Voigt C. Kempson, of Sparta, New Jersey, a stockbroker formerly registered with Commonwealth Financial Network, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unauthorized transactions in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2016050476301 (May. 5, 2017).
According to the AWC, from June 29, 2015, and April 5, 2016, forty trades had been effected by Kempson in the investment accounts of a deceased customer. Apparently, the customer died on June 13, 2015, and Kempson learned about this as early as June 29, 2015. Yet, Kempson failed to apprise the firm that the customer had died, and instead continued trading in the customer’s account through April 5, 2016. FINRA found that Kempson lacked authority to place trades in the customer’s account after the customer’s death; conduct violative of FINRA Rule 2010.
Kempson was terminated from Commonwealth Financial Network based upon allegations that the death of two of the firm’s customers had not been reported by Kempson as required by industry standards and the firm’s policies. Since June 14, 2016, Kempson has been registered with American Portfolio Financial Services, Inc.
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