and had final approval of the allocations. Springsteen-Abbott was barred from association with any FINRA member in all capacities and ordered to pay disgorgement in the amount of $36,225.85, plus prejudgment interest. The bar is in effect pending review. (FINRA Case #2011025675501)
UPDATE 4/6/2020: Kimberly Springsteen-Abbott, a senior brokerage and private placement executive who was barred from the securities industry in 2015 by the Financial Industry Regulatory Authority Inc., displayed wide-ranging misconduct involving tens of thousands of dollars of expenses charged to private placement funds, and Finra’s banning of her from the industry was in line with industry standards, according to a review of her case released last Friday by the Securities and Exchange Commission.
Finra also ordered Ms. Springsteen-Abbott to pay almost $209,000 in disgorgement and a fine of $100,000.
Ms. Springsteen-Abbott is the CEO and chair of Commonwealth Capital Corp., the parent of the broker-dealer Commonwealth Capital Securities Corp., according to the company website. She did not return a call for comment last Friday. Her attorney, Steven M. Felsenstein, declined to comment.
Commonwealth Capital packaged investments in equipment leases into 13 private placement funds that are sold through independent broker-dealers. In the past, Ms. Springsteen-Abbott was also the head of the related broker-dealer, Commonwealth Capital Securities Corp. That position is now held by her husband, Henry Abbott, according to the firm’s BrokerCheck profile.
Current and Previous Registrations
04/1997 – 08/2016 COMMONWEALTH CAPITAL SECURITIES CORP. (CRD# 39979) – CLEARWATER, FL
09/1989 – 04/1997 WHEAT, FIRST SECURITIES, INC. (CRD# 6124)
08/1989 – 04/1997 WHEAT, FIRST SECURITIES, INC. (CRD# 6124) – CHARLOTTE, NC
05/1989 – 09/1989 BUTCHER & SINGER INC. (CRD# 6517)
02/1983 – 02/1987 BUTCHER & SINGER INC. (CRD#:6517)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Kimberly Springsteen-Abbott and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
Former Names and Aliases
KIMBERLY ANN BORHAM, KIMBERLY ANN CRAIN, KIMBERLY ANN MACDOUGALL, KIMBERLY ANN SPRINGSTEEN, KIMBERLY ANN BORHAM, KIMBERLY ANN CRAIN, KIMBERLY ANN MACDOUGALL, KIMBERLY ANN SPRINGSTEEN
