Kimberly Ann Springsteen-Abbott (also known as Kimberly Ann Borham and as Kimberly Ann Crain) a former Chief Executive Officer of Commonwealth Capital Securities Corp has been issued an Opinion by Securities and Exchange Commission (SEC) which sustained Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council’s Decision to bar the stockbroker based on findings of her misuse of investment funds to pay for her unrelated business expenses and personal expenses. In the Matter of the Application of Kimberly Springsteen-Abbott Admin. Proc. File No. 3-17560r (Feb. 7, 2020).
According
to SEC, FINRA was accurate in regard to Springsteen-Abbott’s improper use of
funds invested in up to thirteen funds including privately offered funds and publicly
offered funds investing in equipment leasing. The Opinion stated that the funds
were sponsored by a company which was solely owned by Springsteen-Abbott called
Commonwealth Capital Corp.
The Opinion stated that twenty-six personal expenses were allocated by Springsteen-Abbott to the funds. Business expenses had also been allocated to the funds including broker-dealer expenses. SEC found that Springsteen-Abbott’s duty to her investors had been undermined by her behavior and that her conduct fell short of compliance with the high standards of commercial honor and equitable principles of trade as required by FINRA Rule 2010. SEC determined that Springsteen-Abbott’s actions necessitated her expulsion from the securities industry and disgorgement of ill-gotten gains. SEC set aside FINRA’s fine but sustained its bar.
Springsteen-Abbott was registered with Commonwealth Capital Securities Corp. between April 25, 1997 and August 23, 2016.
