The Department of Enforcement for the Financial Industry Regulatory Authority (FINRA) has brought disciplinary action to Kimberly Springsteen-Abbott of Holiday, Florida for improperly allocating funds. Mrs. Springsteen Abbott served at Commonwealth Capital Securities Corp. as a Chief Executive Officer (CEO), Chairperson, and Chief Compliance Officer (CCO) granting her control of funds at the firm. Mrs. Springsteen-Abbott had the authority to allocate the expenses to investment funds that were incurred in operating the business.
After hearing the evidence, the FINRA hearing Panel found that Mrs. Springsteen-Abbott misused investors’ funds for three years by improperly allocating unrelated business expenses to investment funds that she controlled. Continue reading →