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Shepherd Smith Edwards and Kantas Broker Negligence Attorneys Investigates Losses Involving Commonwealth Income and Growth Funds I-VIII
Our Broker Negligence Lawyers Want To Speak With Investors
If you are someone that sustained losses in any of the Commonwealth Income and Growth Funds, Shepherd Smith Edwards and Kantas Broker Negligence Attorneys (investorlawyers.com) would like to offer you a free, no-obligation case assessment. There are some concerns that brokerage firms may have engaged in alleged negligence when marketing and selling these alternative investments.
Commonwealth Capital Corp. leases information technology, telecommunications, and medical technology. It is a national distributor of alternative investment equipment leasing income funds. The Commonwealth Income and Growth Funds are high-risk, illiquid alternative investments, and they are generally unsuitable for retirees, retail investors, unsophisticated investors, and those with limited incomes.
- Commonwealth Income and Growth Fund I
- Commonwealth Income and Growth Fund II
- Commonwealth Income and Growth Fund III
- Commonwealth Income and Growth Fund IV
- Commonwealth Income and Growth Fund V
- Commonwealth Income and Growth Fund VI
- Commonwealth Income and Growth Fund VII
- Commonwealth Income and Growth Fund VIII
Commonwealth Capital Securities Corp. has served as the dealer manager for these funds. A registration with the US Securities and Exchange Commission (SEC) filed by the Commonwealth Income & Growth Fund V states that Commonwealth Capital Securities was supposed to be paid “an underwriting commission of up to 10% on capital contributions.” Other broker-dealers that also sold the Funds stood to earn high commissions. These fees can incentivize brokers to disregard an investor’s best interests and they end up marketing and selling alternative investments like the Commonwealth Income and Growth Funds even when they are unsuitable for a client.
The Financial Industry Regulatory Authority (FINRA) barred Florida financial advisor and Commonwealth Capital Securities Corp. CEO Kimberly Springsteen-Abbott after determining that there was a purported pattern of misconduct related to the alleged use of about $345K of investors’ funds in the Commonwealth Income and Growth Funds. The US Securities and Exchange Commission (SEC) also found that Springsteen-Abbott allegedly misused investor funds. This purportedly included misallocating the monies, such as using them for herself. Springsteen-Abbott reached a $1.5M settlement over the alleged deception of private placement investors when it came to compensation practices.
Why Might You Have Grounds For A Commonwealth Income and Growth Fund Loss Claim Against Your Broker?
Broker-dealers and their registered representatives have a duty to perform the proper due diligence on any investment that they recommend to a customer. This means not only ensuring it is an appropriate recommendation given the client’s age, risk tolerance level, financial goals, and other key factors but also that it is a legitimate investment and not fraudulent.
Due diligence failures, unsuitable investment recommendations, negligence, and a failure to supervise can be legitimate reasons for suing your brokerage firm if serious investment losses result.
At Shepherd Smith Edwards, we have been looking into investor losses involving the Commonwealth Income and Growth Funds. Our savvy alternative investment loss recovery attorneys are experienced in handling even the most complex kind of claims against the largest Wall Street firms.
If we determine that you have grounds for a broker fraud lawsuit, and we decide to work together, you can rest assured that you will receive quality securities law representation and personalized attention.
Call (800) 259-9010 today or contact us online.