New York, NY (PRWEB) May 17, 2013
Zamansky & Associates LLC announces that it is investigating the Commonwealth Income & Growth Funds offered and sold by brokerage firm Commonwealth Capital Securities Corp. (“Commonwealth Capital”) for possible wrongdoing. Commonwealth Capital is a investment broker-dealer registered with the Financial Industry Regulatory Authority (“FINRA”). According to Commonwealth Capital’s website, it offers a number of SEC-registered and private funds to investors which specialize in equipment leasing.
According to the SEC’s database, available at http://www.sec.gov, Commonwealth Capital has sold to investors a series of registered and private funds called “Commonwealth Income & Growth Funds I - VIII.” In the Form 10K filed on April 1, 2013 by Commonwealth Income & Growth Fund IV, the Fund discloses that “in August 2012 CCC, the Partnership’s Sponsor and parent of the General Partner, received communication from the staff of the U.S. Securities and Exchange Commission with respect to the interpretation and application of the term "control person" with regards to the limits on reimbursement of certain expenses.”
On May 3, 2013, FINRA filed a Complaint against Kimberly Springsteen-Abbott, the CEO of Commonwealth Capital. The case is FINRA DR No. 2011-025675501. FINRA alleges that Springsteen-Abbott misused investment funds totaling $344,798, for personal expenses such as home remodeling, personal loans, rental cars, pizzas, and Christmas decorations.
What Investors In Commonwealth Funds Can Do
If you purchased any of the Commonwealth Income & Growth Funds and have suffered a loss, or have any information relevant to this investigation, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and class action litigation. Our attorneys represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
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Jake Zamansky, 212-742-1414