Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on February 1, 2017 indicate that former Florida-based Commonwealth Capital Securities Corporation broker Kimberley Springsteen-Abbott has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Springsteen-Abbott (CRD# 1367633).
Kimberley Springsteen-Abbott has spent 27 years in the securities industry and was most recently registered with Commonwealth Capital Securities in Clearwater, Florida (1997-2016). Previous registrations include Wheat First Securities in Charlotte North Carolina and Butcher & Singer. She is currently not registered with any state or firm.
According to her BrokerCheck report and FINRA records, Kimberley Springsteen-Abbott has received two SEC sanctions and one FINRA sanction.
In August 2016 FINRA sanctioned Kimberley Springsteen-Abbott following allegations that as the chairman, chief executive officer, and chief compliance officer of Commonwealth Capital Securities, she “improperly used investment fund monies to pay for personal and other nonrelated business expenses, in violation of FINRA Rule 2010,” for a period of three years. According to FINRA’s findings, Ms. Springsteen-Abbott and two others “routinely charged personal expenses to the American Express credit card, even though it was a corporate credit card. Many of these personal charges were then allocated to, and paid for, by the Commonwealth Funds. Specifically, from December 2008 to February 2012, Springsteen-Abbott charged—and permitted others to charge—1,840 personal items and other non-Fund related expenses totaling $208,953.75 to the American Express corporate account.7 Further, Springsteen-Abbott approved the allocation of the 1,840 charges to be paid for by the Commonwealth Funds.” However, “As a Controlling Person, Springsteen-Abbott’s expenses could not be paid for by Fund assets, even if they related to Fund operations. Moreover, the Fund offering documents expressly prohibited the commingling of investment funds with funds of any other person.” Expenses in question include a trip to Disney World and a Thanksgiving dinner. Ms. Springsteen-Abbott was fined $100,000 and ordered to pay disgorgement in the amount of $208,953.75, and was barred from associating with any member firm in all capacities.
If you or someone you know has lost money investing with Kimberley Springsteen-Abbott, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.