{"id":1625,"date":"2015-04-14T21:27:02","date_gmt":"2015-04-14T21:27:02","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/04\/finra_bars_owner_of_brokerdeal"},"modified":"2022-03-22T13:37:52","modified_gmt":"2022-03-22T18:37:52","slug":"finra-bars-owner-of-brokerdeal","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-bars-owner-of-brokerdeal\/","title":{"rendered":"FINRA Bars Owner of Broker-Dealer, Seller of Illiquid Equipment-Leasing Funds for Misusing Investor Money"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority has barred the owner of Commonwealth Capital Corp. from the securities industry. Kimberly Springsteen-Abbott is accused of misusing investor funds. <\/p>\n

Commonwealth Capital Securities Corp., a wholesaling brokerage firm, packages and distributes illiquid equipment-leasing funds. Springsteen-Abbott is broker-dealer director and the president of the parent company.<\/p>\n

According to FINRA, Abbott and her husband charged thousands of dollars of personal spending on the same credit card that they used for business expenses. She would then allocate the investors’ money to cover her own expenses, including an Alaskan cruise, holiday family meals, a trip to Disneyland, holiday d\u00e9cor for her home, clothing, grocery bills, pharmacy expenses, and car rentals. Springsteen-Abbott allegedly tried to hide her misconduct by lying to the self-regulatory organization, which was looking into the allegations, as well as to the FINRA hearing panel about what she did with the money.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority has barred the owner of Commonwealth Capital Corp. from the securities industry. Kimberly Springsteen-Abbott is accused of misusing investor funds. Commonwealth Capital Securities Corp., a wholesaling brokerage firm, packages and distributes illiquid equipment-leasing funds. Springsteen-Abbott is broker-dealer director and the president of the parent company. According to FINRA, Abbott and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3774],"tags":[3510],"class_list":["post-1625","post","type-post","status-publish","format-standard","hentry","category-broker-dealers","tag-equipment-leasing-funds"],"yoast_head":"\nFINRA Bars Owner of Broker-Dealer, Seller of Illiquid Equipment-Leasing Funds for Misusing Investor Money — Investor Lawyers Blog — April 14, 2015<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority has barred the owner of Commonwealth Capital Corp. from the securities industry. 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