Citing a pattern of misconduct involving misuse of investor monies, FINRA barred Commonwealth Capital Securities Corp CEO Kimberly Springsteen-Abbott, unearthing a series of problems with Commonwealth offerings, namely Commonwealth Income and Growth Fund, sold throughout the industry and far beyond Abbott's own firm.
An SEC review of FINRA's bar affirmed the regulator's findings that Springsteen-Abbott misused investor funds in the Commonwealth offerings for personal use and through misallocating expenses to the funds over a multi-year period through claims that were "not credible" or "demonstrably false."
The original FINRA decision in the ex-Commonwealth Capital chair's BrokerCheck file (Springsteen-Abbott CRD #1367633) states that in misusing investor money, she committed an "egregious violation of the securities laws" and that, furthermore, Springsteen-Abbott continued to defy FINRA even after the industry ban by continuing to associate with Commonwealth Capital despite a clear order prohibiting her from doing so.
Although Springsteen-Abbott's firm carries the Commonwealth Capital name, the true widespread risk to investors involves offerings of the same name, such as the Commonwealth Income and Growth Fund. These offerings, despite the name, were sold not just at Commonwealth Capital Securities, but industry-wide at other brokerage firms.
If you have suffered losses after a broker or financial adviser unsuitably recommended investment in one of these Commonwealth offerings, especially following FINRA's 2013 decision to charge Springsteen-Abbott with persistent misuse of investor funds or even after 2015 when Springsteen-Abbott continued to associate with Commonwealth despite FINRA's clear order barring her from the industry, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.