Finra Suspends Former Commonwealth Broker
Voigt Kempson allegedly made 40 unauthorized trades in one of his client’s discretionary accounts between June 2015 and April 2016 after the client had died, Finra says.
Kempson allegedly failed to inform Commonwealth about the client’s death, according to the regulator. He also allegedly lacked written authority to continue trading the accounts, Finra says. In addition to a 30-day suspension, Finra ordered Kempson to pay a $5,000 fine.
Commonwealth terminated Kempson last June after nine years with the firm, alleging he had failed to notify the company about the deaths of two of his clients, according to his BrokerCheck profile.
In response, Kempson said he was following directives from the executors and wasn’t aware he was required to notify Commonwealth about the clients' deaths, according to BrokerCheck.
Kempson, who started his financial services career in 1984 at Northwestern Mutual Investment Services in Milwaukee, is currently registered with American Portfolio Financial Services in Sparta, N.J., where he started the same day he was discharged from Commonwealth, according to BrokerCheck.
Kempson doesn’t have any disciplinary history with the SEC, other self-regulator organizations or state securities regulators, Finra says in its disciplinary action. However, in addition to his employment separation disclosure from Commonwealth, Kempson also has a pending felony charge for unlawful possession of a weapon dating to February this year, according to BrokerCheck.