Articles Tagged with Commonwealth Financial Network

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V. Cullen Kempson III, a/k/a Voigt C. Kempson, a stockbroker formerly employed by Commonwealth Financial Network, submitted a letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he made unauthorized discretionary trades in his deceased customer’s accounts.

Voigt Kempson, of Sparta, New Jersey, was found by FINRA to have effected 40 discretionary trades in the accounts of his deceased customer even though he was aware of his customer’s death.  Although Mr. Kempson had been authorized to effect discretionary trades while the customer was alive, Mr. Kempson continued to trade in the customer’s accounts even after her death.  Further, FINRA found that Mr. Kempson neglected to inform his member firm of the customer’s death.   Continue reading →

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James Johnson, a former broker at the Waltham Massachusetts-based Commonwealth Financial Network, submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the described sanction and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he made negligent misrepresentations and omissions regarding a securities investment.

FINRA found that James Michael Johnson, of Richmond Virginia, discussed with his member firm customers a purchase of a 10% interest in West Virginia Farm Properties, LLC, a company formed to develop rural land into a residential neighborhood in West Virginia. Mr. Johnson misrepresented to the customers that all development costs had been covered; that the infrastructure for building the homes was already in place; that the houses were ready to be built on the property; and that the customers’ investment would allow the company to begin building homes immediately. Continue reading →